Photographic Walkarounds – Aircraft Walkaround http://aircraftwalkaround.com/ Fri, 17 Sep 2021 22:37:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://aircraftwalkaround.com/wp-content/uploads/2021/05/aircraft-walkaround-icon-150x150.png Photographic Walkarounds – Aircraft Walkaround http://aircraftwalkaround.com/ 32 32 Homeowners recovering from Ida must decide between an SBA loan or FEMA assistance http://aircraftwalkaround.com/homeowners-recovering-from-ida-must-decide-between-an-sba-loan-or-fema-assistance/ http://aircraftwalkaround.com/homeowners-recovering-from-ida-must-decide-between-an-sba-loan-or-fema-assistance/#respond Fri, 17 Sep 2021 22:16:00 +0000 http://aircraftwalkaround.com/homeowners-recovering-from-ida-must-decide-between-an-sba-loan-or-fema-assistance/

BATON ROUGE, Louisiana (WAFB) – Anna Vallery is one of many people hoping for help paying for the damage to her home from Hurricane Ida.

“Everything is messed up; we live in Convent, ”Valley said.

She added that she was still awaiting a response from FEMA.

Congressman Garret Graves said he and others pressured FEMA to start helping people as quickly as possible.

“We were successful in convincing FEMA to extend the hours of operation of its call hotline,” said Graves. “I’ll tell you, I called every few days just to see how long it takes to pass because we’ve had times where it took over an hour to pass.”

But some of those who hear from FEMA also receive a letter encouraging them to apply for a loan from the Small Business Administration.

“My advice is that if you have a lower than average income, you can take this SBA loan. If you’re above the average income in your area, you’ll be better off and the interest rates are so low right now, you’re better off going to a bank, ”Graves explained.

Others are informed that they have been refused help.

But Brandi Janes, director of the Livingston Parish Homeland Security Department, said the owners should read the letter carefully.

“What they need to understand is that this is actually not a rejection letter,” Janes said. “They just say we treated them. We just need more documentation from you.

CLICK HERE to contact the Small Business Administration.

CLICK HERE to contact FEMA.

Click here to report a typo.

Copyright 2021 WAFB. All rights reserved.

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Tatarstan to abstain from new budget loans – RealnoeVremya.com http://aircraftwalkaround.com/tatarstan-to-abstain-from-new-budget-loans-realnoevremya-com/ http://aircraftwalkaround.com/tatarstan-to-abstain-from-new-budget-loans-realnoevremya-com/#respond Fri, 17 Sep 2021 06:00:00 +0000 http://aircraftwalkaround.com/tatarstan-to-abstain-from-new-budget-loans-realnoevremya-com/

Tatarstan’s treasury has recovered from the shock of the coronavirus, having recouped losses of 40 billion rubles last year. The natural increase in tax revenue has been exceeded from 12 billion to 15 billion

Tatarstan’s treasury has recovered from the shock of the coronavirus, no longer requiring federal support. “There is no need for budget loans this year,” Deputy Finance Minister of the Republic of Tatarstan Alexei Shishkin said of the performance of debt obligations at a meeting of the budget commission of the State Council of the Republic of Tatarstan. growth in tax revenue, the Ministry of Finance of the Republic of Tatarstan is preparing to make a “post-coronavirus” adjustment to the 2021 budget. Already now, the increase in income amounted to 12-15 billion rubles. 2018-2019 are still a long way off, but the federal center has also been favorable by granting a 9-year loan deferral.

Compensating for financial failure in the pandemic

The Ministry of Finance of the Republic of Tatarstan is preparing to make a “post-coronavirus” adjustment to the budget of the Republic of Tatarstan due to the planned revenue exceeding of 12-15 billion rubles, the deputy minister said. Aleksey Shishkin mentioned. Reporting on the progress of budget execution for 8 months of this year, he said the revenue collection situation has stabilized and the treasury has recovered from the shock of 2020.

According to him, since the beginning of the year, the consolidated budget has collected 149.3 billion rubles, or 55% of the plan, and the Republican budget – 125.5 billion rubles, or 54.6% of the plan. With a large overspending of income tax payments, more than 53 billion rubles were collected, or 71% of the annual plan. Targeted funds of 21 billion rubles have been received from the federal budget. In general, the Treasury received 40 billion rubles more than the previous year. That’s what the Republican budget lost in 2020, when income tax collection “sank” significantly.

