Hard Money Vs. Bank Money in Florida

Hard Money Vs. Bank Money Just because banks aren’t giving out loans doesn’t mean the money lending business went bottoms up. Smart investors are always searching for sources to invest their money into for profit. Financial Instiutions… are not necessarily one of these. It’s no question they are trying to hang onto their cash like a fat kid’s last candy bar. Do not fear, hard money is here. Hard money, or private money, is money loaned by an human being instead of a financial association. Many loan takers don’t even understand how there may be a private lender living in their own neighborhood. Private lenders are like you and me, the only difference is they know how to make their money work for them. Right now hard money lenders are king. Banks are giving money to less then 1% of applicants right now. Large areas do not just stand still though, and places like Miami, Florida are doing everything they can to maintain constructing. As an example, I was standing in a print shop when a contractor came in for blueprints. I happened to mention I have a friend who’s a hard money Florida lender and he literally started drooling! His face lit up like a Christmas tree and he asked for my friend’s telephone number. This sort of circumstance is not uncommon, builders still would like to create and people still intend to purchase or refinance real estate in Florida. There are numerous advantages to getting a hard money loan. One of the only disadvantages is a higher then prime interest rate. This is because the lender is taking added risks by not checking your credit or income tax. How to get around this? It’s simple; hard money to get started and refinance later on. There is one challenge though, you may have a tough time finding a true private lender. It is against the law for a private lender to promote without a mortgage brokers license and brokerage business licensed, so always do private lending though a licensed mortgage brokerage business. This requires some investigation as you always want to do business with a reputable source. I personally suggest the Franklin Karr Mortgage Company. They are a FL Licensed Mortgage Brokerage Business and Franklin Karr is a FL Licensed Mortgage Broker. He is additionally a Better Business Bureau member with an A+ Rating. They work only with private lenders and do not check credit. He doen’t check credit and only deals with private investors in Florida, no banks. I have personally worked with Franklin and his company is top notch. If you want to purchase, refinance, or develop then a hard money lender can help you no matter what the economic situation. Keep in mind the differences between hard money and bank money and you are set. If in doubt about your mortgage broker always check with the Better Business Bureau to see a company’s rating. Feel free to take advantage of Florida real estate because you can now work with a hard money mortgage broker like Franklin Karr who makes it easy.

First Commercial Bank of Florida: Declining Earnings Lead to Collapse

On Friday, January 7, 2011, First Commercial Bank of Florida, Orlando, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Safety Ranking BankVega safety score for First Commercial Bank of Florida was 1 for the Sep 2010 Quarter. The average safety score for peer banks (similar mix of size, assets and deposits) in the country was 31.5. Thus, we had placed this bank in the riskiest bucket among all commercial banks in the country. Further, the safety indicator for First Commercial was consistently below its national peer average for the last few quarters and also decreasing. Hence it is no surprise that this bank has joined the ranks of failed banks for 2011 justifying our safety rankings. Recovery Rate Our estimates suggest that this bank will be able to recover about 87 % of its asset in post-failure auctions. Thus the bank is likely to maintain close to high value after its failure. Key Performance Indicators Historically the bank has always maintained less capital compared to its peer banks. However it was in a relatively healthy position during 2006 Q1 –2007 Q4. This was because the bank consistently outperformed its peers in its earnings during that entire period. Our safety index has captured this trend. Since the bank had invested heavily into commercial real estate (67% of asset portfolio for 2010 Q3), earnings were hit drastically as loans started turning bad around 2008 Q1. This can be observed as we look at the trend in earnings for the bank. Earnings index fell from 69 in 2007Q4 to 9 in 2008Q4. A comparison with average earnings index of similar banks in the country (63.6 for 2007Q4, 62.5 for 2008Q4) suggests how bad the decline in earnings was for First Commercial. Since the bank had always had low capital base, it could not use its capital to write off its losses under such grave circumstances making its position insecure. The management failed to diversify its loan portfolio and this trend continued with falling earnings and capital leading the bank towards eventual delinquency. Asset Quality: Quality of Bank’s assets was good earlier, however as loans turned bad around 2008, Asset Quality index went down. Capital: As noted earlier, the bank has historically maintained a low capital base hence could not use it to write off its losses. Earnings: As noted, earnings were very high initially and then plummeted as loans in its asset portfolio turned bad. Liquidity: We can observe that the bank maintained reasonable liquidity throughout. In fact it improved its liquidity position towards in the last two years in order in an effort to remain safe and prevent itself form going under. However this was not an alternative to rapidly declining earnings and capital and it went bankrupt. We are a team of academics and technologists, who are passionate about banking sector and numbers. We believe that numbers tell a profound story — only you have to find the trends and patterns. Our team has extensive experience in bank risk-management and analytics and we back our analysis by latest academic thinking and research.

