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Most Orlando luxury estate buyers come with cash in hand

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The buyer who purchased Dwight Howard‘s estate in Seminole County last month wasn’t the Orlando market’s only luxury seeker to come with cash in hand.

The NBA star had three cash offers on his lakefront mansion, which sold last month for $3.4 million — $1.5 million less than the asking price.

Of the 20 Metro Orlando homes that sold for $2 million or more during the second quarter, 12 of them, or 60 percent, went for cash, according to a new study by the real estate research firm RealtyTrac. Nationally, 45 percent of buyers in that price range paid cash during the period.

Related Dwight Howard unloads Chateau D’Usse for $3.4 million Get text alerts on your phone! Pictures: Orlando power brokers Photos Pictures: Orlando powerhouse businesses Pictures: Closed for business: Orlando-area retail and restaurant closings Pictures: Notable chains make their way to Orlando See more photos » Topics Orlando Real Estate Homes Real Estate Buyers See more topics »

Regardless of how they are funded, the number of high-end deals has increased in the Orlando market. Reports from the Orlando Regional Realtor Association show that the core Orlando market, which mostly includes Orange and Seminole counties, had 156 sales of $1 million or more from January through July — more than double the rate five years ago during the real-estate downturn.

“The vast percentage of my high-end sales have been cash” for at least the past year, said Nancy Bagby, an associate for Fannie Hillman and Associates of Winter Park. “There are a couple of reasons for this. For one, we’re getting cash offers from people who know they can get a better deal if they don’t have a 30-day contingency on getting financing.”


Pictures: Orlando attractions that have closed

In addition, she said, cash buyers can avoid going through the appraisal process. Appraisers have come under fire from real-estate agents for various reasons — including being too conservative and being unfamiliar with neighborhood values, according to a 2013 survey of agents by the National Association of Realtors.

Anecdotally, real-estate agents say those buyers also “crowd-fund” by getting friends and family to loan them cash so they have a better chance of getting a contract in multiple-offer situations, said Daren Blomquist, vice president of RealtyTrac. After the sale closes, they secure more traditional financing to repay their original lenders.

In markets such as Orlando and Miami, the high proportion of cash sales is also being driven by foreign buyers who are looking for a place to park some of their savings.

“The thing we hear the most from brokers and agents working with foreign investors is that the U.S. real estate market is considered a safe haven and, now that it’s coming off from a downward cycle, they also consider it a value proposition,” Blomquist added.

Wayne Weger, the listing agent on Howard’s house, said prospective buyers for the home on Markham Woods Road were all of Middle Eastern descent. But they weren’t looking for a safe haven for their money as much as they were seeking a place to enjoy their success, he said. Software entrepreneur Nisim Heletz purchased the 11,000-square-foot house.

Just as Orlando had a disproportionately high rate of cash deals in the upper end of the residential market, it also attracted plenty of cash for more affordable housing. For houses and condominiums selling for $100,000 or less, more than 80 percent of the buyers paid cash in Metro Orlando. The rates were 78 percent statewide and 67 percent nationally.

The number of cash deals is declining in Florida, however. In the four-county Orlando region, 52 percent of residential sales during the second quarter were cash — down from 56 percent a year earlier. The rate of cash buying declined similarly throughout the state but increased slightly across the nation.

mshanklin@tribune.com or 407-420-5538407-420-5538

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Goldman plans cash call to repay loan

The Wall Street bank Goldman Sachs last night launched a $5bn (£3.4bn) fundraising in an effort to generate sufficient cash to become the first major institution to pay back emergency bailout money provided by US taxpayers.

In a move that caught the markets by surprise, Goldman brought forward a scheduled earnings announcement to reveal a 13% surge in quarterly profits to $1.66bn, proving itself to be in a healthier financial condition than many rivals.

Through a multibillion-dollar public offering of stock, Goldman hopes to replenish its coffers sufficiently to return $10bn of money from the US treasury’s troubled asset relief programme (Tarp).

Along with JP Morgan and Bank of America, Goldman has made no secret of its desire to be rid of the strings attached to the government funds. These include restrictions on executive compensation, limits to dividend payouts and unprecedented scrutiny from politicians. Goldman executives have complained privately that business under such conditions is becoming “impossible”.

Goldman’s chief executive, Lloyd Blankfein, said the bank’s financial results, which included a 39% rise in trading and investment revenue to $7.15bn, were strong in a climate of frozen credit markets. “Given the difficult market conditions, we are pleased with this quarter’s performance,” he said.

Returning the government’s bailout money is contingent on Goldman passing a “stress test” levied on all major banks by the Obama administration to check their long-term viability.

