| Dante Tosetti Appointed Managing Director
SAN FRANCISCO, Jan. 24 /PRNewswire/ -- First Republic Bank, a leading provider of private banking, private business banking and wealth management services, today announced that Dante Tosetti has been named Managing Director - Business Banking. Tosetti, who has 10 years of banking experience, will work with commercial business clients in the Bay Area and is located at the Bank's Walnut Creek office at 1400 Civic Drive. First Republic's business banking group provides an array of innovative financing solutions to businesses. Products include lines of credit, business loans, commercial real estate financing, and cash management programs, including online banking, remote deposit, and lockbox services. "Dante Tosetti is a terrific addition to our growing team of business bankers in the San Francisco Bay Area," said Katherine August-deWilde, President and Chief Operating Officer of First Republic Bank.
Ask Noel
My husband bought an investment property in 2003 for $182,000 with a mortgage of $160,000; the property is now worth $330,000. In 2004 we bought a family home for $385,000 with a mortgage of $300,000. The value of our family home is still steady and not increasing like our investment property. We are planning to get a $180,000 business loan within the next two years. Is there any way to get the business loan without selling any of our properties? Your total equity in the properties is about $255,000, so you will be pushing to get an additional loan of $180,000 from your bankers unless you can show the business you are buying has a very good cash flow. I suggest you pour all your resources into reducing the non-deductible debt on the family home, so you will be in a better position when the time comes to apply for the business loan.
AEX Business Finance and Commercial Real Estate Mortgage Loan Reports ...
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Congress, White House complete deal on tax rebates, business breaks
The caps are higher for people with children.
--Business tax write-offs: Spurring business investments with so-called bonus depreciation and more generous expensing rules.
--Housing rescue: Raising the limit on Federal Housing Administration loans from $362,000 to $725,000. Boosting the cap on loans that Fannie Mae and Freddie Mac can buy from $417,000 to $725,000.
WHAT'S OUT
--Permanent tax cuts: Republicans conceded that their top priority would have to be left out.
--Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.
--Food stamps: A boost for benefits.
--Medicaid: Democrats gave up on including Medicaid payments to states.
--Low-income heating subsidies: Democrats are surrendering the fight to include them.
It takes more green to fill grocery bags
They'll get some tax breaks, too. Businesses will be able to immediately write off 50 percent of purchases of plants and other capital equipment. Small businesses currently are able to take tax deductions on the first $125,000 they spend on new equipment, Marita said. That will be raised to $250,000. In both cases, the deduction eligibility likely will apply to this calendar year and not be retroactive, Marita said, because the government wants to encourage spending. Q: Since mortgages and foreclosures are a big part of the problem with the economy, how will homeowners be helped? A: The stimulus package includes changes in mortgage lending, including a one-year increase in Freddie Mac's and Fannie Mae's conforming loan limits (from $417,000 to a maximum of $729,750), and a permanent increase in the FHA loan limit from $367,000 now up to a maximum of $729,750.
Mortgage meltdown: Losing home through a lender short sale isn't easy ...
The East Bay has been hit particularly hard, especially Contra Costa County, primarily because it's the place so many first-time homebuyers get their feet wet in the Bay Area housing market. The East Bay Business Times reports that Contra Costa County ranked 10th statewide in July with one foreclosure sale for every 2,411 residents. Of course, many homeowners facing foreclosure are looking for a way to ease the pain of this situation, as well as avoid the black mark it will leave on their credit rating. Many can't or simply don't want to go through the hassle of refinancing, or trying to get the lender to modify the terms of their loan. So, another "solution" has been growing in popularity in the Bay Area: the short sale. A short sale, essentially, is what happens when a homeowner - with the mortgage lender's approval - sells his or her property for less than what is owed on the mortgage.
Southwest Florida EverBank Loan Production Office Relocates to ...
JACKSONVILLE, Fla., Nov. 6 /PRNewswire/ -- EverBank, one of Florida's fastest growing financial services companies, announced the relocation of its Southwest Florida Loan Production Office (LPO) from Bradenton to its new office on Cooper Creek Blvd. in University Park. The loan production office will process loan applications and arrange financing for real estate projects, corporations and small businesses. The University Park office employees include: The Southwest Florida LPO will open its doors on Friday, November 2 at 8450 Cooper Creek Blvd., Suite 101, University Park, FL 34201. EverBank Financial Corp is a private financial services holding company headquartered in Jacksonville, Florida.
4 Parish homes up for grabs
Consequently, investigators have spent months sorting out ownership claims on the real estate. "We originally thought that we'd certainly get a few hundred thousand dollars out of these properties, but everything's a mess," Dantzler said. "Unraveling this has cost tens of thousands of dollars. And then you get to the end of the rainbow and it's a dry hole. It's just unbelievable." Parish listed all four properties as collateral for a $2.5 million loan from the National Bank of South Carolina, none of which has been repaid. He also used a house at Edisto Beach as collateral to secure a loan for an Internet business in which he owned a 10 percent stake. NBSC, which granted the loan, has a $610,000 lien on the property over that agreement. Bank of America also has a lien on the Edisto Beach house over $465,489 outstanding from another unpaid loan to Parish.
Aurora Loan to lay off 70
Aurora Loan Services is to lay off 70 people at its Sunrise regional center, as its parent company scales back its residential mortgage origination business. The layoffs are to take effect on March 17. About 1,399 employees will be affected as Lehman Brothers Holdings closes additional Aurora Loan Services regional centers in Lake Forest, Calif., and Florham Park, N.J., and consolidates other offices. It will continue its direct lending channel, and will continue to service its existing customers. Lehman said it will take a one-time, after-tax charge of about $40 million, partly due to severance costs. Started in 1997, Aurora Loan Services has more than 2,000 employees, according to the company's Web site. .
Creditor wants Turtle Bay under court control
As the governor has proposed buying the Turtle Bay resort, the property owner is fighting legal efforts to place the sprawling North Shore resort under control of a court-appointed receiver. Mortgage holder Credit Suisse has asked the courts to take control of the facility from owner Kuilima Resort Co. and place it in the hands of a California businessman while a $283 million foreclosure case is pending. Kuilima Resort opposes that. Credit Suisse asked the court to appoint California businessman Douglas Wilson as receiver. Since August 2007, Kuilima Resort "has not provided a scintilla of evidence that (it) has any ability to repay" an outstanding loan of $270,875,000 or accrued interest and late payment fees of $12,824,818, Credit Suisse lawyers argued.
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