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Lee, TDEC Announce $2.5 M Loan for Smyrna Water Improvements

Lee, TDEC Announce $2.5 M Loan for Smyrna Water Improvements


NASHVILLE—Gov. Bill Lee and Commissioner David Salyers of the Tennessee Department of Environment and Conservation (TDEC) today announced a $2.5 million loan from the State Revolving Fund Loan Program for the Town of Smyrna to improve water infrastructure.

The loan is one of two approved by the Tennessee Local Development Authority, with loans for Smyrna and Cookeville totaling $20 million.

“The State Revolving Fund Loan Program helps communities meet the need of improved infrastructure, and we are glad we can assist in this way,” Lee said. “We look forward to the improvements that will come from this assistance for Cookeville and Smyrna.”

“These loans provide affordability for vital infrastructure needs,” Salyers said. “Our communities are working hard to provide quality service to Tennesseans, and this program is an excellent way to help make that happen.”

The loan for the Town of Smyrna comes from the Drinking Water State Revolving Fund Loan Program. The loan addresses improvements to the water distribution system and has a 20-year term at 1.6 percent interest.

Through the State Revolving Fund Loan Program, communities, utility districts, and water and wastewater authorities can obtain loans with lower interest rates than through private financing. These low interest rate loans can vary from zero percent to below market rate, based on each community’s economic health.

This fiscal year, TDEC has awarded $26.1 million in drinking water loans and $79.2 million in clean water loans to meet the state’s infrastructure needs. During fiscal year 2021, TDEC awarded $7,171,000 in drinking water loans and $77,568,000 in clean water loans for a total of $84,739,000.

Tennessee’s Clean Water State Revolving Fund Loan Program has awarded more than $2 billion in low-interest loans since its inception in 1987. .

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Student Loan Forgiveness Could Mean End Of Student Loan Relief

Student Loan Forgiveness Could Mean End Of Student Loan Relief


Student loan forgiveness could mean the end of student loan relief.

Here’s what you need to know — and what it means for your student loans.

Student Loans

President Joe Biden is potentially weeks away from announcing historic student loan forgiveness for millions of student loan borrowers. While there is no guarantee that Biden will proceed with wide-scale student loan forgiveness, Biden could decide to cancel up to $10,000 or more of student loans for millions of student loan borrowers. What does student loan cancellation mean for student loan relief? Let’s explore.


Student loan relief: what’s at stake

Since March 2020, more than 40 million student loan borrowers have enjoyed the following student loan relief as a result of the Covid-19 pandemic:

  • no mandatory federal student loan payments;
  • 0% interest rate on federal student loans and no accrual of new student loan interest; and
  • no collection of student loans in default.

After Congress passed this historic student loan relief, President Donald Trump and Biden collectively extended the student loan payment pause six times. Currently, the student loan payment pause is extended through August 31, 2022.


What student loan cancellation means for student loan relief

Student loan payments are scheduled to restart beginning September 1, 2022. What does student loan cancellation mean for student loan relief? White House Press Secretary Jen Psaki has given some guidance on the future of student loan relief. Previously, Psaki said that Biden will either extend the student loan payment pause or cancel student loans before August 31. “So between now and August 31, [the student loan pause is] either going to be extended or we’re going to make a decision, as [White House Chief of Staff] Ron [Klain] referenced, about canceling student debt,” PSAKI said. Biden recently said that he is considering wide-scale student loan forgiveness and could make a decision within weeks. Previously, it was expected that Biden would extend student loan relief beyond August 31 and potentially cancel student loans before the November 8 midterm election. Why? Progressive Democrats in Congress have warned Biden that the failure to enact wide-scale student loan forgiveness could hurt Democrats in the midterms. However, if Biden cancels student loans now, he could end student loan relief on August 31. Why? The Biden administration extended the student loan payment pause to help student loan borrowers who are struggling financially. However, multiple extensions of temporary student loan relief also provided more time for Biden to decide whether to cancel student loans. If Biden decides to enact wide-scale student loan forgiveness, then his rationale for another extension may be weakened.


Will Biden cancel student loans?