What Is Your Bank Charging You? A Guide To Bank Charges

When you’re shopping around for a bank account there are a lot of factors to consider. Many people go for up-front incentives, such as money paid into the bank account, vouchers or a gift. However, it is worth looking at bank accounts in more depth to find out what you might be paying for various transactions. Here are some of the transactions that banks might charge you for. Authorised Overdraft An overdraft is like a short term loan. The bank gives you permission to spend more than the funds you have in your account. This amount is usually fixed in consultation with the bank and may be reviewed at stated periods. Some banks have a free authorised overdraft up to a certain limit and charge for any balance over that limit. This is the best way to arrange an overdraft. Unauthorised Overdraft When customers spend more than they have in their accounts without arranging an overdraft limit, this is known as an unauthorised overdraft. Banks penalise customers heavily for this by charging an unauthorised overdraft fee of more than £35 in some cases. The excess spending will also be charged interest at a higher rate than normal. Cheque Services Some banks charge for clearing cheques more quickly than the standard period (this can range from three to seven days depending on the banks involved and the day of the week). There may also be fees for processing cheques in a foreign currency. Taking Money Out Sometimes customers need to set up direct debits, where companies take certain sums from a bank account each month. They may also wish to set up standing orders, where they arrange to pay a certain amount to another bank account or company each month. Some banks charge a setup fee for these services. . It is also worth looking at the daily withdrawal limit on a current account. This can vary widely depending on the bank you choose. Other Bank Charges Banks may also charge for other services such as: 1. setting up a loan facility 2. changing or issuing foreign currency 3. writing cheques that exceed the cleared balance in an account 4. stopping a lost cheque Banks will also charge customers if they have to write to them about an infraction of bank rules, such as exceeding the overdraft limit or defaulting on loan repayments. This means that defaulting customers have to repay the debt as well as the additional charges. Doing some research could save consumers a small fortune in bank charges. In addition for looking for incentives, consumers should look for banks that keep their charges as low as possible. With a bit of digging, it is easy to find banks with: 5. an automatic overdraft limit for which there is no charge 6. free standing orders and direct debits 7. free transfers between banks 8. low unauthorised overdraft fees 9. low charges for other bank transactions Choosing a bank that fits this profile will help with overall financial health. Published at: https://www.isnare.com/?aid=65620&ca=Finances

Key Bank Locations – Easy Tips To Choose The Best Bank

Following the quick to do, simple to understand tips below will instantly help you identify key bank locations offered by each bank you’re interested in registering an account with. This guide will conveniently help you pinpoint the best bank for your particular needs. Learning the tips below will greatly help in properly choosing key bank locations bundled with an account provided by the banks in your list. Body: One of the most important things to consider when reviewing key bank locations is the availability of a convenient parking space. This will offer you the best convenience, especially in situations when you need to drop by your bank’s ATM or withdraw money you urgently need. Also check if the parking space offered by the bank is safe, well lit during the night and with the presence of security guards. Busy areas around the parking space provided by the bank should be one of your main considerations when choosing key bank locations. After all: These busy places, especially during the night, usually tend to ward off criminals and the like. Train stations and bus stops near the bank are also important things to consider. Of course: You should check the destinations and route of those train stations and bus stops. There would most likely be times when you need to take the train or the bus so you can get to wherever you’re headed to right smack on time in the most convenient ways possible, aside from driving your car, right after you drop by your bank or ATM. Checking if these train stations and bus stops are well lit and with the presence of security guards should also be done. This will allow you to pinpoint the safest train stations and bus stops to go to during the night, since there would most likely be incidents where you would need to drop by your ATM for emergency funds during the night. Again: Areas around the bank that are bustling with activity during evenings can possibly ward off gangs and criminals. The distance of your home and office from your bank is useful to consider when choosing a bank. This can allow you to save gas money or gain more convenience each time you need to go to and from your home, office and bank. By distance, this means displacement of your office, home and bank and not actual distance, because you obviously need to go through roads or streets to go to your house, office and bank. And: These roads circle around certain places, making your destination point farther than its actual distance. Convenient places to shop and dine should also be considered when it comes to key bank locations. Doing this will provide you with the comfort of easily walking to a mall or a restaurant and shop for the things you need or eat the food you desire right after you drop by your bank or ATM. Yes: All with your car parked safely in the space provided by your bank and reserved to its customers. Yeah: It’s a well lit and secure parking space, especially if you do the things discussed above when choosing key bank locations. Published at: https://www.isnare.com/?aid=917840&ca=Finances