“The pace is good and compared to last year, when we were forced to take out loans from the federal budget, it is significantly different. There is no such need this year, “said the speaker.” The year before has been a failure and 2019 has been more stable, “said Aleksey Shishkin.

The Ministry of Finance of Tatarstan is preparing to make a “post-coronavirus” adjustment to the budget of the Republic of Tatarstan in connection with the exceeding of the planned revenue of 12 to 15 billion rubles, said Deputy Minister Aleksey Shishkin ( to the right)

For 8 months of this year, 209.3 billion rubles were collected in the consolidated budget, 176.4 billion rubles were collected in the Republican budget.

“Timely funding of all planned expenditures is underway,” said Deputy Minister of Finance of the Republic of Tatarstan.

The Ministry of Finance of the Republic of Tatarstan expects an even more significant increase in taxes by the end of the year. “Apparently, by the results of nine months, it will be possible to submit a proposal to the State Council to increase the budget,” noted the speaker.

“In 9 months, the picture will improve further and by the end of the year, revenues will increase. In all likelihood, we will bring clarification to your attention, ”Shishkin said.

Recall that the budget revenue of the Republic of Tatarstan was approved in the amount of 274.6 billion rubles, expenditure – 281.7 billion rubles, the deficit – 7 billion rubles.

Ministry of Finance of Tatarstan signed an agreement on the restructuring of the budget loan of 2.1 billion rubles. Photo: minfin.tatarstan.ru

Another 9 years postponement

The federal center was favorable by granting a 9-year loan deferral. The Ministry of Finance of the Republic of Tatarstan signed an agreement on the restructuring of a budget loan of 2.1 billion rubles, taken to cover the budget deficit at the end of 2020.

According to Aleksey Shishkin, in June Tatarstan, along with other regions, participated in the restructuring of budget loans of subjects of the Russian Federation.

“We also participated in a 2.1 billion ruble loan, which was issued in December 2020. Initially, the repayment period was for July 1 of this year,” he said. “But as a result of the restructuring, the repayment period has been extended by 9 years – until 2029.

According to its terms, the republic is obliged to pay 5% of the amount of debt in the period from 2021 to 2024, and from 2025 to 2029 – 16% of the amount of debt. As a result, the Treasury will be able to save around 2 billion rubles, Shishkin said. Instead of 2.1 billion rubles, Tatarstan will only return 120 million rubles.

“The trend is not bad, payments are more and more postponed, and therefore we are talking about the fact that the funds released will be used for investments,” commented the head of the budget committee of the Council of State of the Republic of Tatarstan, Leonid Yakounine.

“The trend is not bad, the payments are still postponed”, commented Leonid Yakunin

Members of the committee recommended to adopt the draft law of the Republic of Tatarstan “On the approval of additional agreements to the agreements on the provision of budgetary loans to the budget of the Republic of Tatarstan from the federal budget” . On September 23, it will be submitted to the autumn session of parliament.

Currently, the public debt of the Republic of Tatarstan is 85 billion rubles for budgetary loans and 11 billion rubles for public guarantees.

Luiza Ignatyeva. Photo: gossov.tatarstan.ru

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September 16, 2021 – Lending rate hike – Forbes Advisor http://aircraftwalkaround.com/september-16-2021-lending-rate-hike-forbes-advisor/ http://aircraftwalkaround.com/september-16-2021-lending-rate-hike-forbes-advisor/#respond Thu, 16 Sep 2021 22:04:57 +0000 http://aircraftwalkaround.com/september-16-2021-lending-rate-hike-forbes-advisor/ Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

10-year fixed-rate private student loan rates jumped last week. If you want to take out a private student loan, you can still get a relatively low rate.

According to Credible.com, from September 6 to 10, the average fixed interest rate on a 10-year private student loan was 6.11%. It was 3.12% on a five-year variable rate loan. This is for borrowers with a credit score of 720 or higher who have prequalified on Credible.com’s student loan market.