A Goldman spokesman said the treasury funds were “never intended as permanent capital” and the public wanted the money repaid. “It is entirely appropriate that firms that can repay the money should repay it.”

Banks have become increasingly nervous about a perceived rise in anti-Wall Street rhetoric since controversy arose last month about bonus payouts at the troubled insurer AIG. President Obama has repeatedly warned that a “cultural shift” needs to take place and the financial services industry needs to make sacrifices.

Only a handful of regional banks have repaid bailout funds, including Signature Bank of New York, Old National Bancorp of Indiana and Iberiabank of Louisiana. During a meeting with Obama at the end of March, Blankfein and fellow Wall Street bosses asked for detailed guidance on how they could repay Tarp funds rapidly.

There may be nervousness within the treasury about allowing Goldman off the hook, for fear that banks unable to repay money will be stigmatised and weakened further. Brad Hintz, an analyst at Sanford Bernstein in New York, told Bloomberg News: “The right thing for government officials to do would be to delay the Goldman Sachs repayment until a significant group of banks are able to repay simultaneously under some organised plan.”

During unofficial after-hours trading, Goldman’s stock slipped 1.8% to $127.82 in anticipation of shares being diluted by the fundraising. The Dow Jones industrial average had ended the day down 25 points to 8,057 depressed, in part, by reports that carmaker General Motors has is being pressed by the government to prepare for a bankruptcy filing by 1 June.

Goldman’s better than expected earnings included a doubling in net revenue from fixed-income trading to $6.56bn. Revenue from equities dropped by 20% to $2bn as global stockmarkets fell steeply and the bank’s principal investments division suffered a loss of $1.41bn.

Several rival banks are due to report financial results later in the week and analysts will be watching closely for signs that the worst may be over in terms of the multibillion-dollar losses suffered by Wall Street over the last 18 months.

[…]

NAB passes on rate cut in full

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Business commentator Terry McCrann says the Reserve Bank was almost obliged to cut the official interest rate.

RBA cut rates by 25 points to record-low 2.75 per cent NAB becomes the first bank to pass on the cut in full Decision a win for homeowners if banks follow suit

THE NATIONAL Australia Bank this afternoon became the first of the big four to pass on the full 25 basis point rate cut to its customers.

The Reserve Bank earlier today cut the cash rate by a quarter of a percentage point to a record low of 2.75 per cent.

In a statement NAB said it would now slash its official home loan mortgage to 6.13 per cent per annum. The reduction will save customers $62.50 per month in interest on the average $300,000 home loan.

“We recognise that certainty is important for our customers, which is why we are pleased to be able to quickly pass on a 25 basis point reduction,” Gavin Slater, Group Executive Personal Banking, said.

The new rate is effective for NAB customer from Monday 13 May.

Reserve Bank of Australia has surprised many by cutting interest rates. Picture: AFP/ Saeed Khan

Bank of Queensland has also cut its variable home loan rate by a quarter of a percentage point, to 6.26 per cent.

“Regional banks have not benefited from easing funding costs to anywhere near the same extent as the major banks,” BoQ chief executive Stuart Grimshaw said in a statement.

“But we’re working hard to offer competitive products that cater for our diverse customer base and deliver real everyday savings so were happy to pass on the cut in full.”

The Commonwealth Banks has also said it will pass on the full 0.25 per cent rate cut to its customers.

ING also passed on the savings in full to its customers, effective from Friday 17 May.

Westpac and ANZ are yet to announce any move in their home loan rates. ANZ deliberates on its home loan rates on the second Friday of each month.

Treasurer Wayne Swan has praised the NAB and the Bank of Queensland for passing on the savings to customers and said the RBA’s decision will help families struggling with the cost of living.

“There will be and continue to be savings flowing through to families and small businesses,” he said.

The RBA said it hopes its decision will aid growth in areas of the economy not effected by the mining boom.

“With the peak in the level of resources sector investment likely to occur this year, there is scope for other areas of demand to grow more strongly over the next couple of years,” said RBA governor Glenn Stevens.

“(The bank) judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target.”

Stevens said inflation was currently running “lower than expected”, with the exchange rate, on the other hand, “little changed at a historically high level over the past 18 months”.

“(That) is unusual given the decline in export prices and interest rates during that time,” he said.

“Moreover, the demand for credit remains, at this point, relatively subdued.”

Analysts say the move is part of a “whatever it takes” approach to supporting the economy.

The rate cut comes as the Gillard government downgraded its annual revenue forecasts, warning income had plunged Aus$17 billion due to a China-driven commodity slowdown and pressures from the dollar.

