Accounts – Afarin Rahmanifar Thu, 20 Jan 2022 11:04:49 +0000 en-US hourly 1 Accounts – Afarin Rahmanifar 32 32 Opportunity and value of private credit Thu, 20 Jan 2022 11:04:49 +0000

There have always been and still are excessive spreads in private debt opportunities in the middle market – but many institutional investors struggle to access the middle market.

“You can’t flip a switch and be successful,” says Andrew Edgell, senior managing director and global head of credit investments at CPP Investments, one of the world’s largest pension funds. “You need the right infrastructure to do it right. That said, we see huge opportunities in the mid-market space – where deal sizes are slightly smaller and the business requires significantly more human resources.

CPP Investments leverages the potential for exposure to the private credit middle market through private credit manager Antares Capital, a market leader for over 25 years. CPP Investments invested in Antares in 2015.

“We are partnering with Antares to access the middle market and see tremendous value in originating and underwriting loans,” says Edgell. “Because transaction sizes are smaller, we are seeing better pricing and terms than we would in the heavily syndicated market. compared to heavily syndicated loans since 2013.1 We have worked with Antares in several scenarios where they originated the transaction, developed the relationships over time, invested in senior capital and syndicated parts of the capital structure. We provided junior capital, been there when the sponsor sold the business to another sponsor, or even went public. This symbiotic relationship with Antares allows us to holistically play into the capital structure over time. We think there is a lot more opportunity ahead in the middle market as a result, and in private debt in general.

A changing middle market

The definition of the middle market has broadened as the market has matured and become a more attractive asset class. There was a time when investors got commitments on every mid-market trade, but cov-lite has become increasingly common, especially at the upper end of the mid-market size range.

“We are working to mitigate the risk associated with the loss of covenants, but it becomes more difficult to reap a performance premium unless you are well positioned as a lending leader,” says Edgell.

The middle market has also grown over the years, with more players – not many, but more – ready to write the biggest checks. The United States has seen over $50 billion in unitranche loans of $1 billion or more since September 2019, for example.2 The size of deals with direct lenders has grown with the holding companies they have funded for years, but only the biggest players have the ability to play at the high end of the middle market.

“Even outside of the middle market, direct lenders take a slice of the large, heavily syndicated transactions normally conducted by banks – and still get a spread premium because direct lending can be easier to execute. There’s no [credit] evaluation or roadshow, and no flexibility – and there is confidentiality,” says Edgell.

Wider set of opportunities

At CPP Investments, the credit investment business is highly diversified and provides debt financing solutions for the entire capital structure. About 80% of its strategies are private, with a large portion being corporate leveraged buyouts [LBO] finance.

“Private debt and private credit have many different rounds, of course, but the main part of our business is LBO financing,” says Edgell. “Because we are one of the largest private equity LPs in the world, we have been able to create incumbents in many capital structures and be there for multiple iterations of the investment life cycle. business. This is great for identifying credit opportunities as we look to grow our assets under management. Plus, from an underwriting and risk management perspective, it gives us a better understanding of the direction of companies and see how their strategies are unfolding.

Edgell and his team tend to follow sponsor-backed debt quickly because, as he puts it, “sponsors tend to invest in better companies, so we back their due diligence. They bring a lot of industry expertise to the table. They tend to organize themselves around industrial sectors.

In his experience, Edgell has found this especially true with partners his team knows well through the pension fund’s private equity funds and direct private equity business. This translates into confidence that the company has already been vetted when a deal comes to the door of a private equity sponsor. Sponsors have also strengthened in terms of financial support and agile management at the height of the pandemic.

Private equity sponsors are a huge engine of growth in credit markets. There’s over $1.1 trillion in dry PE powder according to recent numbers from Preqin, and similarly cited direct lending numbers are about 20% of that. Even with all that dry powder, there probably isn’t enough loan capital available to meet demand.

Edgell likes what he sees in that regard, but he’s not overlooking other opportunities.

“At a high level, we see great opportunities in corporate credit markets,” he says. “However, seeing a big opportunity doesn’t stop us from trying to diversify the portfolio and target other pockets of opportunity. And this is how we produce long-term value for contributors and beneficiaries of RPC Investissements.