Biden has canceled $17 billion of student loans since becoming president. Will Biden cancel student loans for all borrowers? No, don’t expect Biden to cancel everyone’s student loan debt. Biden also won’t cancel most student loan debt. If Biden enacts wide-scale student loan forgiveness, expect limits on student loan forgiveness. (Here’s who could qualify for student loan cancellation). For example, Biden could impose an income threshold of $125,000, $75,000 or another amount. Biden also could limit student loan forgiveness to federal student loans and college student loans only. If this happens, graduate school student loans and private loans could be excluded. (Biden confirms he won’t cancel $50,000 of student loans—5 key takeaways).


Student loans: next steps

Expect a potential announcement on student loan forgiveness within weeks. While Biden could cancel student loans and extend student loan relief, he also could choose to do neither or only one of these options. If Biden doesn’t extend temporary student loan relief, student loan borrowers can still access other student loan relief programs such as public service loan forgiveness or income-driven repayment. Politically, progressive Democrats in Congress seem more focused on student loan cancellation (although they also champion the extension of the student loan payment pause). If Biden ends student loan relief this August, then you need to start planning now. Are you prepared? Understand all your options for student loan repayment. Here are several ways to get started and save money:


Student Loans: Related Reading

Biden confirms he won’t cancel $50,000 of student loans—5 key takeaways

3 ways Biden could cancel student loans

Student loan forgiveness: who could qualify under Biden’s plan

Student loan forgiveness: 5 key takeaways from major announcement

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Dempsey: Steffen, Turner should consider loans next season


FILE - Seattle Sounders' Clint Dempsey motions to fans after scoring the second of his two goals against the Vancouver Whitecaps during the second half of the second leg of an MLS soccer Western Conference semifinal, Thursday, Nov. 2, 2017, in Seattle.  Clint Demspey thinks American goalkeepers Zack Steffen and Matt Turner should consider going on loans for the start of next season to get sharp ahead of the World Cup if they are not going to be playing regularly for their Premier League clubs.  (AP Photo/Elaine Thompson, File)

FILE – Seattle Sounders’ Clint Dempsey motions to fans after scoring the second of his two goals against the Vancouver Whitecaps during the second half of the second leg of an MLS soccer Western Conference semifinal, Thursday, Nov. 2, 2017, in Seattle. Clint Demspey thinks American goalkeepers Zack Steffen and Matt Turner should consider going on loans for the start of next season to get sharp ahead of the World Cup if they are not going to be playing regularly for their Premier League clubs. (AP Photo/Elaine Thompson, File)

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Clint Demspey says he thinks American goalkeepers Zack Steffen and Matt Turner should consider going on loans for the start of next season to get sharp ahead of the World Cup if they are not going to be playing regularly for their Premier League clubs.

Turner is leaving Major League Soccer’s New England Revolution this summer for Arsenal, where Aaron Ramsdale displaced Bernd Leno as starting goalkeeper in September. Leno has started one league match since and is expected to transfer this summer.

Steffen has played in just nine matches this season for Manchester City, where he is Ederson’s backup. He appeared in just one Premier League game along with four in the FA Cup, two League Cup, one Champions League and the Community Shield.

“Whoever is going to win that spot is whoever is going to be playing more consistently. And if you’re not playing consistently for your club, then you need to go on loan and get those minutes, because it’s all about being sharp when that time comes,” Dempsey said Monday. “So it will be interesting to see what happens for Turner and Steffen in July and August, what decisions are made there.”

Dempsey, a midfielder and forward on the US World Cup teams in 2006, 2010 and 2014, spoke during a news conference ahead of his induction into the US National Soccer Hall of Fame on Saturday.

After missing out on the 2018 World Cup, the US opens this year’s tournament in Qatar against Wales, Scotland or Ukraine on Nov. 21, plays England four days later and meets Iran on Nov. 29.

“I think that they do have the quality to get out of the group, they just got to be at full strength,” Dempsey said. “Not only the goalies, but I think all the field players, as well, they need to be playing for their club teams come August and try to get in that good run of form because that’s what you’re going to need to go far in that tournament.”

Now 39, Dempsey played for New England (2004-06), Fulham (2007-12, 2014), Tottenham (2012-13) and Seattle (2013-18). He scored 57 goals in 141 international appearances, tying Landon Donovan for the American scoring record.

He now works as an analyst for CBS, which has rights to US road qualifiers, and was announced Monday as a broadcaster for Fox during this year’s World Cup. Dempsey, on the field for the team that lost at Trinidad and Tobago and failed to reach the 2018 World Cup, watched the current group qualify on the last day in March despite a 2-0 defeat at Costa Rica.

