Cross River Bank of Fort Lee, N.J., with net assets of just $2.5 billion, partnered with more than 30 tech firms to create an agile lending platform that provided over $5.4 billion in Payment Protection Program (PPP) loans. The privately held lender earned $160 million in fees, according to S&P … [Read more...] about 7.25.20: SMALL NEW JERSEY COMMUNITY BANK LEVERAGES TECHNOLOGY TO DELIVER $5.4 BILLION IN PPP LOANS
Archives for July 2020
7.19.20: 7-ELEVEN TO BUY MARATHON PETROLEUM’S SPEEDWAY STORES FOR $21 BILLION
In what is one of the biggest global acquisitions to be announced this year, Marathon Petroleum Corp. has agreed to sell its chain of Speedway convenience stores and gas stations to 7-Eleven for $21 billion in cash. The transaction is expected to close in the first quarter of 2021, subject to … [Read more...] about 7.19.20: 7-ELEVEN TO BUY MARATHON PETROLEUM’S SPEEDWAY STORES FOR $21 BILLION
7.15.20: VALUEXPRESS PROVIDING SBA 7(a) LOANS ON HOTELS
CMBS conduit loans are temporarily unavailable for hotels until operating performance recovers from the effects of COVID-19. In the meantime, to assist clients and borrowers, ValueXpress is providing SBA 7(a) loans up to $5 million on all owner-operated hotels, including independent hotels. The … [Read more...] about 7.15.20: VALUEXPRESS PROVIDING SBA 7(a) LOANS ON HOTELS
7.9.20: SBA WAIVES PAYMENTS ON 7(A) AND 504 LOANS THROUGH SEPTEMBER 27
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic by paying six months of loan payments for new and existing borrowers. Below is a summary of the assistance. As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest … [Read more...] about 7.9.20: SBA WAIVES PAYMENTS ON 7(A) AND 504 LOANS THROUGH SEPTEMBER 27
7.5.20: CMBS SERVICERS ARE NOT APPROVING ECONOMIC INJURY DISASTER LOANS (EIDL)
EIDL loans are now readily available to hoteliers up to $150,000 per property. Borrowers should be aware, however, that CMBS servicers are not approving these loans by waiving any covenant violations in CMBS loan agreements. Below is a typical servicer response to an EIDL approval request. We … [Read more...] about 7.5.20: CMBS SERVICERS ARE NOT APPROVING ECONOMIC INJURY DISASTER LOANS (EIDL)
VALUEXPRESS ARRANGES $6,000,000 CMBS CONDUIT LOAN THROUGH FIXED-FEE PROGRAM FOR THE REFINANCE OF COMMERCIAL SELF-STORAGE – CASTLETON (INDIANAPOLIS), IN
ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a 66,800-square-foot (sf) self-storage facility located in the Castleton section of Indianapolis, Indiana. The property was purchased by sponsor Jim Sapp in December 2009. At acquisition, the property contained 33,600 sf in … [Read more...] about VALUEXPRESS ARRANGES $6,000,000 CMBS CONDUIT LOAN THROUGH FIXED-FEE PROGRAM FOR THE REFINANCE OF COMMERCIAL SELF-STORAGE – CASTLETON (INDIANAPOLIS), IN
VALUEXPRESS ARRANGES $3,200,000 CBMS CONDUIT LOAN FOR THE REFINANCE OF A 66-SITE MANUFACTURED HOUSING COMMUNITY (MHC) IN EUGENE, OREGON (POST-COVID)
ValueXpress has arranged a $3.2-million CMBS conduit loan for the refinance of a 66-site manufactured housing community (MHC) located in Eugene, Oregon. All the homes are double-wide units. The transaction provided over $2 million of cash-out proceeds to the owner. The market for housing in Eugene … [Read more...] about VALUEXPRESS ARRANGES $3,200,000 CBMS CONDUIT LOAN FOR THE REFINANCE OF A 66-SITE MANUFACTURED HOUSING COMMUNITY (MHC) IN EUGENE, OREGON (POST-COVID)