1 Refinitiv LPC

2 “Direct Lending Agreements”, Q3 2021

ACRES issues $30.5 million loan for 1200 West Fulton Street in Chicago Tue, 18 Jan 2022 13:31:00 +0000

CHICAGO, January 18, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading mid-market commercial real estate lender, has launched a $30.5 million loan to finance the acquisition and pre-development of 1200 Fulton Street (the “Property”) at Chicago.

Located in the heart of the Fulton Market District, the property, consisting of 19 adjoining parcels of land totaling 92,944 square feet in area, is set to be developed into two (2) office/retail buildings totaling 749,250 square feet as well as a residential tower of 380 units which will also contain 5,000 net leasable square feet for retail.

The property is located in the West Loop submarket of Chicago, which is just one block directly west of the Fulton Market neighborhood and is conveniently served by the Chicago Transit Authority’s green and pink lines at the Morgan ‘L’ station, as well as several bus routes .

“Home to companies like Google, Glassdoor and TikTok, the Fulton Market District has become one of the nation’s largest and most successful technology hubs,” said the CEO and Chairman of ACRES. Marc Fogel. “The area is complete with a world-class restaurant district and an upscale shopping corridor, all catering to the strongest tenant population in Chicago.”

As of 2017, the Fulton Market District has been widely regarded as one of the hottest submarkets for commercial real estate in the Chicago region. A little like the New York one Meatpacking District, the area has grown from its manufacturing and industrial roots to a thriving, fashionable neighborhood lined with art galleries, murals, restaurants and experiential destinations lining the cobblestone streets.

The loan was made to sponsor Fulton Street Companies, a Chicago-a real estate development company specializing in the Fulton Market District, and was arranged by steve skok from Berkadia. Justin Seitenbach of ACRES’ New York office issued the loan.

ACRES is a nationwide direct lender and SEC-registered investment adviser providing construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $10 million at $100 million range including multi-family, student accommodation, retail, office, hospitality and industrial. Contact us at or at (516) 535-0015.

Media contacts:
Doug Allen / Maya Hanowitz
Dukas Linden Public Relations
(646) 722-6530
[email protected]

SOURCE ACRES Capital Corp.

The Coming Crisis in the Decentralized Lending Market Sun, 16 Jan 2022 22:02:00 +0000

Credit has become the fastest growing decentralized finance (DeFi) sector in recent years. Now, this segment represents almost half of the total transaction volume of the DeFi market, or, to be more precise, around $40 billion, according to Statista.

Most experts agree that’s not the limit, given the rapidly growing demand for loans and the huge pool of potential lenders. The decentralized lending market can easily grow exponentially due to its advantages over traditional lending.

Image source: Statista

The main advantage is the drastic increase in the number of potential creditors. DeFi’s open architecture allows any cryptocurrency user to become a lender if they are willing to take the risk. At the same time, in a decentralized system, credit risks are lower, because information on the financial situation of borrowers is more transparent than in the traditional financial system.

Savings for borrowers

The decentralized market offers significant savings to borrowers, since they can meet lenders without intermediaries. Additionally, borrowers can interact with multiple pools of lenders simultaneously, forcing them to curb their appetites.

Giving and receiving cryptocurrency loans has become extremely popular since the advent of the Aave and Compound credit protocols, which allow users to offer crypto-assets for interest or use their value as collateral to borrow money. other assets. Analysts note, however, that these platforms operate more like a pawnbroker than a bank, forcing borrowers to over-collateralize their loans. In other words, when one takes out a loan, its average guarantee is 120% of the principal.

The inefficiency of this system is obvious: depositing $120 of collateral to obtain a loan of $100 can only be justified for a very limited number of trading transactions, such as short-term speculation or leveraged trading. However, this particular collateral system is the most popular in DeFi today, as the traditional mechanism for assessing the reliability of borrowers (a credit score) is not applicable in decentralized finance. The reason is simple: almost all transactions are made anonymously, which means that it is simply impossible to establish a credit history for a specific borrower.