“It was great for the country. Wish they’d done it in a better way in the sense of having a stronger last game, especially against Costa Rica, not having their strongest squad,” Dempsey said. “You would have (thought) that they would have put on a better performance there to really clinch it, even though they got the job done.”

The US is likely to be at the World Cup without defender Miles Robinson, who tore his left ACL on March 7. In addition, midfielder Weston McKennie broke a bone in his left foot on Feb. 22, midfielder Gio Reyna was limited by leg injuries to one start in qualifying, Steffen missed games with back issues and Turner with a broken foot.

“I just hope that they can stay fit. Just seems like the injury bug has kind of hit them,” Dempsey said. “For them to have a chance, I just feel like they need to have everybody fit for selection so that they can be pushing for their strongest 11.”

He thinks a forward has to step up and earn the starting job. Ricardo Pepi scored three goals in qualifying but has gone scoreless in 24 consecutive games for club and country since Oct. 7. Jesús Ferreira, who scored the other goal by a forward in qualifying, leads Major League Soccer with nine goals this season.

Jordan Pefok tops the Swiss league with 22 goals this season but had only a small role in qualifying, and Haji Wright could be invited to camp after scoring in seven straight Turkish league matches.

“I think we’re missing a number nine. I think someone needs to kind of solidify that role and be the main guy,” Dempsey said, referring to the forward’s number on the position chart. “Also, teams are going to be pressing us. I think that we need to do a better job of building out of the back with our center backs and and having that confidence to try to play.”

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The Student Loan Crisis Is Much Worse If This Claim Is True

The Student Loan Crisis Is Much Worse If This Claim Is True


The student loan crisis is much worse if this claim is true.

Here’s what you need to know.

Student Loans

Here’s a shocking claim: 40% of student loan borrowers whose have a college degree. Let that sink in. Imagine borrowing student loans to attend college, and then life happens. For many possible reasons, you aren’t able to finish your degree. Now, you’re earning a high school salary but owe college student loans. It’s a harrowing experience for anyone to endure. To promote wide-scale student loan cancellation, Democrats have shared a version of this story repeatedly. But is it really true? If yes, then the student loan debt crisis could be more severe than realized. If no, then the public may have been misled. Let’s explore.


Student loan cancellation: 40% of student loan borrowers didn’t graduate college?

Sen. Elizabeth Warren (D-MA) tweeted last year, “Up to 4 in 10 people with student loan debt weren’t able to graduate, many because of high costs, so now they’re in the worst of both worlds—crushed by debt, with no diploma to boost their earnings .” Warren has said that financially vulnerable student loan borrowers are the face of the student loan debt crisis. Without immediate student loan relief of up to $50,000, Warren predicts that millions of student loan borrowers could default on their student loans. So, is this correct? According to PolitiFact, a non-partisan fact-checking website, the answer is mostly yes. Here’s the basis for this surprising claim:

  • Warren cited statistics from the National Center for Education Statistics;
  • The data includes student loan borrowers from the 2011-2012 school year. Those student loan borrowers were tracked to determine if they graduated by 2017; and
  • The result: 38.6% of student loan borrowers in those six years did not earn a college degree.

That said, this data has several problems. First, the data is based on a limited sample size from one school year. Second, some student loan borrowers could have earned their degree after more than six years of school. Third, if 40% of student loan borrowers didn’t earn a degree, that doesn’t mean they hold 40% of the $1.7 trillion of outstanding student loan debt. According to Adam Looney at the Brookings Institute, student loan borrowers with no college degree hold 23% of all student loan debt. Looney says that bachelor’s degree holders hold 64% of student loan debt. So, the claim is mostly true based on the data of this study. However, the underlying data has a limited sample size and may yield different results over eight years. So, this doesn’t necessarily mean that 40% of today’s 45 million student loan borrowers, or 18 million borrowers, lack a college degree.