Hard Money Vs. Bank Money in Florida

Hard Money Vs. Bank Money Just because banks aren’t giving out loans doesn’t mean the money lending business went bottoms up. Smart investors are always searching for sources to invest their money into for profit. Financial Instiutions… are not necessarily one of these. It’s no question they are trying to hang onto their cash like a fat kid’s last candy bar. Do not fear, hard money is here. Hard money, or private money, is money loaned by an human being instead of a financial association. Many loan takers don’t even understand how there may be a private lender living in their own neighborhood. Private lenders are like you and me, the only difference is they know how to make their money work for them. Right now hard money lenders are king. Banks are giving money to less then 1% of applicants right now. Large areas do not just stand still though, and places like Miami, Florida are doing everything they can to maintain constructing. As an example, I was standing in a print shop when a contractor came in for blueprints. I happened to mention I have a friend who’s a hard money Florida lender and he literally started drooling! His face lit up like a Christmas tree and he asked for my friend’s telephone number. This sort of circumstance is not uncommon, builders still would like to create and people still intend to purchase or refinance real estate in Florida. There are numerous advantages to getting a hard money loan. One of the only disadvantages is a higher then prime interest rate. This is because the lender is taking added risks by not checking your credit or income tax. How to get around this? It’s simple; hard money to get started and refinance later on. There is one challenge though, you may have a tough time finding a true private lender. It is against the law for a private lender to promote without a mortgage brokers license and brokerage business licensed, so always do private lending though a licensed mortgage brokerage business. This requires some investigation as you always want to do business with a reputable source. I personally suggest the Franklin Karr Mortgage Company. They are a FL Licensed Mortgage Brokerage Business and Franklin Karr is a FL Licensed Mortgage Broker. He is additionally a Better Business Bureau member with an A+ Rating. They work only with private lenders and do not check credit. He doen’t check credit and only deals with private investors in Florida, no banks. I have personally worked with Franklin and his company is top notch. If you want to purchase, refinance, or develop then a hard money lender can help you no matter what the economic situation. Keep in mind the differences between hard money and bank money and you are set. If in doubt about your mortgage broker always check with the Better Business Bureau to see a company’s rating. Feel free to take advantage of Florida real estate because you can now work with a hard money mortgage broker like Franklin Karr who makes it easy. Published at: https://www.isnare.com/?aid=431664&ca=Finances