Overcollateralization as the main obstacle to decentralized lending

Every day it becomes more evident that the system of excessive collateral on loans is becoming the main obstacle to the development of both decentralized lending and the entire DeFi segment. And the crisis is just around the corner: according to a recent report by Messari, in the third quarter of this year, liquidity providers on Compound received the lowest interest rates on their contributions since the launch of the platform.

Interest rates are falling mainly due to the influx of new lenders hoping to make a profit. And even if the increase in the volume of loans remains higher than the growth in the amount of deposits (57% against 48% over the quarter), this gap is rapidly closing and will soon disappear. In other words, the supply of loans will exceed the demand. This can lead to a sharp drop in lenders’ income and a collapse of the decentralized lending market.

According to Messari, due to lower loan interest rates, lender revenue in the third quarter of 2021 alone fell 19% (from $96 million to $78 million). To reverse this trend, the DeFi industry must learn to lend with little collateral or, ideally, none at all. It will be a milestone in the evolution of the industry, opening up opportunities for decentralized business lending and rescuing DeFi from stagnation.

Looming credit stagnation

There are no easy solutions here. That is why many companies are fighting the impending stagnation by creating more attractive conditions for customers in terms of collateral volume and loan rates. The most radical example is the Liquity project, launched in April, which offers interest-free loans where borrowers must maintain a minimum collateral rate of “just” 110%. Unfortunately, the benefits that this innovation promises to creditors are not yet clear.

Other projects focus on protecting clients from the volatility inherent in the cryptocurrency market in general and the cryptocurrency lending market in particular. As a result, fixed rate loans are now all the rage. In June, Compound Labs announced a product called Compound Treasury, which guarantees deposits at a fixed interest rate of 4% per annum. Compound expects the Treasury to generate more dollar-denominated liquidity, which could make lending rates more attractive to borrowers.

Yet these half-measures can only delay the crisis in the decentralized loan market. It is also becoming clear that DeFi cannot reach its next level of development without the advent of decentralized business lending. The problem is that businesses will never take out loans with full collateral.

The future belongs to bonds

How can we solve the problem of loans without using all the guarantees? Only a few projects accepted this challenge. Compound Labs’ main competitor, the Aave platform, is developing a limited form of unsecured lending through a loan delegation mechanism. This model shifts the responsibility of backing the collateral to the debt insurer, who will assume responsibility for debt collection, and the end customer will receive a loan with partial collateral or no collateral at all. Including the debt insurer in the loan process, however, will make loans more expensive for the borrower and reduce the profit for the lender.

A similar mechanism was launched this year by Cream Finance in the form of Iron Bank’s loan service. It provides under-secured loans to a limited number of agents, the reliability of which has been previously assessed by Cream Finance’s experts. That being said, it’s still unclear how Cream plans to reimburse liquidity providers if an approved borrower fails to return the money.

DeBond Program

Another new project — DeBond — has managed build a scheme that closely resembles established traditional market practices. The Company provides debt financing through bonds.

This model requires a potential borrower to pledge their digital assets to a smart contract and define loan parameters, including the term, amount, interest rate, time, and amount of each loan payment. Moreover, the user can choose all these parameters individually, according to his own needs and abilities. This smart contract is a complete analogy to a traditional bond, as the borrower can choose its type – fixed income or floating rate. A formalized smart contract is placed on an electronic auction site, where the lender can purchase such a bond if the terms offered are attractive. As a result, the issuer receives a loan and the lender receives a pledge and his money, secured by a smart contract.

But that’s not all: the new EIP-3475 algorithm used by DeBond allows the lender to issue derivatives on outstanding loans, bundling them into new bonds with different combinations of risk and return. These derivatives can be traded on the secondary market, using DeBond’s platform. Thus, their credit risk is shared between the liquidity providers. This is a major advantage for the lender over existing DeFi lending protocols. For the borrower, the main advantage is that the collateral will not need to be liquidated if its value falls below the established threshold of 110-150%.

Bond loans

DeBond’s attention to the mechanism of bond lending is well justified, since bonds are the primary vehicle for corporate lending today. At the end of 2020, dollar-denominated bonds totaled nearly $21 trillion, exceeding 132.5% of nominal U.S. GDP. To draw an analogy, we can apply the same ratio to the total DeFi market capitalization, which is just over $52 billion. This implies that the bond market volume in this segment should be $69 billion.

