November 24, 2014 · Fundings · (No comments)

(PRWEB) November 20, 2014

There are thousands of Americans everyday who qualify for a reverse mortgage due to their age. A local reverse mortgage expert Kevin Leonard has just completed a page on his website that will help shed some light on this type of loan. The new “reverse mortgage Oceanside CA” page that was just added to his mortgage site, explains the basic information about a reverse loan. Mr. Leonard has a team of mortgage and real estate professionals in his network and has been a top producer for years. Being an owner of a large mortgage bank in the past he knows what type of customer care it takes to be at the top of the game. Reverse Mortgages take even more hands on work than a traditional forward loan because of the age of some of the clients. Since many of the applying seniors are sometimes in the eighties or older, the information explained about the loan must be done carefully to ensure the client understands fully. To find how to receive a reverse mortgage quote for a property in Oceanside California visit the new page here,

Everyone who is considering doing a reverse mortgage in Oceanside must go through mandatory counseling. These sessions help to explain everything someone would need to know about the programs, and to make sure that the lender is offering the client options. There is a fixed product which allows the borrower to receive the equity in one lump sum. The adjustable loan allows the senior to get the equity through payments, or a lump sum, or even a combination of both. There are some guidelines to receiving a reverse mortgage in Oceanside, and finding out what they are is as easy as visiting the new page completed by Mr. Leonard. To learn about how to get approved for a reverse mortgage contact the contact number listed.

The real estate and mortgage group uses an internet marketing team to help promote reverse mortgage information online. The marketing division submits all the information to video sharing sites, and social media forums to help the find more people looking for this type of home loan. The team of professionals has been growing in size since the beginning of the year, and the reverse mortgage division is another addition to the team. Kevin Leonard’s team continues his expansion on the web, and throughout the local community providing home loans to those who are qualified. The mortgage and real estate affiliates are always looking to expand the team, and want more local experts to join the group. To discover more about the team, or the services they provide, contact them directly and talk directly to mortgage originator. Interested candidates can also view one of the company’s Facebook pages,


Kevin Leonard entered into the mortgage business in 1997 and quickly rose to become one of the best mortgage originators in the US, and earned national acclaim for his efforts. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a full understating of the loan process from start to finish, and also consults with mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage profession. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. He is partnered with the best real estate agents in Oceanside for a good reason–he offers fast pre-approvals with the ability to fund purchase loans quickly. To find out more about the new Oceanside reverse mortgage page, click on the link provided.


Kevin Leonard

Phone: (858) 999-3737

NMLS #6279

November 24, 2014 · Small Business Loans · (No comments)

Houstons 2014 small business loans totaled $688 million for a record-breaking lending year, according to the Houston District Office of the US Small Business Administration.

The lending total reflects a combination of 1,319 SBA 7(a) and 504 loans, an increase of 21 percent in the number of loans and 5.9 percent in dollar amount over the fiscal year of 2013.

SBA 7(a) loans are those granted to small businesses for the start of a new small business, or the acquisition/expansion of a small business. 504 loans are whats known as certified development company loans, whereby the proceeds from the loan must be used to finance a fixed asset, such as real estate or equipment.

Of the 1,319 loans approved in the Houston district in fiscal year 2014, 527 new businesses were created, an increase of 22.6 percent from fiscal year 2013, said Mark Winchester, acting SBA Houston district director. The Houston District Office also saw an increase of 52 percent in SBA Loan Guarantees $150,000 and less because of programs like SBAs Fee Elimination (extended for FY 2015) (and) the Veteran Advantage Program.

The top 10 Houston lenders for the year are:

  1. Wallis State Bank
  2. BBVA Compass
  3. Amegy Bank of Texas
  4. Wells Fargo
  5. Members Choice Credit Union
  6. Chase
  7. Green Bank
  8. Live Oak Banking Co.
  9. Integrity Bank
  10. Texas Citizens Bank

Members Choice Credit Union was the surprise star of 2014 as the only credit union to make the top 10, the result of efforts from the Houston SBA to target credit unions in general.

It was a record year for the nation as well. The SBA approved 52,044 7(a) loans for $19.19 billion, an increase of 12 percent in number of loans and 7.4 percent in the dollar amount over 2013.

