The Loan Committee™

An SBA lender has an excellent opportunity to expand its portfolio by acquiring from the FDIC SBA loans originated by a failed bank. These loans may be acquired at a discount and are backed by an SBA guaranty and, possibly, FDIC loss sharing. However, such loans and acquisitions come with risks that lenders should consider carefully before proceeding. read entire article…  Author:  Amy R. Brownstein, Esquire.  Source:  Starfield Smith, PC

According to the MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, a decrease in loan originations for retail and multifamily properties led to a 2 percent decrease in overall commercial/multifamily originations in the second quarter compared with the same period a year ago.  read entire article… Author: Scott Reid.  Source:  REBusiness Online.

Some 2,500 new hotel rooms are expected to come online in Miami in 2015, according to the Greater Miami Convention & Visitors Bureau. While new hotels are expected to be added across all price points, now more than ever the industry is filling in at low- to mid-level offerings and across many Greater Miami neighborhoods, from Brickell to Surfside. read entire article… Author: Nina Lincoff. Source: Miami Today.

When is secondary containment required to be in place?

According to the Florida Department of Environmental Protection (FDEP), facilities that begin operation on or after January 1, 1996, must be equipped with secondary containment when the business begins operation. Secondary containment for these facilities must consist of rigid and impermeable containment vessels installed beneath each machine or item of equipment in which drycleaning solvents are used.

Facilities that began operations prior to January 1, 1996, must be equipped with secondary containment by January 1, 1997. Secondary containment for these facilities must consist of rigid and impermeable containment vessels, or a dike around each machine or item of equipment which drycleaning solvents are used.

All facilities, regardless of when operation began, must install secondary containment around any solvent or waste solvent storage area by January 1, 1997. The secondary containment for storage areas must be either a rigid and impermeable vessel, or a surrounding dike.

The rigid and impermeable vessels shall be constructed of metal or other material that cannot be permeated by drycleaning solvents, according to manufacturer product use and limitation recommendations. All diked containment areas must be sealed or otherwise made impervious to drycleaning solvents, including floor surfaces, floor drains, floor joints and inner dike walls. Concrete or asphalt floor surfaces are not impervious to drycleaning solvents. In order to maintain a secondary containment dike that is impervious to drycleaning solvents, all floor surfaces, floor drains and floor joints within the diked area must be sealed with a solvent-resistant sealer and/or caulking compound (sealant).

The FDEP does not recommend any specific floor sealers or sealants. However, the sealer and sealant must be compatible with and resistant to all solvents used at the facility for a contact period of at least 72 hours, according to manufacturer product use and limitation recommendations. The sealant must be applied and maintained in accordance with manufacturer specifications. Sealant specifications and a record of application dates must be maintained at the facility.

The parent company of Florida Community Bank completed its IPO with net proceeds of $104 million to fuel its growth.
Weston-based FCB Financial Holdings (NYSE: FCB) said that its underwriters exercised their option to purchase an additional 720,000 shares for $22 each, which raised net proceeds of $14.7 million. The initial public offering, which launched in early August, resulted in $89.3 million in net proceeds for the company.  read entire article… Author: Brian Bandell.  Source.  South Florida Business Journal.

What’s going on in CRE regarding data? While the CRE data conversation has mostly revolved around what CoStar/LoopNet and Xceligent are up to, there’s a lot more going on than that. Yes, I’m talking about big data. But everyone in CRE seems to be thinking small.  There’s way too much emphasis on property and listing data. And most of it is “out there” already. You just have to do some work to get it – or pay for it. Except in a few markets, agents complain about the cost and the quality offered by current aggregators. And unless there is more competition, don’t expect pricing to get any better.  read entire article…  Source: CRE Outsider.

Loans are made by participating lenders under an agreement with the SBA to originate, service, and liquidate loans in accordance with the SBA’s rules, regulations, policies, and procedures. Keeping your SBA loans in compliance is imperative to ensuring the collectability of your guaranty. This begins with managing the 7(a) loan approval process in an effort to mitigate risk of potential loss. read entire article… Source: BancServe.

Led by its Corporate Sponsor, Gary Appel, the Historic Rehabilitation Tax Credit program creates an incentive for the owners of historic properties to invest in restoring and reusing these buildings. The program allows a property owner to claim a federal income tax credit equal to 20% of the expenses incurred in rehabilitating an historic building. In short: a) the building must be eligible for listing on the National Register of Historic Places (50 years old is a guide, not a requirement); b) the rehabilitation hard and soft costs must be greater than the owner’s tax basis in the building; and c) the work must not damage the historic integrity of the building. If these requirements are satisfactorily met, the property owner who, for example, spends $10 million renovating a historic hotel, can claim a $2 million credit on their federal income taxes. Alternatively, there is a process whereby the owner can monetize the value of the credit based on its present value with a 3rd party investor. read entire article… Author:  Patrick Connors, Regional Marketing Development Manager at Paradigm Tax Group.