If DeFi succeeds in launching instruments similar to traditional bonds, decentralized finance can become an important market for corporate debt and an influential segment of the global financial market. After all, rightly like Cream Finance Noted in his presentation, the $70 billion market for direct bank lending is “a paltry sum compared to the size of all US corporate debt which, by the end of 2020, topped $10 trillion of dollars”.

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Mortgage rates have hit a new high since the onset of Covid – What this means for borrowers – Forbes Advisor Fri, 14 Jan 2022 19:38:16 +0000

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Mortgage rates are on fire in 2022, up 30 basis points to 3.45% in the first two weeks of January alone – and the highest since March 2020. While rates are still low relative to levels pre-Covid, ever-higher inflation and the Federal Reserve’s attempts to calm it will surely push rates even higher.

Inflation hit the headlines when the consumer price index (CPI) topped 7% for the 12 months ending December – the highest rate since 1982 – driving up the prices of everything from what we eat where we live. To curb rising prices, the Federal Open Market Committee (FOMC) announced that it would withdraw more quickly from its special measures to support the economy, including the acceleration of plans to reduce bond purchases, and also hinted that he might raise the fed funds rate. several times in 2022.

The Fed’s big reveal hammered bonds and the mortgage market. The 10-year Treasury yield – a key benchmark for mortgage rates – rose from 1.52% on December 31 to 1.70% on January 13. The move helped push 30-year mortgage rates from 3.11% to 3.45% over the same period.

As mortgage rates rise, house prices also rise. For homebuyers, they can dictate how much home you can afford. For current homeowners, they decide if it’s still worth refinancing your mortgage.

Higher mortgage rates will make housing more expensive

According to the latest CoreLogic home price index, home prices climbed 18.1% year-over-year in November 2021. The fact that mortgage rates have remained relatively low has been a key financial benefit for buyers in an otherwise exorbitant market. But if house prices continue to rise and rates reach or exceed the 4% range, it could dampen demand, said Jodi Hall, president of mortgage company Nationwide Mortgage Bankers.

“Depending on how big the interest rate rises, we’ll always see demand,” Hall said. “But if inflation pushes up house prices and interest rates, that will put people on the bench.”

Many first-time home buyers may not know what is required to qualify for a mortgage and what they need to get the lowest interest rates available. There are federal and state programs that offer counseling, and experienced lenders can help borrowers through this process.

For borrowers on a tight budget, down payment assistance options are available nationwide. A typical eligibility requirement for most grants and down payment loans is that the applicant be a first-time homebuyer (someone who has not owned a home for three or more years ).

Additionally, for borrowers who may have a limited credit history (credit card or loan payments less than necessary), some lenders will review alternative credit data, such as rental payment history, services public and mobile phone, as well as bank account information, to establish creditworthiness.

Refinancing fades as rates rise

As mortgage rates rise, the number of people who can save money by refinancing decreases, a scenario that is already unfolding.

According to Black Knight, a data analytics firm, 7.1 million people would be eligible for refinancing with mortgage rates at 3.59%. This represents approximately 11 million fewer borrowers based on end-December rates.

Black Knight defines borrowers eligible for refinancing as having a minimum of 720 credit scores, 20% home equity, and the ability to reduce their interest rate by at least 0.75% by refinancing a fixed mortgage of 30 years.

“If the inflation numbers we’re seeing now are real and continue to rise, which most agree, we can expect rates to rise, which will lead to a very different mortgage market in 2022,” says Brandon Snow, Executive Director, Direct to Consumer Origins at Ally. “We could see refinance volume decline by up to 50% from 2021 to 2022, as higher rates will result in fewer homeowners looking to refinance until those rates drop again.”

Martin Choy, chief operating officer at Westwood Mortgage, a Seattle-based mortgage lender, said the law is “virtually refinancing dry as mortgage rates continue to climb.”