Student loan forgiveness: what this means for your student loans

President Joe Biden is actively considering whether to cancel student loans for millions of student loan borrowers. However, Biden said he won’t cancel most student loan debt. This student loan debt statistic could play a pivotal role in shaping the future of student loan forgiveness. Why? First, no matter what you think about student loan cancellation, it’s troubling if 40% of student loan borrowers don’t have a college degree. Even half that number should concern policymakers. Second, supporters of wide-scale student loan cancellation could use this statistic to highlight how much student loan borrowers are struggling financially. Third, opponents of wide-scale student loan cancellation could use this statistic to support targeted student loan forgiveness only for lower-income individuals. As Biden navigates the policy and political waters of student loan forgiveness, it’s essential that you conquer your student loan debt. This includes gaining a complete understanding of your options for student loan repayment. Here are some of the best ways to pay off student loans and save money:


Student Loans: Related Reading

Biden confirms he won’t cancel $50,000 of student loans—5 key takeaways

Bill Maher: Student loan forgiveness is a “loser” issue

Student loan forgiveness: 5 key takeaways from major announcement

How to get a fresh start on your student loans

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Kiavi Surpasses Funding $10 Billion in Loans to Real Estate Investors

Kiavi Surpasses Funding $10 Billion in Loans to Real Estate Investors


The milestone signals strong growth and momentum

SAN FRANCISCO, May 18, 2022 /PRNewswire/ — Kiavia leading provider of financing to real estate investors (REIs), today announced it has surpassed funding $10 trillion in loans to its REI customers since its inception in 2013. Kiavi has helped REIs unlock over $4 trillion in real estate value funded and over 46,000 projects (as of 3/31/2022). Kiavi operates in 29 states and the District of Columbia supporting real estate investors as they renovate and deliver move-in ready homes to families across the country.

“We are thrilled to reach these major milestones, which have only been possible with the support of our REI customers with whom we partner to modernize aging homes, make them move-in ready for millions of families, and help people live better through real estate ,” said Michael Bourque, CEO of Kiavi. “The US is over 4 million housing units short of buyer demand and our customers are doing the incredible work of revitalizing America’s aged homes. We have a long way to go but we are confident that with our technology and expertise we will further help our customers create an impact and unlock the full potential of their real estate investments.”

“Kiavi has been a great partner for Horus Homes as we scale our business and continue to transform local communities. We are not surprised to see Kiavi reach these milestones in such a short period of time. Their technology platform and quick access to capital make it easier and efficient for REI’s to scale, and gain competitive advantage in a marketplace when making offers on properties.” said Lukas Vanagaitisco-founder & CEO, Horus Homes.

According to a recent survey of REIs, one-third of respondents said they use technology to assist in locating and financing properties. Kiavi’s technology helps make the lending process efficient, transparent and reliable. Through Kiavi’s data, customers can get a more accurate prediction of a home’s after-repair value, resulting in increasing their chances of a successful exit.

Kiavi was recently recognized on Inc. magazine’s 2022 Best Workplaces list and won for the fifth consecutive year the 2022 HousingWire Tech100 Real Estate award recognizing the most innovative technology companies in the housing economy.

About Kiavi
Kiavi uses the power of data and technology to bring lending for real estate investors into the digital age. Through Kiavi’s digital platform, real estate investors are empowered to make smarter decisions, gain access to funding faster, and scale their business. Founded in 2013 Kiavi, formerly known as LendingHome, has grown to become one of the largest lenders to real estate investors in the United States. The company is committed to helping customers revitalize approximately $25 trillion worth of aged US housing stock and provide move-in ready homes and rental housing for millions of Americans1 across the country. For more information, visit www.kiavi.comand follow us on Twitter. NMLS ID #1125207

1 We define aged housing stock as homes over 30 years old from the original construction date. US Census Bureau, American Housing Survey, 2019

SOURCE Kiavi Inc.

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Mehdi Pirzadeh Joins Rockville, MD Office of Embrace Home Loans

Mehdi Pirzadeh Joins Rockville, MD Office of Embrace Home Loans


Senior loan officer and vice president returns to top-ranked national mortgage lender

MIDDLETOWN, RI, May 18, 2022 /PRNewswire/ — Embrace Home Loansa leading national mortgage lender, announced that Mehdi Pirzadeh has been named senior loan officer, vice president in the company’s Rockville, MD office. Pirzadeh is a top-producing loan originator who previously worked for Embrace and recently returned, drawn back by the company’s commitment to customer service and giving back to the community.

Mehdi Pirzadeh

“We are delighted to welcome Mehdi back to Embrace,” said Guy Silasbranch manager of Embrace’s Rockville, MD office. “He has great knowledge and expertise in the Maryland and the greater Washington, D.C. markets. Mehdi is one of the best mortgage originators in the country, and we’re very fortunate he has rejoined us.”