The decision had an immediate impact on the Australian dollar which fell below 102 US cents just after the announcement.

At 1434 AEST, the dollar was worth 101.88 US cents, down from 102.37 US cents shortly before the bank’s decision was announced. The currency ended Monday’s local session at 102.72 US cents.

Commonwealth Bank chief economist Michael Blythe said it appeared recent consumer price index (CPI) figures, which showed inflation remained benign, had prompted the RBA’s decision to cut.

“It’s hard to see much in the statement that suggests a change in views (on the economy) compared with last month,” he said.

“It seems that confirmed low inflation has just allowed them to act on an easing bias and give the non-mining economy a further nudge along.”

The decision will be welcomed by homeowners if all of the retail banks follow suit as mortgage rates should also fall. This would mean repayments on a $300,000 mortgage would drop by about $46 a month on average, if retail banks fully pass on the reduction.

If your mortgage is:

$100,000, the repayment will be $656.58, a decrease of $15.50

$150,000, the repayment will be $984.87, a decrease of $23.26

$200,000, the repayment will be $1313.16, a decrease of $31.01

$250,000, the repayment will be $1641.46, a decrease of $38.76

$300,000, the repayment will be $1969.75, a decrease of $46.51

$350,000, the repayment will be $2298.04, a decrease of $54.26

$400,000, the repayment will be $2626.33, a decrease of $62.02

$450,000, the repayment will be $2954.62, a decrease of $69.77

$500,000, the repayment will be $3282.91, a decrease of $77.52

This assumes 25-year standard variable rate loan at an average new interest rate of 6.2 per cent.

Last year the RBA cut the cash rate four times, but this is the first reduction this year.

RAMS CEO Melos Sulicich was tight-lipped ahead of today’s announcement, but did predict rates would fall before the end of the year.

“The view of our economic advisors [is] there will be rate reductions,” he said.

[…]

How to Satisfy Yourself Payday Loans are Advantageous

When a dweller encounters unforeseen expenses and he/she can’t see another mean to adjudicate this status, payday loan will provide with assistance with financial intractability. There is a lot of info about these credits and customers mustn’t forget the key tenets. Shortly, we will tell you here that the borrower undergoes a post-dated test to the payday crediting organization, due to which they acquire finances, minus the crediting fees. Till agencies providing such credits flourish in their field, the controversy about high interests and fees will still go on.

For obvious grounds not all customers have the want to have business with such kind of payday loans companies. For some inhabitants it’s even not a topic for discussion, and you won’t find joint language with them promoting them such offers. Agreeably there are dwellers, who do not imagine their existence without this good offering.

Yet the business of payday loans is controlled by government, and there are definite districts where loans are interdicted by law. There are many people who start quarterback groups and want to shut down the industry. On a pair with that people of this industry do not see anything illegitimate in their deeds.

Consumers Union is one of the progressive customer advocacy groups in the US. For a long time they wire in to the ultra measure versus payday loans business and they aren’t going to wait aside in this condition. Let us hear from their Southwest Regional Office, and the main staff envoy, Rob Schneider: ?Payday lending crosswise the nation is full with abuse. It is the swiftest path to collapse and companies and striving to gain benefit from each consumer.?

Replying to the complaints of consumer solicitors, payday creditors assert that their instant cash

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are designed for one-off critical situations only. State banks simply can’t work on applications within a few hours, so they’re futile for those people who are in need for instant financial assistance. Lending companies convince that their service fees offset burdens that are crossed out. Payday lenders’ check assets, 25% of them to be exact, in North Carolina went in the form of bounced checks, as informed by the federal bodies. It is quite clear that these bounced payments might be recovered by large fees.

Lenders are blamed for frequently looking for gaps. For example, they are forming associations with state banks to get themselves out of the jurisdiction of payday lenders. In this respect, Consumers Union applies to all federal bodies with the petition to forbid such types of mergers and stop all payday loans given by banking establishments.

Irrespective of such conjuncture, there are multiple local governments that sustain cash advance

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[…]

'Loan shark' money for community

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29 January 2013 Last updated at 13:49 ET

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‘Loan sharks forced me out’ Watch

Groups in Newcastle-under-Lyme are being offered the chance to bid for cash confiscated from loan sharks.

Community groups can bid for grants to improve their area and fund projects.

In total £3,000 is available which has been confiscated through work by the regional Illegal Money Lending Team.

Community groups, schools and charities who work to benefit people in the area are invited to pitch an idea that will raise awareness of “loan shark” dangers and promote financial good sense.