Related: Best private student loans

Fixed rate loans

The average fixed rate on 10-year loans rose last week from 0.82% to 6.11%. The previous week, the average stood at 5.29%.

Borrowers looking for a private student loan can now benefit from a lower rate than they would have at this time last year. At the same time last year, the average fixed rate on a 10-year loan was 6.38%, 0.27% higher than the current rate.

If you were to fund $ 20,000 in student loans at the current average fixed rate, you would pay about $ 223 per month and about $ 6,778 in total interest over 10 years, according to Forbes Advisor’s student loan calculator.

Variable rate loans

Last week, five-year variable student loan rates rose to 3.12% from 2.67% the week before.

Unlike fixed rates, variable interest rates fluctuate over the life of the loan. Variable rates can start off lower than fixed rates, especially during times when rates are generally low, but they can increase over time.

Private lenders often offer borrowers the option of choosing between fixed and variable interest rates. Fixed rates may be the safest bet for the average student, but if your income is stable and you plan to pay off your loan quickly, it might be beneficial to choose a variable loan.

Financing a private loan of $ 20,000 over five years at 3.12% would give a monthly payment of approximately $ 360. A borrower would pay $ 1,626 in total interest over the life of the loan. Keep in mind that since the interest rate is variable, it could change every month.

Related: How to get a private student loan

Obtain a private student loan

If you meet or don’t qualify for federal student loan annual borrowing limits, private student loans may be a good option. But consider a federal student loan as your first option, as interest rates are generally lower. For example, the federal undergraduate student loan interest rate is 3.73% for the 2021-2022 school year. You will also benefit from more liberal repayment and forgiveness options with federal student loans.

When shopping for a private student loan, you will usually need to apply directly to a non-federal lender. This includes banks, credit unions, nonprofits, state agencies, colleges, and online entities.

Keep in mind that undergraduates with limited credit histories often need a co-signer who can meet the lender’s borrowing requirements.

Here is what to consider when applying for a private student loan:

  • Make sure you qualify. Private student loans are credit-based and lenders typically require a credit score of around 600. This is why having a co-signer can be particularly beneficial.
  • Apply directly to lenders. You can apply directly on the lender’s website, by mail or by phone.
  • Compare your options. See what each lender is offering and compare the interest rate, term, future monthly payment, origination fees, and late fees. Also check to see if the lender offers a co-signer discharge so that the co-borrower can potentially opt out of the loan.

How to Compare Private Student Loans

First, take a look at the overall cost of the loan. Consider both the interest rate and the fees. Also consider the type of help that each lender offers if you are unable to meet your payments.

If you have good or excellent credit, you have a better chance of getting the best interest rates.

How much should I borrow? Experts generally recommend that you borrow no more than what you will earn in your first year out of college. How much can you borrow? Some lenders cap the amount you can borrow each year, while others don’t. When looking for a loan, find out from lenders how the loan is disbursed and what costs it will cover.

The rate you will receive

The rate you receive depends on whether you get a fixed or variable loan. Rates, in part, are based on your creditworthiness – those with higher credit scores often get the lower rates. But your rate is also based on other factors. Credit history, income, and even the degree you are working on and your career can play a role.

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Maximum student loan values ​​increased http://aircraftwalkaround.com/maximum-student-loan-values-%e2%80%8b%e2%80%8bincreased/ http://aircraftwalkaround.com/maximum-student-loan-values-%e2%80%8b%e2%80%8bincreased/#respond Wed, 15 Sep 2021 02:07:27 +0000 http://aircraftwalkaround.com/maximum-student-loan-values-%e2%80%8b%e2%80%8bincreased/

Chinese students in financial difficulty may apply for more interest-free loans as the government has increased loan limits for undergraduate and postgraduate students, according to a new notice.

Undergraduates can apply for a maximum of 12,000 yuan ($ 1,860) in loans per person each year, according to the notice, which was recently released by the Ministries of Finance and Education, the People’s Bank of China and the China Banking and Insurance Regulatory Commission. .

The new limit is an increase of 4,000 yuan. Postgraduate students can apply for up to 16,000 yuan each year, up from 12,000 yuan, according to the notice.