Pirzadeh began his 22-year career in the mortgage industry as a mortgage originator at Mason Dixon Funding, which was acquired by Embrace Home Loans in 2009. In 2013, he joined Eagle Bank in the Washington, D.C. area as a vice president, senior loan officer. Pirzadeh joined Embrace in March 2022.

Pirzadeh has closed over $2.5 trillion in loans over the past 20 years, including $630 million in the past three years alone. He has consistently been ranked a Top Mortgage Originator by Scotsman Guide and Mortgage Originator, and in 2020 was ranked #222 in the country by Scotsman Guide.

“I was drawn back to Embrace because of its superior customer service and the wide variety of loans it offers,” Pirzadeh said. “I’m very excited to offer my customers Embrace’s innovative mortgage programs and streamlined processing. I look forward to helping expand our presence in Maryland and Washington, D.C..”

“Embrace also shares my strong devotion to giving back to the community,” he added. For every loan he closes, Pirzadeh commits to supporting a number of local non-profits and charities in the Washington, D.C. area that combat food insecurity. He has supported Dreaming out Loud, Compassion without Borders and World Vision International.

A Fannie Mae, Freddie Mac, FHA and VA lender, Embrace also originates non-conforming loans, including jumbo and other unconventional loans. The company processes, underwrites, closes and funds all loans in-house. Embrace has been recognized with multiple workplace awards in recent years and is known for fostering a supportive, family-like work culture and for encouraging its employees’ charitable endeavors.

Pirzadeh (NMLS # 189912) is licensed in: CA, CO, DC, DE, FL, MD, NC, NY, PA, SC, TX, VA. He may be reached at 301-921-0070 and at [email protected]

To learn more about joining Embrace, visit the company’s careers page.

About Embrace Home Loans
Founded in 1983, Embrace Home Loans is a prominent mortgage lender that provides borrowers and financial institutions with an exceptional mortgage experience. Licensed in 50 states and the District of ColumbiaEmbrace has been recognized seven times as one of the Best Medium-sized Companies to Work for in America by Fortune and by Inc. The company has also been recognized thirteen times as one of the Best Places to Work in Rhode Islandas the Most Community-Involved Company in Rhode Island, and with the Leadership Excellence Award by Providence Business News. The company is based in Middletown, Rhode Island. For more information, please visit www.embracehomeloans.com.

PRESS CONTACTS:

Henry Drennan
Strategic Vantage Marketing and Public Relations
(615) 497-8358
[email protected]

Mary McGarity
Strategic Vantage Marketing and Public Relations
(203)260-5476
[email protected]

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SOURCE Embrace Home Loans



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Mehdi Pirzadeh Joins Rockville, MD Office of Embrace Home Loans

Mehdi Pirzadeh Joins Rockville, MD Office of Embrace Home Loans


“We are delighted to welcome Mehdi back to Embrace,” said Guy Silasbranch manager of Embrace’s Rockville, MD office. “He has great knowledge and expertise in the Maryland and the greater Washington, D.C. markets. Mehdi is one of the best mortgage originators in the country, and we’re very fortunate he has joined us.”

Pirzadeh began his 22-year career in the mortgage industry as a mortgage originator at Mason Dixon Funding, which was acquired by Embrace Home Loans in 2009. In 2013, he joined Eagle Bank in the Washington, D.C. area as a vice president, senior loan officer. Pirzadeh joined Embrace in March 2022.

Pirzadeh has closed over $2.5 trillion in loans over the past 20 years, including $630 million in the past three years alone. He has consistently been ranked a Top Mortgage Originator by Scotsman Guide and Mortgage Originator, and in 2020 was ranked #222 in the country by Scotsman Guide.

“I was drawn back to Embrace because of its superior customer service and the wide variety of loans it offers,” Pirzadeh said. “I’m very excited to offer my customers Embrace’s innovative mortgage programs and streamlined processing. I look forward to helping expand our presence in Maryland and Washington, D.C..”

“Embrace also shares my strong devotion to giving back to the community,” he added. For every loan he closes, Pirzadeh commits to supporting a number of local non-profits and charities in the Washington, D.C. area that combat food insecurity. He has supported Dreaming out Loud, Compassion without Borders and World Vision International.

