Newton, Massachusetts-based Seven Hills Realty Trust has acquired a $23.8 million mortgage for a warehouse facility in Los Angeles, the REIT's manager, Tremont Realty Capital, announced Monday. Staley Point Capital provided a variable-rate, three-year initial term loan for the 80,000-square-foot Extra Space Storage facility at 2515 South Broadway in south downtown Los Angeles. JLL advised Staley Point on the transaction. See also: PGIM provides $148M refinancing for downtown Miami apartment tower “The closing of the 2515 South Broadway loan further expands our portfolio and diversifies us into the self-storage sector,” Tom Lorenzini, president and CEO of Seven Hills, said in…
Author: Private Lending Agent
Federal Housing Finance Agency (FHFA) Administrator Sandra Thompson recently announced that she would conditionally approve Freddie Mac's PILOT to purchase second mortgages. I am personally a vocal supporter of this initiative and applaud the decision. Community Home Lenders of America (CHLA) was quick to voice its support for this pilot program: The program is undoubtedly a win for homeowners, and many of CHLA’s members are enthusiastic about helping borrowers by participating. The FHFA cleverly used the new product approval process to hear public input and make modifications. So I was a bit surprised to see that CHLA was the only…
EYEWITNESS NEWS (WBRE/WYOU) — Experts are warning potential home buyers about a new scam circulating on social media sites like Facebook Marketplace. It's no secret that if you're trying to buy or sell a home, it's going to cost you a pretty penny, which is why so many people are taking it upon themselves to do it on social media. Sites like Facebook Marketplace allow you to buy and sell just about anything, but they can also be breeding grounds for scams. “Over the past six months, we've seen a huge increase in listings on Facebook Marketplace and we're also…
On today’s episode of Wealth!, Host Brad Smith breaks down key finance stories, from the AI race to alcohol sales ahead of 4th of July celebrations.The AI craze has dominated markets in the first half of 2024, and Envestnet co-chief investment officer Dana D’Auria joins the show to give insight into its momentum. D’Auria argues that the broadening out in artificial intelligence will materialize among companies that “support AI” needs:”Semiconductors, for example; equipment manufacturing that’s necessary for AI; energy, of course, has been a huge theme this year around AI and the expectation that we’re going to need massive amounts…
Key Takeaways The Federal Reserve's influential federal funds rate is currently at its highest in 23 years. Rising interest rates have weakened demand from manufacturers and pushed up the cost of raw materials. Demand for manufactured goods continued to weaken in June, although price pressures appear to be easing. Two data reports released Monday showed that the Federal Reserve's high interest rates are suppressing demand for manufacturers' products. Manufacturing remained weak in June with weak demand, limited production and declining confidence among factory and processing company executives, but surveys also showed production costs were falling, providing further evidence that inflationary…
Image credit: Getty ImagesArticle information Author: Nick Edser Role: Business reporter, BBC NewsJuly 1, 2024Nationwide said high mortgage rates meant buying a home remained “tough” for many home buyers.The building society said that while incomes have risen faster than house prices in recent years, they have not been enough to offset the impact of rising mortgage costs.The bank commented that house price growth was “broadly stable” in June, rising 0.2% from the previous month.The average house price is currently £266,064, according to lenders.While prices rose 1.5% year-on-year, Nationwide said housing market activity had remained “broadly stable” over the past 12…
According to ATTOM's Q1 2024 U.S. Home Resale Report, there was a significant increase in home resale activity in the first quarter of 2024. During this period, 67,817 single-family homes and condominiums were resold in the U.S. This represents 8.7% of home sales from January to March, or roughly 1 in 12 homes. Rising home resale rates ATTOM's analysis found that the share of resale homes is rising from 7.7% in the fourth quarter of 2023 to 8.7% in the first quarter of 2024. This would be the second consecutive quarterly increase but is down from the 9.8% recorded in…
The cost of goods and services has been steadily rising. St. Cloud State University economist King Banaian appeared on WJON. He says wages are keeping up with inflation, but that has consequences. Banaian believes that if wages rise too much, interest rates will remain higher for a longer period of time because the Federal Reserve will not cut rates because they feel inflation is not going fast enough. He expects interest rates to stay roughly flat, but have come down a bit in the past few weeks. Banaian doesn't expect interest rates to fall significantly between now and the end…
The average interest rate on a 30-year mortgage fell again this week, continuing a welcome trend for would-be homebuyers facing record-high home prices.by By Alex Veiga AP Business ReporterJune 27, 2024 12:01 PM ET• 3 min readLOS ANGELES — The average interest rate on a 30-year mortgage fell again this week, continuing a welcome trend for prospective homebuyers as home prices reach record highs.Mortgage buyer Freddie Mac said Thursday that interest rates fell to 6.86 percent from 6.87 percent last week. The average rate a year ago was 6.71 percent.That's the fourth straight week of declines for interest rates, which…
The Texas Department of Savings and Mortgage Loans has proposed a far-reaching overhaul of regulations governing mortgage lenders (RMLOs), lending companies, mortgage bankers and servicers. Some of the changes impose significant new responsibilities, including: Disclosure of RMLO sponsorship, prohibition on contacting consumers on Do Not Call lists, revised advertising rules, significant additions to information required to be included in mortgage transaction logs and lenders' books and records, notification of “reportable incidents” such as data breaches, security events, termination of credit facilities or funding sources, and termination of service providers, and registration of master service providers. The changes are intended to…