The loans are expected to be used primarily to cover tuition and housing, and any extra money can be used for day-to-day expenses, the notice says, adding that the new policy has been in effect since the start of the fall semester. .

Students do not need to pay principal or interest while they are still in college and can request a five-year trial period after graduation, during which they do not pay than interest, said Deputy Finance Minister Ou Wenhan.

The maximum term of a loan is 22 years, Ou said during a press briefing organized by the Information Office of the Council of State Affairs on Tuesday.

“No student should drop out of school due to financial hardship and allow all students to change their destinies and achieve their dreams through education affects millions of homes, national development and the future of the nation Chinese, ”he said.

Student loans are part of China’s financial aid program to help students. Other aids include scholarships, grants and tuition waivers, he said.

The various forms of student financial aid totaled 124 billion yuan last year, benefiting 36.7 million students, he added.

Huang Jiayu, an official with the Ministry of Finance, said that the increases in loan limits will not put too much pressure on students to repay the loans and the ratio of non-performing loans will not increase much because the Most of the students who apply for loans don’t choose. the maximum amount.

As the personal credit system and people’s awareness of the importance of credit improves, students are more active in repaying their loans, he said.

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Lower rates for all loans http://aircraftwalkaround.com/lower-rates-for-all-loans/ http://aircraftwalkaround.com/lower-rates-for-all-loans/#respond Tue, 14 Sep 2021 12:23:01 +0000 http://aircraftwalkaround.com/lower-rates-for-all-loans/

If you are considering refinancing your home loan, you may want to know the trend for average mortgage refinance rates. You can make the decision to refinance when rates drop to save more than your current loan interest rate.

Check out today’s average mortgage refinance rates for Tuesday, September 14:

The data source: The Ascent National Mortgage Interest Rate Tracker.

6 simple tips to get a 1.75% mortgage rate

Secure access to The Ascent’s free guide on how to get the lowest mortgage rate on your new home purchase or when refinancing. Rates are still at their lowest for decades, so act today to avoid missing out.

By submitting your email address, you consent to our sending you money advice as well as products and services which we believe may be of interest to you. You can unsubscribe anytime. Please read our privacy statement and terms and conditions.

30-year mortgage refinancing rate

The 30-year average mortgage refinance rate today is 3.117%, down 0.003% from yesterday’s average of 3.120%. A loan at the current average rate would cost you $ 422 per month in principal and interest for every $ 100,000 you refinance. Over the life of the refinance loan, the total interest charge would be $ 54,059 per $ 100,000 of mortgage debt.

20-year mortgage refinancing rate

The 20-year mortgage refinance average rate today is 2.841%, down 0.002% from yesterday’s average of 2.843%. Refinancing at today’s average rate would leave you with a monthly principal and interest payment of $ 547 per $ 100,000 of mortgage debt. The total interest charge would be $ 31,201 per $ 100,000 of mortgage debt over the term of the refinance loan.

If you choose a 20 year over 30 year refinance loan, you can expect to pay more each month because you are not making as many payments. However, you will save more over time since you do not pay interest for such a long period.

15-year mortgage refinancing rate

The 15-year mortgage refinance average rate today is 2.366%, down 0.007% from yesterday’s average of 2.373%. A refinancing loan at the current average rate would carry a monthly principal and interest payment of $ 661 for every $ 100,000 borrowed. Over the life of the refinance loan, the total interest charge would be $ 18,890 per $ 100,000 of mortgage debt.

The 15-year refinance loan shortens the repayment period of your new loan even more than the 20-year loan. This means that the monthly payments are even higher, but the total amount of interest saved over time is considerable. Make sure you weigh the pros and cons of being debt free sooner and paying less over time with higher monthly payments over the life of the loan.

Should You Refinance Your Mortgage Now?

Refinancing your mortgage can be a smart financial move if you are able to lower your interest rate and monthly payments by getting a new home loan. However, there are a few key things to consider before refinancing.

First, if you extend your loan repayment term, you could end up paying higher total interest charges over time than with your current mortgage. This can happen even if you qualify for a lower interest rate since you would be paying interest over a longer period. You can avoid this problem by choosing a refinance loan with a shorter repayment term. Or you may decide that you are willing to pay more interest over the life of your loan in exchange for a lower monthly payment.