Suzanne Edwards covers money and law for the Houston Business Journal.

November 24, 2014 · Loans With Bad Credit · (No comments)

NASHVILLE, Tenn., Nov. 19, 2014 /PRNewswire-iReach/ — People who have bad credit may worry that they will not be able to obtain personal loans when they need help paying for big-ticket purchases. Fortunately, specializes in assisting these individuals with finding bad credit loans. These unique personal loans are aimed at allowing people who have made credit mistakes in the past get the financing that they need. Here is how the new loan matching system for personal loans works.

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Finding Bad Credit Loans

Personal loans for people who have bad credit are offered by select lenders. Finding these lenders without the help of a matching service is a tedious process that may even be impossible. These lenders often prefer to work through a matching system, so borrowers may miss out on getting the financing that they need when they do not use a matching service. collect basic personal information about a borrower to help these individuals find a lender that meets their unique needs. Lenders that specifically offer bad credit loans are highlighted to ensure that borrowers do not waste their time applying for a loan with a lender that will not consider offering financing to someone who has had credit problems in the past.

The matching system allows people with bad credit to access financing of up to $25,000 by providing personal information including financial and employment details. The application process is done online, and the details that are entered during the initial application process will be used to help borrowers match up with lenders that offer agreeable loan terms that will fit into their monthly budget.

For more information or to apply for a personal loan please go to

Comparing Personal Loans

One of the best features of DrCredits new loan matching system for personal loans with bad credit is the fact that borrowers can compare offers. While people with bad credit should expect to pay higher interest rates, it is possible that some lenders will charge unusually high rates in the hopes that people with bad credit will believe that these loans are their only option.

DrCredit lets borrowers see how much lenders are charging for people with bad credit to determine a fair offer before they commit to a particular loan. This can save borrowers money over the life of the loan and protects them from unscrupulous lenders who are just trying to take advantage of their misfortune.

November 23, 2014 · Fundings · (No comments)

NEW YORK–(BUSINESS WIRE)–Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”)
(NYSE:ARI) today announced the Company closed three first mortgage loans
totaling $290 million. Year-to-date, ARI has committed to invest over
$987 million of equity into $1.4 billion of transactions.

Commenting on the new transactions, Scott Weiner, the Chief Investment
Officer of the Company’s manager, said: “The diversity of these new,
floating-rate first mortgage loans demonstrates the breadth of the
Company’s origination platform and the broad scope of the Company’s
underwriting and structuring abilities. In addition, each of these
transactions has well-capitalized, strong sponsorship and is expected to
generate attractive risk-adjusted returns for ARI’s growing commercial
real estate debt portfolio.”

New Transactions

ARI closed three loan transactions totaling $290 million. The
transactions include the following:

  • $165 million ($20 million of which was funded at closing)
    floating-rate first mortgage loan for the development of the majority
    of the retail portion of a mixed-use lifestyle center in Cincinnati,
    Ohio. When completed, the 65-acre property will consist of 626,791
    square feet of retail space, a 200,000 flagship retail building, 233
    residential units, a 130-key hotel and 4,216 structured and surfaced
    parking spaces. The balance of the loan will be funded throughout the
    next eighteen months. The first mortgage loan has a 42-month term with
    two one-year extension options and a loan-to-cost of approximately
    56%. Over the next eighteen months, the first mortgage loan was
    underwritten to generate an internal rate of return(1)
    (“IRR”) of approximately 10% on an unlevered basis. After the eighteen
    month period, ARI anticipates the Company will finance the loan, and
    on a levered basis, the first mortgage loan was underwritten to
    generate an IRR of approximately 14%;
  • $67 million floating-rate first mortgage loan for the acquisition and
    predevelopment of an existing 12-story industrial building planned to
    be converted into a luxury residential condominium with approximately
    86,000 square feet of net sellable residential space located in the
    West Village neighborhood of New York City. The first mortgage loan is
    part of an $87 million first mortgage which consists of ARI’s $67
    million A-note and a subordinate $20 million B-note. ARI will have the
    option, but not the obligation, to participate in the development
    financing for the property. The A-note has an 18-month term and one
    six-month extension option and a loan-to-cost of approximately 58%.
    The A-note loan was underwritten to generate a levered IRR of
    approximately 25%; and
  • $58 million floating rate first mortgage loan secured by a 330-unit,
    eight building apartment community and 36 single-family rental homes
    located in Williston, North Dakota. Williston is located at the
    epicenter of oil drilling activity for the Bakken Formation and the
    property is part of a master-developed residential community. The
    first mortgage loan has a three-year term with two one-year extension
    options and an appraised loan-to-value of 73%. The first mortgage has
    been underwritten to generate a levered IRR of approximately 13%.

