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Bridge loans coming back? Trooper’s mortgage PAID; SanFran 😢

By July 6, 2021 No Comments

Bridge Loans start making a (slow) comeback

In a case of something that will NEVER fly for employers in the United States, trials of a four-day week in Iceland were an “overwhelming success” and led to many workers moving to shorter hours, researchers have said.

The trials, in which workers were paid the same amount for shorter hours, took place between 2015 and 2019. Productivity remained the same or improved in the majority of workplaces, researchers said.

So does shorter = sweeter in the mortgage market too? Investors seem to think so.

Toorak Capital Partners, a leading correspondent real estate loan investment platform, today announced the successful closing of a $339.5 million securitization of residential bridge loans

Toorak is the largest securitization issuer in the residential bridge loan market, having completed five such securitizations totaling $1.6 billion in collateral balance since 2018. The latest deal had investors all over it.

“The importance of the residential bridge loan market has never been higher, as the properties we finance directly address America's housing shortage,” said John Beacham, Chief Executive Officer of Toorak. 

Toorak Mortgage Trust 2021-1 features a two-year revolving period, during which time proceeds from loan payoffs can be reinvested in new loans. The initial collateral included a higher allocation to multifamily bridge loans than previous transactions. 

“The shift in our borrower base towards multifamily properties reflects Toorak's support for experienced borrowers as they transition to rehabbing and stabilizing larger developments,” Beacham added.

Toorak has become one of the largest capital providers to the residential bridge loan industry, completing over $5 billion of investments across more than 15,000 loans in 47 states. The company has received over $500 million in capital commitments from entities managed by KKR, the global investment firm. In addition to residential bridge loans, Toorak's lending platform offers financing options for construction and long-term single-family rental projects.

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Charity pays off the mortgage of the family of deceased State Trooper

A foundation dedicated to honoring and supporting first-responders, veterans and their families announced Friday that it has paid off the mortgage on the Hanover County home where Virginia State Police trooper Nathan-Michael Smith lived with his family before he was killed on duty while responding to a crash in Prince George County in 2015.

The Smith home is one of 19 owned by fallen first responder families across the country for which the Tunnel to Towers Foundation recently satisfied the mortgages on the houses.

“I am brought to tears thinking about our home being paid off by the Tunnels to Towers Foundation,” Smith’s widow, Jennifer, said in a prepared statement. “This was our first home together, a home we worked and prayed to get for years. When Nate passed it was devastating that he wouldn’t get to live in the dream house we worked so hard to purchase.”

“Being able to say I don’t have the burden of paying a monthly mortgage as a single parent is breathtaking,” she added.

Smith, 27, who left behind two children, was fatally injured in a crash on Sept. 21, 2015, while rushing to render aid in a fatal wreck that occurred minutes earlier in Dinwiddie County. Smith and other troopers scrambled to the earlier crash after hearing radio traffic that made them believe a trooper was in distress, in addition to the crash victim, state police said at the time.

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With Mortgage Coach

Is San Francisco a dying city?

Nationally, the housing market is facing several challenges as the post-COVID economic reality begins to sink in. While there is a massive migration across American as the workforce is now more mobile than ever, one columnist is asking if one of the hardest-hit areas is heading towards a losing end game.

It’s true that San Francisco is becoming increasingly inhospitable to the average person. The median rent  for a one-bedroom is $2,695. A family of four is considered “low-income” if they make less than $97,000. It was a place that was tough to exist in long-term, even before COVID-19. 

“I think this obsession with “leaving S.F.” narratives comes from a healthy heaping of bitterness — bitterness that you won’t be able to stay here, bitterness that you can’t buy a house and set down roots and bitterness that others, unplagued by inertia, can recognize these facts and leave,” said Michelle Robertson of SF Gate, who wrote the op-ed titled: “San Francisco is forever dying.”

“As San Franciscans, we’ll always be looking over our shoulders at Austin and Portland and Denver, wondering what life’s like in a more hospitable city,” she adds.

Housing affordability is at the root of Robertson’s argument, and she brings in several sources to support why she thinks San Francisco has lost its allure forever.

“It’ll never be how it once was,” she said. “The people who made it special have fled and died. The rents are too damn high.”

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