A Fannie Mae, Freddie Mac, FHA and VA lender, Embrace also originates non-conforming loans, including jumbo and other unconventional loans. The company processes, underwrites, closes and funds all loans in-house. Embrace has been recognized with multiple workplace awards in recent years and is known for fostering a supportive, family-like work culture and for encouraging its employees’ charitable endeavors.

Pirzadeh (NMLS # 189912) is licensed in: CA, CO, DC, DE, FL, MD, NC, NY, PA, SC, TX, VA. He may be reached at 301-921-0070 and at [email protected]

To learn more about joining Embrace, visit the company’s careers page.

About Embrace Home Loans
Founded in 1983, Embrace Home Loans is a prominent mortgage lender that provides borrowers and financial institutions with an exceptional mortgage experience. Licensed in 50 states and the District of ColumbiaEmbrace has been recognized seven times as one of the Best Medium-sized Companies to Work for in America by Fortune and by Inc. The company has also been recognized thirteen times as one of the Best Places to Work in Rhode Islandas the Most Community-Involved Company in Rhode Island, and with the Leadership Excellence Award by Providence Business News. The company is based in Middletown, Rhode Island. For more information, please visit www.embracehomeloans.com.

PRESS CONTACTS:

Henry Drennan
Strategic Vantage Marketing and Public Relations
(615) 497-8358
[email protected]

Mary McGarity
Strategic Vantage Marketing and Public Relations
(203)260-5476
[email protected]

SOURCE Embrace Home Loans

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Percent’s ‘Corporate Loans’ Offer Seamless Access to Venture Debt for Early-Stage, High-Growth & VC-Backed Startups

Percent's 'Corporate Loans' Offer Seamless Access to Venture Debt for Early-Stage, High-Growth & VC-Backed Startups


Venture Debt Becomes Newest Asset Class Available to Investors on Percent’s Debt Marketplace that Unites the Three Sides of Private Credit Transactions — Borrowers, Underwriters, and Investors

NEW YORK, May 18, 2022 /PRNewswire/ — Percent, the platform powering the future of private markets, today announces the launch of Corporate Loans, which offers VC-backed startups a fast and seamless way to tap minimally-dilutive venture debt financing options – amid a slowing pace in growth-stage VC equity rounds. Through its proprietary holistic algorithm, Percent’s platform can provide startups with more upfront capital, compared to tapping into their existing ARR. Corporate loans are a new asset class being brought to Percent’s industry leading platform, opening up venture debt opportunities to accredited investors for the first time.

Venture debt is a $150 billion+ market filled with high-growth venture equity-backed companies. Before now, private companies looking for debt financing options to extend their runway were stuck in an unstandardized and “who you know” deal flow environment. This new asset class on Percent will be a game-changer for early-stage, VC-backed companies that have a big vision and demonstrable traction but still need growth financing to continue to achieve KPIs and execute on their roadmap. The launch comes at a critical time for the venture ecosystem amid a slowdown in VC funding. According to data from CB Insights [https://fortune.com/2022/04/08/venture-capitals-2022-slowdown-4-charts/]global funding fell 19% to $144 trillion in the first three months of 2022, compared to last quarter, the largest quarter-over-quarter percentage declines in nearly 10 years.

“We built this product for fast-growing, VC-backed companies like Percent, to provide other industry innovators and disruptors easy access to debt financing alternatives that don’t take a big chunk of ownership away from founders or shareholders,” said Nelson ChuFounder and CEO of Percent. “In addition to launching this product, we are also its earliest adopters – having raised more than $7 million in debt capital on our platform in March which has been instrumental in helping us expand our market presence and accelerate our product roadmap. Given the market conditions and overall economic environment, we believe the timing is perfect for this offering, which can enable a company to continue meeting customer demand while in between financing rounds, which have been slowing.”

KEY BENEFITS FOR VC-BACKED STARTUPS

  • Price discovery: Startups can raise capital based on current market conditions from Percent’s diversified investor base.
  • Minimally dilutive. Companies don’t have to sign away much ownership as part of the deal.
  • Shorter term. Shorter terms are available compared to what is typically offered by venture debt funds alongside a transparent market to continuously refinance.

KEY BENEFITS FOR INVESTORS

  • High-yielding, short-term investment opportunities to diversify a portfolio. Low minimums and fees.
  • Investments typically last until companies raise their next equity round, which afford investors shorter terms. Higher default risk is compensated by higher yields.
  • Access to investments in the businesses shaping our future.