Second, you’ll need to factor in closing costs, which are the upfront costs you will be charged when you refinance your mortgage. Ascent’s research found that the closing costs for a refinance loan for a mid-value home are between $ 5,000 and $ 12,500. However, your closing costs will depend on your mortgage amount, location, and lender.

You might need to offset these closing costs because of your lower monthly payments, but it can take time. If you save $ 200 a month by refinancing and pay $ 6,000 in closing costs, it would take you 2.5 years to break even. It’s important to do the math and determine if you’ll be staying in your home long enough for the refinancing to pay off.

In general, it’s a good idea to refinance if you don’t plan on moving in the next few years and can lower your mortgage interest rate by 1% or more. With mortgage refinancing rates nearing all-time lows, many borrowers will find it a good time to refinance. Compare the rates of the best mortgage refinance lenders for personalized offers and decide if getting a new mortgage is right for you now.

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How Regulation Could Change Payday Loan Interest In 2021 http://aircraftwalkaround.com/how-regulation-could-change-payday-loan-interest-in-2021/ http://aircraftwalkaround.com/how-regulation-could-change-payday-loan-interest-in-2021/#respond Fri, 10 Sep 2021 23:59:00 +0000 http://aircraftwalkaround.com/how-regulation-could-change-payday-loan-interest-in-2021/

What could change in the online payday loan policy in the United States in 2021

When you need credit, it’s easy to fall victim to bad loans. Applying for a payday loan online is one of the easiest things you can do when you need money fast. It is an option available even to people with bad credit, so it seems attractive to the majority of borrowers. However, there are risks that you should understand and try to protect yourself, including predatory interest rates that could lock you into a cycle of debt.

But with the new payday loans policy, borrowers could get better protection. There are laws that protect you from loan sharks. Most of these laws prohibit discriminatory practices, cap interest rates, and prohibit certain types of loans. Credit products and rules change, so you need to familiarize yourself with the most recent regulations.

Payday Loan Rules and Regulations

If you are looking to borrow a payday loan, it is important to understand the rules and regulations relating to payday loans and how you can protect yourself. In case you are wondering what the federal payday loan rule is, those rules are left to the states, but there are few federal laws that are generally applicable in lending practices. For example, the Truth in Lending Act (TILA) requires payday lenders, like other financial institutions, to disclose to you the cost of borrowing, including the APR and finance charges.

At the state level, these loans are governed by usury laws, which limit the ceiling on interest rates. Many states allow lenders to charge triple-digit APRs, but Washington DC and 18 states have interest limits. Illinois is lining up to join them after passing a bill capping interest rates at 36%.

But even when states have restrictions in place, lenders can circumvent laws through partnerships with banks in other states where such limits are not in place. This practice is called “rent-a-bank”. Make sure the lender you choose to get funds from is properly regulated and has a reputation for being honest. Check online reviews and licenses to see if you’re about to borrow from a company whose policies meet your expectations.

Legislation targeting the APR

If you browse the internet to learn more about payday loans, you will often come across questions such as “can you be in trouble if you don’t pay off a payday loan?” These are people who might have difficulty repaying their loans because of the high interest rates. While you have a real interest in “can you go to jail for payday loans?” ”, A court will only jail you for criminal offenses, but you may face other penalties.

To make sure you don’t pay high interest, more and more states are pushing for lower interest payday loans. The legislation aims to provide protection against predatory lending, focusing on annual percentage rates (APRs). These are interest plus fees charged by the lender. This means that a $ 300 loan with a two week term could cost $ 45 in fees, which translates to an APR of 391%. The same loan with an APR of 36% will only cost $ 0.25, which is becoming less and less manageable.

Consumers have other options

Besides the expected changes in interest rates, you can explore solutions that can help you understand how to stop using payday loans. For people with good credit scores, credit unions are one solution they could use if they want to avoid the various risks involved in using payday loans. Here is how to avoid payday loans because it is easier to qualify for a credit union loan.