Loan Repayments

In November, ARI received a $25 million principal repayment from a first
mortgage loan secured by an office condominium in New York City. Also in
November, ARI received a $31 million principal repayment from a first
mortgage loan secured by a hotel in New York City.

About Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate
investment trust that primarily originates, invests in, acquires and
manages performing commercial first mortgage loans, subordinate
financings, CMBS and other commercial real estate-related debt
investments. The Company is externally managed and advised by ACREFI
Management, LLC, a Delaware limited liability company and an indirect
subsidiary of Apollo Global Management, LLC, a leading global
alternative investment manager with approximately $164 billion of assets
under management at September 30, 2014.

(1) The underwritten IRR for the investments listed in this press
release reflect the returns underwritten by ACREFI Management, LLC, the
Company’s external manager (the “Manager”), calculated on a weighted
average basis assuming no dispositions, early prepayments or defaults.
With respect to certain loans, the underwritten IRR calculation assumes
certain estimates with respect to the timing and magnitude of future
fundings for the remaining commitments and associated loan repayments,
and assumes no defaults. IRR is the annualized effective compounded
return rate that accounts for the time-value of money and represents the
rate of return on an investment over a holding period expressed as a
percentage of the investment. It is the discount rate that makes the net
present value of all cash outflows (the costs of investment) equal to
the net present value of cash inflows (returns on investment). It is
derived from the negative and positive cash flows resulting from or
produced by each transaction (or for a transaction involving more than
one investment, cash flows resulting from or produced by each of the
investments), whether positive, such as investment returns, or negative,
such as transaction expenses or other costs of investment, taking into
account the dates on which such cash flows occurred or are expected to
occur, and compounding interest accordingly. There can be no assurance
that the actual IRRs will equal the underwritten IRRs shown in this
press release. See “Item 1A–Risk Factors–The Company may not achieve its
underwritten internal rate of return on its investments which may lead
to future returns that may be significantly lower than anticipated”
included in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2013 for a discussion of some of the factors that could
adversely impact the returns received by the Company from the
investments shown in the press release over time.

Forward-Looking Statements

Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such statements are intended to be
covered by the safe harbor provided by the same. Forward-looking
statements are subject to substantial risks and uncertainties, many of
which are difficult to predict and are generally beyond the Companys
control. These forward-looking statements include information about
possible or assumed future results of the Companys business, financial
condition, liquidity, results of operations, plans and objectives. When
used in this release, the words believe, expect, anticipate, estimate,
plan, continue, intend, should, may or similar expressions, are intended
to identify forward-looking statements. Statements regarding the
following subjects, among others, may be forward-looking: the return on
equity; the yield on investments; the ability to borrow to finance
assets; the Company’s ability to deploy the proceeds of its capital
raises or acquire its target assets; and risks associated with investing
in real estate assets, including changes in business conditions and the
general economy. For a further list and description of such risks and
uncertainties, see the reports filed by the Company with the Securities
and Exchange Commission. The forward-looking statements, and other
risks, uncertainties and factors are based on the Companys beliefs,
assumptions and expectations of its future performance, taking into
account all information currently available to the Company.
Forward-looking statements are not predictions of future events. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.

November 23, 2014 · Manage Debt · (No comments)

When you are trying to get fit, tools like a pedometer or fitness app can help you track your progress toward your goal. Dieting? A scale is probably your go-to tool. But what about if you are trying to keep yourself from going overboard with holiday shopping? 

Yes, there are tools for that, too. 

Here are several free tools to help you keep your holiday spending in check. 

