PNC Financial Services Group Inc. reported that average commercial loan balances declined in the first quarter as companies remained cautious about the macroeconomic environment. Overall, average loan volumes fell 1%, with consumer loans down less than 1% and commercial loans down 2%, the bank said in its earnings release on Tuesday (April 16). The slight decline in consumer loans was due to lower credit card and home equity loan balances, the bank said in a statement. The decline in commercial loans was due to “lower utilization of loan commitments and repayments exceeding new lending.” “Despite high capacity utilization and strong…
Author: Private Lending Agent
The Marin real estate market woke up from its slumber in March with positive results in three of the four metrics covered in this monthly report. The median sales price increased 10% year over year to $1.95 million, while the number of homes for sale increased 15% to 301. There is now a sufficient supply on the market to last 2.1 months, a 24% increase since March 2023. All the indicators are (finally) starting to move in a positive direction for home buyers and sellers, with prices and inventory both inching up. It remains to be seen if this is…
By Jack Rogers April 15, 2024 5:40 AM Acquired Prima to enter the real estate finance market as traditional lenders retreated. Blue Owl Capital, an alternative asset manager with an estimated $165 billion in assets under management, is acquiring CMBS-only lender Prima Capital Advisors for $170 million, aiming to become a major player in real estate lending. New York-based Blue Owl announced last week that it would acquire Prima, which is majority-owned by Greenwich, Conn.-based Stone Point Capital. The deal will be funded with a combination of $157 million in stock and $13 million in cash. In a statement, Blue…
For many people, the primary objective of investing is to generate returns above the overall market. However, every investor is almost certain to hold both stocks that outperform and underperform expectations. So we wouldn't blame long-term KKR Real Estate Finance Trust Inc. (NYSE:KREF) shareholders for questioning their decision to hold the stock when the stock price is down 52% in five years. And it's down 24% in about a quarter. That's not much fun for holders.Now let's take a look at whether the company's long term performance is in line with the progress of its underlying business. Check out our…
“My mortgage application was rejected.” That's grim news. But don't worry, it doesn't necessarily mean you won't get a mortgage. Even if a lender rejects your loan application, there are steps you can take to improve your chances of getting a mortgage on your next application. Here's what to do if your mortgage application is rejected. How often do underwriters reject loans? According to data from the Home Loan Disclosure Act, just over 12% of mortgage applications (for both conventional and government-backed loans) were denied in the third quarter of 2023. Credit issues, changes in employment status, and high debt-to-income…
Key Takeaways M&T Bank reduced its exposure to commercial real estate loans in the first quarter, sending its shares higher in intraday trading on Monday. The bank's commercial real estate loan portfolio was down 2% from the previous quarter and 7% from a year ago. M&T's adjusted earnings per share were slightly below expectations, but net interest income was in line with expectations. Shares of M&T Bank (MTB) rose in intraday trading Monday after the regional bank cut back on lending to the struggling commercial real estate market. M&T said total real estate loans in the first quarter were $32.7…
The commercial real estate environment in downtown St. Louis has no choice but to go up, as it's difficult for it to go down any further.According to The Wall Street Journal, the neighborhood is struggling to break out of the cycle it's trapped in: Sidewalks are deserted, offices and stores are empty, and car thefts have rocked the area on a regular basis.No major U.S. city's central business district saw a bigger decline in pedestrian traffic between the start of the pandemic and last summer than St. Louis, according to the University of Toronto's School of Urban Studies. The urban…
Downward angle icon Downward angle icon. St. Louis, Missouri. Art Wager/Getty Images A St. Louis office building has sold for $3.6 million after being sold for $205 million 18 years ago. Downtown St. Louis is filled with vacant buildings and no signs of visiting. St. Louis' recent office vacancy rate is at an all-time high of 22.3%, according to JLL. A vacant office building in downtown St. Louis has sold for $3.6 million, a nearly 98 percent discount from its 2006 sale price and a worrying sign about the future of the Midwest city's downtown neighborhoods.The former One AT&T Center,…
The two primary vehicles for building wealth are stocks and real estate. While you can include either in your investment portfolio, real estate offers three advantages over other asset classes. Here are three of them:Leverage is the first advantage: if you have $100,000 to invest, you can buy $100,000 worth of stock or $400,000 worth of real estate (with a 25% down payment). For example, investing in a $400,000 investment property that appreciates 6% per year will give you an additional $24,000 in value per year, growing to $424,000 in the first year, which is better than $100,000 that appreciates…
Two top executives at a New York community bank have resigned.Chief Financial Officer John Pinto and commercial real estate president John Adams are leaving the bank after more than 20 years with the bank, according to information obtained by The Real Deal. General counsel Patrick Quinn is also leaving the bank.The bank appointed Craig Gifford as its new chief financial officer, replacing Adams, and named Scott Shepherd as head of commercial real estate lending. Shepherd was a managing director at the Luce Group, a company that sponsors and manages commercial real estate deals, and previously founded bridge lending firm Archbell…