‘So valuable’

In a similar scheme in Birmingham, Kitts Green Children’s Day Nursery was given a grant of £429 to buy a “play shop” to teach children about spending and budgeting.

Deana Fitzpatrick, from the nursery, said: “Being able to buy brand new resources for the children was wonderful.

The play shop has been used for budgeting role-play

“We’ve been using the shop in the role-play area to teach them the basics and now even though they’re under five some of them recognise amounts of money.

“We wouldn’t have been able to do any of that without the grant.”

The play equipment includes a till, scales, toy money and baskets and the nursery has held back a small amount of the grant to replenish the resource when necessary.

Ms Fitzpatrick said she would urge groups in Newcastle to bid for a grant.

Staffordshire County Council’s cabinet member for communities Pat Corfield said: “This is a great initiative in that it is taking back money from criminals for communities and will help combat illegal money lenders in the future.”

Applicants in Newcastle-under-Lyme have until 8 February to place bids.

[…]

York County bank robbery suspect identified by dropped loan statement

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SHREWSBURY, Pa.— Police say a central Pennsylvania bank robber was tracked down using a dye-stained loan statement found along with the dumped cash.

Southern Regional Police say Luis Rafael Cruz turned himself in Friday after investigators contacted his girlfriend regarding the robbery of a Sovereign Bank a day earlier in Shrewsbury, York County.

Investigators say Cruz made it out of the bank with more than $15,000 cash but a dye pack in with the money exploded, prompting him to drop it in the parking lot. Police say they found a loan statement in Cruz’s name along with the loot.

A bank teller matched Cruz’s photo with the robber.

Cruz faces robbery and other felony counts and is being held on $250,000 bail. It’s not clear if he has an attorney.

[…]

Trustee argues loan breached deed


Trustee argues loan breached deed

MARTA STEEMAN

Last updated 14:49 13/07/2012

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Perpetual Trust ordered to open books on lending PGC reduces Wrightson, Heartland stakes PGC says plans not final PGC displays run of poor judgment PGC emails reveal company plans

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The media week that was Unemployed lack skills for 70,000 jobs TelstraClear takeover – the Wellington view GPG rebuffs ClearView offer Chevrolet offers money-back guarantee Film industry life tough but rewarding Operator lifts profit in tough year Proposed gender rule questioned Wellington’s creativity praised Regional Wines pops cork on 25 years

The independent supervisor of two Perpetual funds says a loan from a Perpetual cash fund to a Pyne Gould Torchlight fund breached the cash fund’s trust deed but Pyne Gould is disputing that.

PGC says the matter will be argued in the High Court next month.

Trustees Executors said today that in its view the loan from the Perpetual Cash Management Fund to the Torchlight fund was a related party transaction.

A High Court oral judgment released yesterday says the court has yet to rule whether the transaction was between related parties.

The term ”related parties” had been used loosely at a hearing in June 26, the judgment said.

The issue was whether the words ”related parties” included limited partnerships – Torchlight fund is a limited partnership. They were entities not known to the law at the time the trust deed of the cash fund was first formulated, the judgment said.

Trustees Executors (TEL), the statutory supervisor of the cash fund and the frozen Perpetual Mortgage Fund said today despite certification from the directors of Perpetual, a company owned by Pyne Gould, that no related party advances had been made by the cash fund TEL considered the cash fund and Torchlight fund related.

”TEL considers these advances to have been made in breach of the Cash Funds Trust Deed and Offer Documentation.”

TEL became aware of the loans through analysis of the monthly management accounts for the cash fund and notified the Financial Markets Authority.

Perpetual was a trustee and owner of the funds which are group investment funds and those funds are required to have a statutory supervisor which is an independent party to ensure the trust deed is not breached, TEL said.

Even if the trustee of a group investment fund is not independent the trustee is still required to act in the best interests of investors, TEL said.

The Torchlight fund still owed $13m to the cash fund.

Publicity about the loan to Torchlight had triggered a significant increase in requests for redemptions by investors in the mortgage fund.

To preserve equity for all investors TEL sough court orders to temporarily suspend withdrawals from the mortgage fund.

Yesterday the High Court made further orders for observers (Vivian Fatupaito and Christopher Duffy) to be appointed to oversee the activities of Perpetual in its management of the mortgage and cash funds.

The High Court noted that Pyne Gould told the NZX last week it expected repayment of the Torchlight loan before the end of July.

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The High Court has also directed that valuations of the land secured by the Torchlight loan must be obtained from a valuer nominated by TEL, at the cost of Perpetual, not investors in the funds, by 25 July.

A further court hearing is timetabled to occur on 3 August 2012.

– © Fairfax NZ News

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