Account Alerts

If you access your bank or credit card accounts online, chances are they offer free alerts that you can customize. Most issuers let you set up alerts by email or text (or both) that tell you when spending activity within a billing period reaches a certain threshold, for example. Or you can be alerted when a transaction over a certain dollar amount is authorized. Or you can get a notice when you get close to your credit limit.

All of these alerts can be useful during the holiday season when you’re feeling overwhelmed and at risk of losing track of how much youve spent. And the more text messages or emails you get, the more you may be reminded it’s time to slow down on the shopping! (They are also useful for spotting holiday credit fraud, another problem in and of itself!)

Free Credit Check MonitoringSign up for your and get a FREE credit score plus personalized Action Plan to help you improve it. FREE and updated every 30 days.
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Holiday Shopping Lists

Shopping with a list is one of the single best ways to keep your holiday spending under control.  It helps you plan what you expect to buy, as well as keep track of what you’ve bought.

If you’ve struggled with the concept of making and keeping lists in the past, give it another go. There are some terrific tools that make it easy to succeed.

  • Dave Ramsey offers a free Christmas budget tool that is super easy to set up online. You plan what you want to spend, and on whom (or what), then keep track of your progress.
  • Prefer putting pen to paper? Download’s free holiday spending planner and keep it in your purse or wallet.
  • Want an app? The Christmas Gift List app for Android (free, with in-app purchases available) and the Santa’s Bag Christmas Gift List app for iPhone (free for basic version, $2.99 for pro) both get excellent reviews and can help you manage your spending.

Credit Card Debt Calculator

This weekend, my husband received an offer in the mail saying he was pre-approved for a credit card from a major discount retailer. In cheerful red and green lettering it announced he could get “the perfect card for the holidays and all year long” and “the quickest way to accept is online or by phone.”

What the persuasive letter didnt mention up front was the interest rate. It was only by reading the back of the offer that he found it: 22.90%!

The pressure will be on this season from retailers to entice you to open store credit cards. But as this example illustrates, the interest rates on these cards are often high, which means you’ll pay a lot more for those gifts over time.

Not convinced that forgoing the things you want to buy this holiday season is worth it? Try the free Credit Card Calculator. Punch in the amount you would finance and the interest rate and find out just how long it will take you to pay it off, and how much it will cost.

A $1,000 balance on that store card (at 22.90%) can take over four years to pay off and cost more than $600 in interest! Plus, depending on your balances and credit limits, new debt can cause your credit scores to drop, which means you may pay more for loans or insurance in the future. (You can find out how your debt affects your credit scores for free at

What tools do you use to keep your holiday spending in check? Share your strategies in the comments below.

More Money-Saving Reads:

  • What’s a Good Credit Score?
  • What’s a Bad Credit Score?
  • How Credit Impacts Your Day-to-Day Life

Image: iStock

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November 23, 2014 · Getting A Mortgage · Comments Off

You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans?

Whether you are a first-time home buyer or an experienced owner, buying a house requires a preflight check, said Barry Zigas, director of housing policy for the Consumer Federation of America.

Here is a checklist, including tips about two types of savings you need, plus advice about whats more important than buying a house for its resale value.

Strengthen credit score

Its a brave, new world with respect to credit requirements for mortgages, said John Ulzheimer, president of consumer education at CreditSesame.

One old rule still applies: The higher your credit score, the lower your monthly payments.

Below 660 or 680, youre either going to have to pay sizable fees or a higher down payment, Zigas said. And thats pretty much the cutoff score for getting a mortgage, he said.

Vicki Bott, a former official at the US Department of Housing and Urban Development, said her office noticed much the same thing.

While there are many qualified borrowers in the 580 range, the market today is probably (looking for) 640 to 660, at a minimum, Bott said.

On the other end, a score of 700 to 720 will get you a good deal, and 750 and above will garner the best rates on the market, Ulzheimer said.

Improve your chances by pulling your credit reports and ensuring youre not being unfairly penalized for old, paid or settled debts, Zigas said.

Determine what you can afford

The buyers mantra should be get a home thats financially comfortable.

There are various rules of thumb that will help you get an idea of how much home you can afford. If youre using FHA financing, as almost one-fifth of buyers get FHA-insured loans, your home payment cant exceed 31 percent of your monthly income. But with some mitigating factors, FHA will let you go higher.