Borrowers, however, are still eager to leverage equity, Choy says. But if they have a rate below 3%, they won’t be able to get it now if they refinance in cash, which could mean paying more for the mortgage.

A home equity loan or home equity line of credit (HELOC) are two options to consider for borrowers who want to access their equity without touching their existing mortgage rate.

  • A home equity loan is a second mortgage that does not affect your first mortgage. It usually has a fixed rate that can be repaid over 1 to 30 years.
  • A home equity line of credit (HELOC) works like a credit card in that you have a fixed amount of credit. Borrowers can use as much or as little credit during the drawing period, usually 10 years. After the end of the drawdown period, borrowers will pay both interest and the principal balance. HELOCs usually have adjustable rates.

Snow says now is the time for borrowers who can save money by refinancing their mortgage.

“All things considered, if refinancing a mortgage is something a homeowner is eager to do, they should act now while rates are still relatively low,” Snow says. “Lock in a favorable rate before any changes that could impact the mortgage market take place.”

New U.S. funding elevates Christine Obermayer to Vice President, Retention Tue, 11 Jan 2022 15:07:00 +0000

Obermayer joined New American Funding in 2012 and has been climbing the corporate ladder since then. She joined New American Funding as Senior Loan Manager, before being promoted to Junior Sales Manager, Senior Sales Manager and finally Vice President, Retention.

Obermayer brings 23 years of mortgage operations, sales, wholesale and retention experience to this new role. Her mortgage career began in 1998 and she has spent time working in wholesale operations, with a particular emphasis on processing and underwriting, as well as direct brokerage sales.

In addition, Obermayer served as Loan officer specializes in retailer retention and has also spent time in sales management. Obermayer also has experience in loan modifications, short sales and more.

Now Obermayer is stepping into a new role, heading the retention department at New American Funding.

“We are incredibly proud of Christine and delighted to have her take on this new role. We believe she is the perfect fit to lead our retention department,” said New American Funding Chief Operating Officer Christy bunce noted. “Our entire business will benefit from her leadership and our clients will witness her compassion and commitment as she helps them manage their financial situation.

To learn more about working at New American Funding, visit their careers page today.

About new US funding

New American funding is an independent mortgage lender with a service portfolio of more than 219,000 loans for approximately $ 57 billion, 170 locations nationwide and approximately 4,500 employees. The company is a 2021 Mortgage Professional America 5-Star Retail Lender and has been on the Inc. 5000 list of America’s Fastest Growing Companies seven times. It offers state of the art professional training and provides its branch Loan officers with innovative technologies to streamline the mortgage process.

SOURCE New US funding

PRMI Reverse Division Adds Pahel to Leadership Role, Adds Arizona Branch Wed, 05 Jan 2022 21:10:17 +0000

The reverse mortgage center of Primary Residential Mortgage (PRMI), the Owings Mills, Md., Steven J. Sless group, announced this week the appointment of Greg Pahel as Retail Production Manager overseeing the producing reverse mortgage loans for consumers, in addition to running a branch focused exclusively on reverse mortgages in the state of Arizona.

Greg pahel

As Pahel will continue to serve as an originator with its own volume of business, his responsibilities will expand to include leadership, coaching and sales support for the Reverse Mortgage Originators division of the Sless Group. Pahel will serve as a mentor for new originators, while also helping recruit new reverse mortgage LOs across the PRMI organization footprint, which he will oversee in addition to his leadership role from the Arizona branch. .

“After extensive research, PRMI and the Sless Group are delighted to welcome Greg Pahel to our organization,” Division President Steven J. Sless said in a statement announcing the appointment. “His impressive track record of managing elite sales teams, coupled with his solid reputation as a premier producer and industry leader in reverse mortgages, positions Greg as the ideal candidate to bring the direct reverse platform to PRMI consumers to new heights. “

A veteran of the reverse mortgage industry, Pahel previously held industry positions with companies such as the Federal Savings Bank, Paramount Residential Mortgage Group (PRMG) and American Advisors Group (AAG).

“I look forward to bringing my experience in applying my skills across the division to better serve our clients and help PRMI and the Sless Group become one of the leading leaders in reverse mortgages nationwide.” , added Pahel in the announcement of his hiring.