While asking friends and family might seem difficult, it’s a recommended option if you’re sure you can pay it off on your next paycheck. This is an interest-free option, so you don’t have to worry about paying outrageous fees. However, breaking your promise could damage your relationship.

Conclusion

Despite many laws protecting borrowers, predatory lending is still an ongoing risk. If you need the cash, do your homework to find the right lender. Also, explore alternative options like borrowing from friends to avoid predatory loans.

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Emergency loans available for farmers and ranchers in Solano http://aircraftwalkaround.com/emergency-loans-available-for-farmers-and-ranchers-in-solano/ http://aircraftwalkaround.com/emergency-loans-available-for-farmers-and-ranchers-in-solano/#respond Sat, 04 Sep 2021 00:57:00 +0000 http://aircraftwalkaround.com/emergency-loans-available-for-farmers-and-ranchers-in-solano/

FAIRFIELD – Extreme drought conditions have led Solano County to be one of 50 counties in California included in a disaster secretariat designation from the United States Department of Agriculture.

This designation provides emergency agricultural loans of up to $ 500,000 to farmers and ranchers who have suffered physical or agricultural production losses as a direct result of the drought.

The deadline to apply is November 5th.

For more information, visit https://bit.ly/3eMYuxR or call the Solano County Department of Agriculture at 784-1310.

When a tornado, flood or drought strikes, or a quarantine is imposed by the Secretary of Agriculture, or other natural disasters strike, the Emergency Loan Program is available to help farmers and pastoralists eligible to rebuild and recover from the losses suffered.

The Emergency Loan Program is triggered when a natural disaster is designated by the Secretary of Agriculture or a natural disaster or emergency is declared by the President under Stafford Act.

These loans help producers who experience qualifying farm losses directly caused by the disaster in a county declared or designated as a primary disaster or quarantine area. In addition, farmers located in counties contiguous to the declared, designated or quarantined area are eligible for emergency loans.

For production losses, a 30% reduction of a primary crop in a designated or contiguous county is required.

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Community loan fund offers opportunity to shape neighborhoods through investments http://aircraftwalkaround.com/community-loan-fund-offers-opportunity-to-shape-neighborhoods-through-investments/ http://aircraftwalkaround.com/community-loan-fund-offers-opportunity-to-shape-neighborhoods-through-investments/#respond Wed, 01 Sep 2021 04:17:34 +0000 http://aircraftwalkaround.com/community-loan-fund-offers-opportunity-to-shape-neighborhoods-through-investments/

ALBANY – A new investment trust is designed to offer economically troubled communities in the Capital Region a chance to acquire a small share of ownership in commercial real estate in their neighborhoods.

The Capital Region Community Loan Fund announced on Monday the launch of the Capital Region Community Investment Fund, a partnership between the Loan Fund and the Community Economic Development Clinic at the Faculty of Law. Albany.

The CIT works as follows:

Residents who live in postal codes that will be designated can take a free financial education program, “From Owing to Owning”.

They buy CIT shares for $ 10 to $ 100 per month. Over time, they accumulate equity in local property and earn a minimum annual dividend of 2%; as the investment property is amortized, the dividend increases.

They can decide what kind of business their neighborhood needs and then try to attract it. This can benefit both the community and businesses as the community gets the kind of business they need and the business gets a ready market for their goods or services.

CIT has hired its first employee, Tatiana Melendez, who will serve as the coordinator of the Community Investment Trust and promote the program to residents of Albany.

The partnership is supported by the Geographic Information Systems program at the University of Albany and the Siena Project Incubator at Siena College.

More from The Daily Gazette:

Categories: Business, News

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Self-employed borrowers Things to consider when applying for a loan http://aircraftwalkaround.com/self-employed-borrowers-things-to-consider-when-applying-for-a-loan/ http://aircraftwalkaround.com/self-employed-borrowers-things-to-consider-when-applying-for-a-loan/#respond Sat, 28 Aug 2021 02:25:29 +0000 http://aircraftwalkaround.com/self-employed-borrowers-things-to-consider-when-applying-for-a-loan/