Tips For Using Bank of America Real Estate Buying Bank Owned Foreclosure List

The Bank of America real estate buying bank owned foreclosure list can be a dream come true for buyer’s scouting out discounted properties. Many buyers are interested in buying foreclosure homes because they are sold below market value. The BOA foreclosure list provides access to thousands of nationwide properties to help buyers locate the perfect piece of real estate. Bank of America real estate buying bank owned foreclosure list offers a wide variety of discounted properties. Buyers can browse listings to locate residential properties, commercial real estate, and vacant land; many of which are price well below current market value. BOA foreclosure real estate consists of single and multi-family homes, condominiums and townhomes, and manufactured and mobile homes. Commercial properties include apartment and condominium buildings, bed and breakfast facilities, office buildings, retail outlets, hotels and motels, land tracks, and industrial real estate. Buyers are frequently concerned that foreclosure properties will require time-consuming repairs which can add thousands to the purchase price. With careful research and property inspections, buying bank owned foreclosure homes is a relatively risk-free venture that can provide home buyers and real estate investors with great properties at affordable prices. Individuals can begin exploring discounted bank owned homes for sale via the Bank of America Real Estate Center website at RealEstateCenter.BankofAmerica.com. Visitors will find a variety of real estate buying information and resources and have the option of submitting online loan applications to obtain preapproved financing; all from the comfort of home. The BOA real estate center allows buyers to compare home mortgage loans including: combination home mortgages, jumbo loans, interest-only, and FHA and VA loans. BOA also provides information about first time house buyer programs, Fannie Mae Home Path mortgages, and Neighborhood Champions Protected Mortgage; a program which offers special financing options to individuals employed in public service fields. The Bank of America real estate center helps visitors locate various types of property quickly and easily. Individuals can enter different search parameters such as number of bedrooms and baths, property location, and price range. BOA bank owned foreclosure real estate prices range from below $10,000 to over $10 million. The majority of foreclosure properties sold through Bank of America are listed through independent real estate agents. However, some properties are sold directly through BOA’s loss mitigation division. Each property listing includes listing agent contact information. Bank owned foreclosure properties are priced below market value and there is little room for price negotiation. Oftentimes, the only way to obtain reduced pricing is to provide a cash offer. When investors or home buyers purchase real estate with cash they eliminate the possibility of being denied financing and can expedite the closing process. Bank owned real estate can be profitable for investors. In today’s real estate market it has become common practice for investors to utilize bank foreclosure lists to locate discounted properties and maximize their return on investment. When investors and home buyers purchase bank owned homes in areas hit hard by foreclosure they should consider applying for HUDs Neighborhood Stabilization Program grants. Individual buyers can apply for one grant, while investors can apply for up to five NSP grants. NSP grant money can be used to satisfy down payment requirements or to rehab the property. Program details are available at HudNSPHelp.info. Buying real estate through the Bank of America bank owned foreclosure list gives borrowers the opportunity to purchase homes at discounted prices and can open the door to obtain grant money or special financing options. Those who take time to research available options for buying bank owned real estate can save money and earn a good return on investment. Published at: https://www.isnare.com/?aid=565861&ca=Real+Estate

First Commercial Bank of Florida: Declining Earnings Lead to Collapse

On Friday, January 7, 2011, First Commercial Bank of Florida, Orlando, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Safety Ranking BankVega safety score for First Commercial Bank of Florida was 1 for the Sep 2010 Quarter. The average safety score for peer banks (similar mix of size, assets and deposits) in the country was 31.5. Thus, we had placed this bank in the riskiest bucket among all commercial banks in the country. Further, the safety indicator for First Commercial was consistently below its national peer average for the last few quarters and also decreasing. Hence it is no surprise that this bank has joined the ranks of failed banks for 2011 justifying our safety rankings. Recovery Rate Our estimates suggest that this bank will be able to recover about 87 % of its asset in post-failure auctions. Thus the bank is likely to maintain close to high value after its failure. Key Performance Indicators Historically the bank has always maintained less capital compared to its peer banks. However it was in a relatively healthy position during 2006 Q1 –2007 Q4. This was because the bank consistently outperformed its peers in its earnings during that entire period. Our safety index has captured this trend. Since the bank had invested heavily into commercial real estate (67% of asset portfolio for 2010 Q3), earnings were hit drastically as loans started turning bad around 2008 Q1. This can be observed as we look at the trend in earnings for the bank. Earnings index fell from 69 in 2007Q4 to 9 in 2008Q4. A comparison with average earnings index of similar banks in the country (63.6 for 2007Q4, 62.5 for 2008Q4) suggests how bad the decline in earnings was for First Commercial. Since the bank had always had low capital base, it could not use its capital to write off its losses under such grave circumstances making its position insecure. The management failed to diversify its loan portfolio and this trend continued with falling earnings and capital leading the bank towards eventual delinquency. Asset Quality: Quality of Bank’s assets was good earlier, however as loans turned bad around 2008, Asset Quality index went down. Capital: As noted earlier, the bank has historically maintained a low capital base hence could not use it to write off its losses. Earnings: As noted, earnings were very high initially and then plummeted as loans in its asset portfolio turned bad. Liquidity: We can observe that the bank maintained reasonable liquidity throughout. In fact it improved its liquidity position towards in the last two years in order in an effort to remain safe and prevent itself form going under. However this was not an alternative to rapidly declining earnings and capital and it went bankrupt. We are a team of academics and technologists, who are passionate about banking sector and numbers. We believe that numbers tell a profound story — only you have to find the trends and patterns. Our team has extensive experience in bank risk-management and analytics and we back our analysis by latest academic thinking and research. Published at: https://www.isnare.com/?aid=768212&ca=Finances