Late last year, PRMI made the decision to appoint the Sless Group as the lender’s dedicated reverse mortgage center, further supporting PRMI’s ambition to become one of the leading reverse mortgage lenders in the world. nationwide.

The launch of a new branch in Arizona marks the opening of the division’s third exclusive regional reverse mortgage branch under the Sless Group / PRMI umbrella. The division also recently expanded its footprint in the Midwest after hiring two dedicated reverse mortgage originators operating out of the Indianapolis branch of PRMI, following a similar move earlier in 2021, marked by a expansion in Southern California and the addition of a regional manager in San Diego.

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Chicago Atlantic Real Estate Finance, Inc. Funds Senior Secured Credit Facility to MEDfarms | Your money Mon, 03 Jan 2022 23:00:00 +0000

CHICAGO, January 03, 2022 (GLOBE NEWSWIRE) – Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic”), today announced that it is acting as Sole Lender on a New Credit Facility Senior secured credit for MEDfarms LLC (“MEDfarms”), a vertically integrated operator in Michigan.

“We are extremely excited to support Brandon and MEDfarms, provide accretive capital to strengthen MEDfarms’ balance sheet and increase the company’s market share in Michigan. MEDfarms has a proven track record as a premier operator in Michigan, with a superior branding, top-notch culture and loyal dispensaries in a competitive market, ”said Tom Miles, vice president of Chicago Atlantic . “MEDfarms has a strong leadership, brand and operations team and this capital will support the continued growth and expansion of the business in Michigan. “

Brandon Dabish, Founder of MEDfarms, said: “We are very pleased to continue our strategic growth plan through 2022 with Chicago Atlantic as our financial partner. With the help of Chicago Atlantic, MEDfarms will be able to open more locations, launch new products, establish new relationships with suppliers and customers, and expand our presence in other states. Obtaining key loan relationships in the cannabis industry can be very difficult, which is why we are excited to establish this new partnership with Chicago Atlantic by our side.

About MEDfarms

Based in central Michigan, MEDfarms has four dispensaries, two grow facilities, and two production facilities, making it one of Michigan’s most established vertically integrated players. The MEDfarms family of companies operates under the names of “Hashish Boys”, “Fire Creek” and “Dispo”. Award-winning MEDfarms brands include “HYMAN”, “Chill Medicated” and “Covert Cups”, among many others, which MEDfarms distributes through its network to hundreds of clinics across the state. MEDfarms specializes in the creation and distribution of brands and innovative products.

About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance company that trades on NASDAQ under the symbol REFI and manages a diverse portfolio of cannabis mortgage mortgage investments and actively invests throughout the value chain. The Company’s management team has over 100 years of combined experience in mortgage lending, direct lending, real estate acquisitions and development, investment advice, risk management and advisory. The Company’s website is available at

Forward-looking statements

This press release contains forward-looking statements and information relating to REFI which are based on the beliefs of management as well as on the assumptions made by management and on the information currently available to it. When used in this press release, words such as “may”, “will”, “should”, “could”, “intention”, “possible”, “continue”, “anticipate”, ” believe “,” estimate “,” expect “,” plan “,” target “,” predict “,” project “,” seek “and similar expressions in relation to the Company are intended to identify forward-looking statements. These statements reflect the current views of management with respect to future events, are not guarantees of future performance, and involve risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be correct. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements.

All forward-looking statements contained in this communication are based on assumptions which the Company considers to be reasonable as of that date. Except as required by law, the Company assumes no obligation to update these forward-looking statements or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Contact Information: For all Chicago Atlantic financing inquiries, please contact: Thomas Miles Vice President Chicago Atlantic Real Estate Finance, Inc. (847) 373-5804

For media and investor inquiries regarding Chicago Atlantic, please contact: Investor Relations Chicago Atlantic Real Estate Finance, Inc. (312) 809-7002

Copyright 2022 GlobeNewswire, Inc.