“We at Percent believe a thriving, transparent market can help other innovative businesses like us raise the growth capital they need and simultaneously provide existing debt providers a profitable channel to source and syndicate deal flow with ease,” said Prath Reddy, President of Percent. “As always, our market-based pricing, credit transparency, deal standardization, and unrivaled customer support — the hallmarks of our private debt marketplace — are standard with Corporate Loans.”

In the current environment of slowing VC-funding and rising interest rates, Percent believes it is an opportune time to offer venture debt as an asset class and product line. This launch is the next step in Percent’s ongoing transformation of private credit markets, as the fintech innovator is bringing public market standards and efficiencies to this legacy market.

About Percent

Percent is the platform powering the future of private markets. Founded in 2018, the company leverages proprietary technologies, integrations, and data to bring first-of-its-kind transparency and efficiency to private credit transactions. Percent’s innovative ecosystem enables companies of any size to raise the most flexible debt capital at a low cost through dynamic market pricing and standardized terms. To date, its platforms have powered more than $850 million in transaction volume in a multi-trillion-dollar private credit market.

For more information, visit the Percent website, and follow the company on Facebook, Instagram, LinkedIn and Twitter.

Media Contact:

Victoria Castelbuono

JConnelly for Percent

[email protected]

973-590-9314

SOURCEPercent

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Mortgage lenders see 87% drop in earnings per loan in Q1

Mortgage lenders see 87% drop in earnings per loan in Q1


Left to right: Chief Global Economist at Morgan Stanley, Seth Carpenter with Chief Economist and EVP of Research and Industry Technology at the Mortgage Bankers Association, Michael Fratantoni.

Brad Finkelstein

Mortgage bankers only made 5 basis points on each loan originated in the fourth quarter, preliminary data from the Mortgage Bankers Association showed, as the cost to produce reached an all-time high.

The situation is “very, very challenging and very similar to what we saw in 2018,” Mortgage Bankers Association Chief Economist Mike Fratantoni said during the group’s Secondary and Capital Markets Conference on May 16. “This is coming both from a reduction in revenue as Pricing gets a little bit tighter, and we’re seeing — at least on dollar per loan basis — we’re at an all-time high in terms of costs to originate at about $10,600 per loan.”

In the fourth quarter of last year, mortgage bankers earned 38 bps per loan.

In both the first and fourth quarters of 2018, mortgage bankers were actually losing money on each loan produced.

The full data set is expected to be released shortly.

Fratantoni’s latest origination forecast is for $2.51 trillion in production this year, a slight tightening compared with the $2.58 trillion outlook he gave in April.

While still calling for a record high in purchase originations this year, Fratantoni cut the forecast to $1.69 trillion from $1.72 trillion. Refinance volume is now expected to come in at $819 billion, compared with the prior prediction of $841 billion.

The outlook for the next two years has also been revised downward to $2.36 trillion of total volume in 2023 and $2.53 trillion in 2024. But purchase will continue to grow, to $1.75 trillion and $1.81 trillion respectively.

NMN051722-Secondary-Market Outlook.png

Lenders should “expect that the strong fundamentals from the job market and demographics are going to continue to keep housing demand very robust,” Fratantoni continued.

When it comes to spreads, the market is seeing some “dislocation” now. The spread between the primary rate and secondary rate is a function of capacity and competition, and right now, it is the tightest in 10 years, he said.

But the spread between mortgage-backed securities current coupon yield and the 10-year Treasury is as wide as it was during some crisis periods, indicating concern not just about the Federal Reserve’s balance sheet, but its overall policy, he said.

Meanwhile the rate inversion between the 30-year conforming mortgage and the 30-year jumbo continues to widen. The given is that jumbo mortgages should be priced higher than conforming loans.

But for most of the last few years, jumbos have been cheaper and right now, they are being priced 45 bps lower, a record gap.

“The question that it brings to my mind is what does this say about the way banks are valuing the mortgage assets compared to the way capital markets are valuing that same asset,” Fratantoni said. “And the difference really may well reflect this policy uncertainty that we’re talking about because obviously the bank holding a whole loan is not going to be impacted, at least directly, by what the Fed’s doing with their balance sheet.”

Banks typically portfolio jumbo loans as part of a relationship strategy.

While some economists have been predicting that the US is heading for a recession, Seth Carpenter, chief global economist at Morgan Stanley, is only expecting a deceleration.