For conventional loans, a safe formula is home expenses should not exceed 28 percent of your gross monthly income, said Susan Tiffany, director of personal finance information for adults for the Credit Union National Association.

Improve your chances by trying on that financial obligation long before you sign the mortgage papers, Tiffany said.

Save for down payment, closing

Depending on your credit and financing, youll typically need to save enough money to put anywhere from 3.5 to 20 percent down.

If youre using FHA financing, then you need a score of 500 or higher. And in the 500 to 579 range, if you can find a lender, youll have to put 10 percent down instead of 3.5 percent.

One exception is a Veterans Affairs loan, which requires no down payment.

Another cash expense involves closing costs. Whatever your loan source, youll need money to pay closing costs, which run (depending on where you live) from $2,300 to $4,000.

Also, along with banking your own money, search out down payment assistance, Tiffany said. Often its location-based or tagged to a certain type of buyer, like first-timers, she said.

Build a healthy savings

Build your savings over and above your money needed for the down payment and closing. Your lender wants to see youre not living paycheck to paycheck. If you have three to five months worth of mortgage payments set aside, that makes you a much better loan candidate. And some lenders and backers, such as the FHA, will give you a little more latitude on other factors if they see you save a cash cushion.

That money also will help you with maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.

Improve your chances by setting aside money every month.

On average, youll spend 2.5 to 3 percent of your homes value annually on upkeep, repairs and maintenance, said Joseph Gyourko, professor of real estate at the Wharton School of the University of Pennsylvania.

Get preapproved

For serious home shoppers, the No. 1 thing is they better have everything in order, said Dick Gaylord, broker with RE/MAX Real Estate Specialists in Long Beach, California, and former president of the National Association of Realtors. That means before the real home shopping begins, get financing in place, he said. And the preapproval process is much more extensive than it was a few years ago, he said.

Improve your chances by getting financing in place before you walk through the first house, Gaylord said. Otherwise, he said, How do you know how much you can afford?

Buy a house you like

If youre buying today for yourself and your household, you want a home that will make you happy for the next few years. Gone are the days when you could count on a quick sale, Tiffany said.

And depending on how much you put down and how much you have to shell out to sell and relocate, short-term ownership can be a pretty expensive proposition.

Improve your chances by stepping back, Gyourko said, and making certain you like the house.

November 23, 2014 · Getting A Mortgage · Comments Off

Tuition fee rise may prevent middle-classes getting a mortgage

A study by the Higher Education Commission says that teachers and health
managers may ultimately miss out on mortgages under the new system of pound;9,000
annual tuition fees

November 23, 2014 · Small Business Loans · Comments Off

MT Bank is the No. 6 most-prolific lender of federally-guaranteed small business loans in the nation, based on the number of 7(a) loans it approved during federal fiscal year 2014, company officials said Wednesday.

The Buffalo-headquartered bank, whose footprint extends to the Mid-Atlantic states, approved 1,226 loans worth $165.2 million through the US Small Business Administrations popular 7(a) lending program. The 2014 fiscal year ran from Oct. 1, 2013 through Sept. 30, 2014.

The latest results push MT back into the No. 6 position after having clinched the No. 5 spot last year. During fiscal year 2013, the bank approved 1,156 7(a) loans totaling $162.8 million, up from 1,089 7(a) loans worth $121.8 million during the prior fiscal year.

You can see we made more loans and increased dollars, but obviously one of the other top banks had a lot of improvement in SBA lending, MT spokesperson Chet Bridger said Wednesday.

In Western New York, MT approved 251 7(a) loans worth $31 million, making it the top SBA lender in the eight-county region for the 20th consecutive year. The SBAs 7(a) loans are typically used to finance start-ups and expansions.

Allissa Kline covers financial services, accounting and trade

November 22, 2014 · Getting A Mortgage · Comments Off

A Guide to Getting Your First Mortgage
Here are 12 things newbie homebuyers should know before signing on the dotted line.

Before committing to a mortgage, make sure you meet with several lenders or brokers and weigh your loan options.

November 22, 2014 · Small Business Loans · Comments Off

Number of small-business loans declines

While the number of small-business loans has declined, Zions Bank remains the No. 1 SBA lender in Utah.