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Loads of payday loans. Usually only available on a hard and quick call of your own research Sun, 02 Jan 2022 00:20:07 +0000 Loads of payday <a class="wpil_keyword_link " href="" title="loans" data-wpil-keyword-link="linked">loans</a>. Usually only available on a hard and quick call of your own research

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General Assembly Pizza secures C $ 1 million in second tranche of debt financing Fri, 31 Dec 2021 13:49:21 +0000

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TORONTO – (BUSINESS WIRE) – General Assembly Holdings Limited (the “Society” Where “Georgia Pizza“) (TSXV: GA), a Toronto pizzeria turned omnichannel of consumer packaged goods (“GIC“), is pleased to announce that it has closed a second tranche of debt financing totaling $ 1 million (the”To lend”) Under the same conditions as the $ 2 million debt financing announced by the Company on November 5, 2021.

The Loan will bear interest at the rate of 12% per annum, will be evidenced by a promissory note in favor of the lender and will be secured by a fixed and floating charge on the assets of the Company in accordance with the terms of a general guarantee agreement, which will be subordinated in priority to any security granted by the Company to any bank, financial institution or other commercial lender under any future credit facility issued by such lender. The loan will be repayable in equal monthly installments from the date that falls two years after the advance of the loan and ends on the date that falls one year and six months after that date.

The Company will pay the Lender an additional fixed monthly fee of $ 1,000, equivalent to 1.2% of the original loan principal per year, as a monitoring fee. The Company also intends to issue to the Lender, subject to the approval of the TSX Venture Exchange (the “TSXV“), 1,652,228 warrants to purchase ordinary shares of the Company (each, a”Subscription voucher“), each warrant entitling the Lender to acquire one Class A common share (“Ordinary share) During the forty-two month term of the Loan at an exercise price of $ 0.76.

The Company shall have the right to prepay the Loan, in whole or in part, at any time before the due date, without any notice being given to the Lender and without any premium or penalty.

GA Pizza will use the loan for working capital, general business needs and to support the purchase of equipment at its new dedicated production facility in Vaughan, Ontario.

Loans are subject to TSXV review and acceptance.

About GA Pizza

GA Pizza began life as a quick, casual pizza place in the heart of Toronto. Four years later, we’re also delivering a line of consumer packaged freezer-to-table products and a revolutionary e-commerce experience right to the consumer, not to mention a pizza box with more than one pizza in it. Our ambition ? Make delicious pizzas available to everyone, everywhere. We are always striving to take pizza to new heights, to show the world that better pizza is possible, to find new spaces and places to deliver unparalleled pizza experiences. Find us in your freezer or visit for more information.

Visit Where for more information.

Warning notice

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

This press release contains statements that constitute “forward-looking information” or “forward-looking statements” (all “forward-looking information”) within the meaning of applicable securities laws, including statements regarding plans, intentions, Current beliefs and expectations of the Company with respect to future business activities and operational performance. Forward-looking information is often identified by the words “could”, “would”, “could”, “should”, “will”, “intention”, “plan”, “anticipate”, “believe”, “estimate” , “Expect” or similar expressions and includes information regarding planned increases in the Company’s production capacity at the main plant and the Company’s growth strategy.

Investors are cautioned that forward-looking information is not based on historical facts but rather reflects the expectations, estimates or projections of the Company’s management regarding future results or events based on the opinions, assumptions and estimates of management considered. as reasonable on the date the statements are made. Although the Company believes that the expectations reflected in this forward-looking information are reasonable, such information involves risks and uncertainties, and such information should not be relied upon because unknown or unforeseeable factors could have material adverse effects on the Company. the future results, performance, or achievements of the combined company. Among the main factors and risks that could cause actual results to differ materially from those projected in the forward-looking information may include, without limitation, the following: there is no market for the securities of the Company ; the Company’s limited operating history; global economic risk; the impact of COVID-19 on Society; the general economic environment; cybersecurity risks; financial projections may turn out to be materially inaccurate or incorrect; the Company may encounter difficulties in forecasting sales; general competition in the industry from other firms; growth risk management; dependence on management; insurance risks; changes in the costs of food and supplies could adversely affect profitability and ultimately our results of operations; our business could be affected by increased labor costs or difficulties in finding suitable employees; changes in customer tastes and preferences, spending habits and demographic trends could lead to lower sales; changes in nutrition and food regulations; the failure to establish our main production plant; the inability to increase production capacity; disruption in our facilities; government regulation of the food industry creating risks and challenges; risk associated with food safety and consumer health; changes in internet and social media search algorithms; risks associated with leasing commercial and retail space; use of third parties for shipping and processing payments; environmental laws; we may not persuade customers of the benefits of paying our prices for better food; our marketing and advertising strategies may not be successful, which could have a negative impact on our business; additional financing needs; the Company can prioritize customer growth and engagement and the customer experience over short-term financial results. This forward-looking information may be affected by risks and uncertainties relating to the activities of the Company and to market conditions.