His response to those asking why not? “The market is not the economy. The economy is not the market.” Consumer spending is geared primarily to services, but the stock market heavily leans towards goods.

“And so since goods are getting hammered more than others, it makes sense that even though we are not forecasting a recession as our baseline outlook … it’s unsurprising then once you start from that premise that the stock market might underperform the economy as a whole, “Carpenter said.

Still, a “bumpy landing” for the US economy is more likely than a soft one.

“They’ve got a real shot at avoiding an outright recession because they are very aware that they’re tightening in order to slow down the economy; they want to slow it down a lot, but not too much,” Carpenter said. “And Chair Powell’s consistent use of the word nimble I think underscores their willingness to react if they see it going too far.”

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Newfields Names Director, Otis Grads Get Loans Paid—and More Art News – ARTnews.com

Newfields Names Director, Otis Grads Get Loans Paid—and More Art News – ARTnews.com


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The Headlines

THE AUCTIONS KEEP COMING! In New York on Wednesday night, Sotheby’s rank up $408.5 million in Impressionist and modern art across 58 lots, with 51 finding buyers, Angelica Villa reports in ART news. That beat the house’s $339.9 million low estimate for the sale. Milton Avery and Leonora Carrington were among the artists having their auction records reset, and a Pablo Picasso reportedly being sold by billionaire collector Steve Cohen went for $67.5 million, becoming the evening’s priciest lot. In other collector news, casino magnate Steve Wyn has been sued by the Department of Justicewhich argues that he must register as a lobbyist for a foreign country because he allegedly spoke to President Trump on behalf of China, the wall street journal reports. Wynn’s lawyers said he has not acted as an agent for the nation.

Related Articles

NEW MANAGEMENT. More than a year after his previous leader resigned amid controversy, newfields (born the Indianapolis Museum of Art) has a new president and CEO, Colette Pierce Burnettewho will be the first Black woman to lead the institution, the Indianapolis Star reports. Pierce Burnette is the president of Huston-Tillotson Universitya historically Black school in Austin, Texas, and starts in Indianapolis in August, the New York Times reports. Newfields’s previous director, Charles L. Venable, stepped down in February of 2021 after outcry over a job listing that discusswd increasing the diversity of Newfields visitors while still drawing its “traditional, core, white art audience.” Meanwhile, Anne Kraybill has been named the next leader of the Wichita Art Museum in Kansas. She currently helms the Westmoreland Museum of American Art in Greensburg, Pa.

The Digest

Art museum staffers are not the only people in creative industries who are pushing to form unions. Architects at some leading firms have been undertaking organized labor campaigns lately, citing the field’s notoriously low pay and brutal hours, Kriston Capps and Sarah Holder report. [Bloomberg]

Kendrick Lamar‘s latest music video, for his song “N95,” features scenes shot at landmarks in Fort Worth, Texas, like the Kimbell Art Museum‘s Renzo Piano pavilion and the Philip Johnson–designed Fort Worth Water Gardens. [Architectural Digest]

Otis College of Art and Design students attending their graduation on Sunday learned that their student loans were being covered by their commencement speakers, Evan Spiegel (CEO of Snap) and Miranda Kerr (CEO of KORA Organics), who are married. Spiegel took classes at Otis in high school. [NPR]

At the Frieze New York art fair, which kicks off today at the Shed, Gagosian‘s booth features paintings by Albert Oehlen—and a vending machine with Cofftea, a drink he developed with a beverage maker. “It really wakes you up,” Oehlen said. [The New York Times]

art dealer Lisa Cooleywho ran an eponymous gallery on Manhattan’s Lower East Side from 2008 until 2015, has joined Various Small Fires as senior director. VSF has galleries in Los Angeles, Seoul, and Dallas; Cooley will be based in New York. [VSF/Instagram]

Archaeologists may enjoy this joke! (Non-archaeologists may enjoy it, too.) [The Onion]

The Kicker

TOUGH TALK. New York art consultant Lisa Schiff gave a wide-ranging interview about the art business to the New York Times, and she did not hold back. “Certain auction houses are mimicking the collectibles market,” Schiff told Farah Nayeri. “Everything is a tchotchke to flip. … You have sneakers, dinosaur bones, some NFTs, 50 artists you’ve never heard of, and then three artists who actually should be in an evening sale.” That said, she does admit to buying and selling NFTs. “I’m gambling,” she said. [NYT]



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