It is important to be aware of the differences in qualification for a freelance borrower versus a salaried / hourly borrower. I just ran into the following scenario a few months ago, so make sure you are VERY communicative, open, and completely transparent about your business when speaking with your loan officer. And it is very important to make sure that you are PRE-APPROVED by a lender BEFORE you start looking for a property or refinancing. Always remember that your loan officer is on YOUR side and sharing as much information as possible can be very helpful in the process:
My client mentioned to me that he had been self-employed for over 20 years, but changed his filing status as a sole proprietorship (Schedule C on the Personal Income Tax Return) to S Corporation in 2021 , after having produced the 2020 declarations as the only prop. Years ago that wouldn’t be a problem. However, after checking with Fannie Mae and Freddie Mac, it was determined that they would NOT allow self-employed income from a company whose tax reporting structure has changed … It might sound a bit shocking, especially since nothing notable has changed regarding the company except the tax structure. And just to be clear, since most lenders sell to Fannie and Freddie, ALL of those lenders would experience the same result. So make sure that even if YOU think there shouldn’t be a problem, it is wise to check with the professional before going ahead!
A few other considerations independent borrowers should take into account when considering pre-approval:
If your business has been in business for 5 years or more, you CAN use ONLY 1 year of tax returns (which can be a huge benefit in most cases). Otherwise, the lender requires 2 years of taxes and will average the net income of the company IF the most recent year is higher. If the previous year is higher, THAT year (the lower year) will be used to determine income.
If you are paying yourself a W-2 salary through the company, it is wise to be very consistent with that salary. Consider the following: In 2019, the company paid you a salary of $ 60,000 and the company’s net income. was $ 50,000. In 2020, the company paid you a salary of $ 30,000 and the net income of the company. was $ 70,000. The lender will qualify you as follows: 1) First, the lender will want to know why the large salary reduction 2) The lender will ONLY use the salary of $ 30,000 3) Additionally, the lender AVERAGES the net income of $ 50,000 and $ 70 $ 000 net income of $ 60,000. So the total income will be $ 30,000 + $ 60,000 for $ 90,000. Even if in 2019 and 2020, these totals were respectively $ 110,000 and $ 100,000! This is why it is VERY WISE to consult a VERY experienced loan officer when considering a restructuring!
Curt Kravitz is a 35 year veteran loan officer with tremendous experience helping self-employed borrowers achieve their goals! Call him at 661-705-2500. Option 1.

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Long Beach building gets $ 25 million loan http://aircraftwalkaround.com/long-beach-building-gets-25-million-loan/ http://aircraftwalkaround.com/long-beach-building-gets-25-million-loan/#respond Wed, 25 Aug 2021 00:58:03 +0000 http://aircraftwalkaround.com/long-beach-building-gets-25-million-loan/

Patio Gardens in Long Beach

A multi-family property in Long Beach received a refinancing of $ 24.6 million.

The property, known as the Patio Gardens, is located at 4874 E. Los Coyotes Diagonal and has 127 units. The name of the borrower was not disclosed.

Aaron Beck of NorthMarq arranged the funding with Fannie Mae and NorthMarq’s DUS platform.

This is a long-term, non-recourse, low-interest loan, according to NorthMarq.

“The loan provided a return on equity to the borrower at a very attractive fixed rate,” Beck said in a statement. “The long-term non-recourse loan has also allowed the borrower to stagger loan maturities within their portfolio.”

It’s not the only big construction loan to be announced this year.

Chicago-based Singerman Real Estate and San Diego-based Darnell Capital recently received $ 23 million in funding to build a project on the Palos Verdes Peninsula, known as Peninsula Pointe.

The project, a redevelopment of a vacant office building, will have 87 assisted living and memory care units. The facility will be managed by Cadence Living, based in Phoenix.

Also this year, Columbia Pacific Advisors provided a $ 27 million bridge loan for the completion of construction to recapitalize the Hyatt Hotel Nue in Hollywood.

S3D Partners owns the hotel at 1525 N. Cahuenga Blvd.

And earlier this month, Brentwood-based Hudson Pacific Properties Inc. and New York-based Blackstone Group Inc. received a $ 1.1 billion loan for their Hollywood portfolio.

The money was provided by Bank of America Corp., Barclays, Wells Fargo Bank and Societe Generale.

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