If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking information turn out to be incorrect, actual results could differ materially from those described in this document as being intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify risks, uncertainties and important factors that could cause actual results to differ materially, there may be others that could cause results not to be as anticipated. , estimated or planned. The Company does not intend and assumes no obligation to update this forward-looking information, except as required by applicable law.


Tat Read, Senior Manager, Partnerships and Communications, GA Pizza

Investor Relations

Eric Balshin, Sophistic Capital


Ali Khan Lalani, CEO and Founder, GA Pizza

Source: General Assembly Holdings Limited

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Support Programs Abound for Homeowners and Home Buyers in the Area | Wed, 29 Dec 2021 21:36:00 +0000

CENTER, Mo. – John McElfresh, of Center, Mo., took a hands-on approach to building a new laundry room for his home, receiving invaluable instruction and help from members of the self-help team at the North East Community Action Corporation. (NECAC).

McElfresh began the New Addition Project through the Self-Contained Housing Program in September. He worked alongside team members including Self-Contained Housing Supervisor Howard Sommer to build the new laundry room. McElfresh is currently installing window and baseboard trims, following the completion of larger tasks in early December.

He said the overall construction of the room is complete, and he noticed how beautiful it looked. McElfresh shared his appreciation for the opportunity to make improvements to his home with the support of members of the Self Help team.

“It was a real help to me,” he said.

In addition to the stand-alone housing program, NECAC is preparing to receive additional funds in July to expand house weatherization efforts. The Missouri Housing Development Commission Home Repair Opportunity (HeRO) grant gives NECAC the opportunity to help homeowners make repairs such as a new roof, allowing future weather protection efforts to be effective. . NECAC is also slowly resuming in-person courses for homeowners, which cover topics such as budgeting, credit, how to buy a home, how to buy a lender and upkeep, said Carla Potts, deputy director of housing development. .

“So we’re just doing it all, trying to help people become knowledgeable, successful homeowners,” Potts said, adding that everyone gets a notebook with a glossary full of important terms. “When you meet a lender or a closing, and they start saying things like principal, interest, taxes, and insurance, and you don’t know what they’re talking about, now you know what they’re talking about. “

Potts said the pandemic has slowed down opportunities to have classes, but the situation is starting to change. Further courses are planned throughout the NECAC service area, including the Home Ownership Center at the Marion County Service Center in Hannibal.

Other educational opportunities include fitness classes, which Potts says are a “prelude to homeownership” for people who need to improve their credit rating or develop a new home. savings plan before you are ready to buy a home.

People can also access the U.S. Department of Agriculture’s 502 Direct Loan for Rural Development through the Homeownership Center and learn more at their local County Service Center. The loan has no down payment, and there is a fixed interest rate over a 33-year payback period (38 years for applicants who are unable to repay the loan over time. the shortest).

“It’s just one of the best loan products for low income to very low income families to own home,” Potts said.

McElfresh was eager to recommend the self-contained housing program to anyone considering a similar project.

“I would encourage them to do it, because it can be a real help, a real time saver and a real lifeline,” he said. “I encourage everyone who is eligible to participate.”

Potts looks forward to a busy 2022, with more opportunities available for people to become owners and for current owners to receive the support they need.

“I think we’re really trying to be this full-service store,” she said. “If you own a house and it needs to be fixed, you need to talk to NECAC. If you want to own a house, you need to talk to NECAC.”

More information is available by contacting their local NECAC County Service Center or by calling Potts at 573-324-6622.

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