Real estate” Gilroy auto dealership property suffers loan default

GILROY — A loan default notice has been filed against the Gilroy property that is the location of an automobile dealership, a fresh sign of coronavirus-linked economic woes.

The Gilroy property is the location of South County Chrysler Jeep Dodge Ram, whose telephone recording stated on Tuesday that it was closed due to government-ordered business shutdowns.

The notice of default was filed against South County Properties Gilroy for a mortgage on two sites in Gilroy, Santa Clara County public documents show.

The two parcels include the location where South County Chrysler Jeep Dodge Ram has been operating an auto dealership at 455 Automall Parkway in Gilroy, public documents show.

Kamran Virani, an executive based in Houston, is listed as the principal executive for loan borrower South County Properties Gilroy. Virani and his co-borrower on the loan, Noworen Moeenuddin, couldn’t be reached for comment on Tuesday and in recent days.


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RFR Accuses Vanke of “Power Grab” After Condo Loan Default

100 East 53rd Street,  China Vanke chairman Yu Liang and RFR's Aby Rosen (Photos via Structure Tone and Getty)

100 East 53rd Street,  China Vanke chairman Yu Liang and RFR’s Aby Rosen (Photos via Structure Tone and Getty)

First came the condo market slowdown. Then came the pandemic. And now, Aby Rosen’s luxury development at 100 East 53rd Street is in crisis because of an improper “backdoor deal.”

The partner, China Vanke, “orchestrated an irreconcilable and grossly improper conflict of interest” that put it “on both sides of the borrower-lender relationship without RFR’s consent,” Rosen’s firm alleges in a lawsuit filed last Friday in New York County Supreme Court, Crain’s reported.

Vanke now has a $115 million interest in a defaulted $360 million loan on the project, which the Industrial and Commercial Bank of China originally provided in 2015. The Chinese developer now has the right to foreclose or make other decisions about the fate of the property while also having insider access to RFR’s plans — making it

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Commercial real estate, loan deferrals in focus at bank results

The falling number of loan deferrals was heartening, Australian Prudential Regulation Authority chairman Wayne Byres told a Citi conference earlier this month, but “we are still at the early stage of this working through the system. There is a lot of temporary support in place and the impact on bank balance sheets is yet to be felt.”

The market will closely watch for disclosures around commercial real estate exposure and stress.

Credit Suisse said it was the “key swing factor for bad debts”, with major banks having around $60 billion of exposure to the commercial real estate sector.

“In relation to commercial real estate specifically, the RBA noted that vacancy rates for commercial property are rising, putting pressure on landlords, which has been seen to a greater extent in the retail sector,” said Credit Suisse analyst Jarrod Martin.

“With rental conditions starting to deteriorate, [the RBA] flags commercial real estate

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What is a USDA loan, and are you eligible?

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • A USDA Rural Development Guaranteed Housing Loan is for low-to-moderate income borrowers who buy a home in rural or suburban parts of the US.
  • USDA loans don’t require any down payment, but you’ll need at least a 640 credit score and a debt-to-income ratio of 41% or less.
  • Your home may qualify for a USDA loan if it’s in a county with 20,000 or fewer residents, or 35,000 in some areas.
  • Lenders charge lower interest rates on USDA loans than on most home loans, but you can only get a fixed-rate mortgage, not an adjustable-rate mortgage.
  • Policygenius can help you compare homeowner’s insurance policies to find the right coverage for
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Man admits faking bank documents for $1.3 million loan on CNY castle estate (report)

A New York man has admitted to forging bank documents for a $1.3 million loan to buy a Central New York castle estate.

WKTV reports Jason Safford, 45, of Queens, pleaded guilty to bank fraud, attempted wire fraud and aggravated identity theft in connection with a mortgage refinance loan for Gelston Castle Estate in Mohawk. The U.S. Attorney’s Office said Safford illegally obtained the loan on behalf of his company, Safflyn Green Industries, which operates Gelston Estates.

According to the Times Telegram, a nearly two-year investigation by the FBI determined Safford used fake bank statements and deposit documents, as well as a false appraisal for the property, to get a $1.3 million from RS Lending in 2016. Safford also used forged documents in 2018 for a $2 million loan application on 980 Robinson Road, a property next to Gelston Estates; appraisal documents valued the Gelston property at $325,000 but he

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One Seaport Construction Loan For Sale

161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

UPDATED, 11:15 a.m., Oct. 5: A $120 million non-performing construction loan tied to Fortis’ One Seaport condo in the Financial District is up for sale.

Newmark Knight Frank is marketing the construction loan originated by Bank Leumi USA. Investors can purchase the loan, which is “secured by the fee simple interest” of the 98-unit condominium building at 161 Maiden Lane, according to marketing materials.

About $90 million of the $120 million of the construction loan has been funded, according to the brochure.

Newmark Knight Frank’s Brett Siegel, Evan Layne and Brock Cannon are marketing the loan.

The sale is another sign of trouble at the 60-story building, which has been under construction since 2016. It’s been at the center of litigation between the developer Fortis and its contractor Pizzarotti over a “slight misalignment” that resulted in the tower leaning

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How to Market Your Commercial Real Estate Loan Business

All too often I see small business owners missing the mark with their marketing. Sure, it's easy to do when you specialize in a specific industry niche and you spend your time engulfed in industry sector jargon. However, it's best to put yourself in your potential customer's shoes and think your marketing through from their perspective, addressing their most important questions. Your customers want to be able to trust you, to know you are looking out for their interests and that you don't just see them with Dollar Signs in your sunglasses.

Below is a sample page, perhaps good for a website, brochure, email, or letter. Why not look this over and consider how you might form your own message. Use your own voice, your own style and remember you are talking to your customer across the table for the first time. You know what questions they will ask. Show … Read More