Kathy Anderson arranged a $14.5 Million construction loan for Dino Tomassetti, managing member of 1 Holland, LLC.

The property is located at 1 Terminal Road in Lyndhurst, NJ and when completed, will include 950 self-storage units that will be managed under the Life Storage banner. The Borrower purchased the site with all entitlements in place and has retained ARCO Murray to deliver a turn-key building.

Kathy arranged the loan with TriState Capital Bank, who provided a 36 month construction term to allow for completion and stabilization. The loan floats over LIBOR and has a permanent option, giving the Borrower ultimate flexibility.

Dino Tomassetti and his partners founded Storage Fox, a self-storage company with over 5,200 units located in White Plains, Brooklyn, LIC and Yonkers. The Storage Fox portfolio was purchased by Clutter, Inc. in September 2019 and the partners are now rebuilding their storage portfolio, having formed a management alliance with Life Storage. “Lyndhurst is an excellent addition to our holdings based on the density and lack of storage options in the immediate surrounding area,” said Tomassetti.

Dino Tomasetti is the founder of Asset Realty & Construction Group, a fully integrated development company that owns self-storage, multifamily, retail, office and industrial properties throughout the Tri-State area and North Carolina.

Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.

For more information visit www.progresscapital.com

Ben Franklin Insurance article updated

Ben Franklin Insurance and Investments announced the key addition of a new team member that will expand the company’s commercial insurance and risk services.

Aaron Brown has been hired as Commercial Insurance and Risk Consultant where he will be continuing to develop the commercial portfolio for one of the fastest growing locally-owned independent insurance agencies. He has been serving Indianapolis surrounding areas and his hometown of Johnson County as a commercial insurance professional for over a decade.

“Aaron is a key addition to our company,” said Derrick Christy, owner of Ben Franklin Insurance and Investments. “Not only does he have the extensive experience and knowledge of commercial insurance but he is highly respected in this community.”

As an Accredited Advisor of Insurance, Aaron Brown takes a holistic and consultative approach to helping his clients achieve financial balance and risk management in their business.

“I’m excited for this opportunity and I’m focused on offering our commercial clients the type of service that mitigates their risks, meets their coverage needs, and provides a financial balance to their business,” said Brown.

Aaron began his career with Green Owens Insurance, a reputable local agency that was later purchased by ONI Partners, one of the nation’s largest agencies. Aaron continued to serve as an established commercial insurance specialist for ONI, until making the decision to join PCE Insurance, the #1 Keystone Agency in the state. Aaron now serves as a leader in the commercial insurance industry for Ben Franklin Insurance, representing SIAA network of 25 top rated carriers and $8.1 billion of total premium. Aaron has accomplished vast experience and poised to bring immense value and capacity for his clients he is dedicated to serving.

Aaron is a native resident in the City of Franklin, as well as a Franklin College alumni. Prior to his career in the insurance industry, Aaron served in multiple capacities for local and regional banks and mortgage companies (including Ben Franklin Insurance sister company, Approved Mortgage), beginning as an intern in the audit department. He has served on the board of multiple local nonprofits and Chambers, as well as an active member with the Franklin Elks club, and a previous member of the Franklin Rotary club.

Aaron is a dedicated father to his two young children, Owen and Ava. In his free time, Aaron enjoys volunteering, coaching, golfing, going to sporting events, concerts, and traveling.

About Ben Franklin Insurance and Investments

As an independent agent, Ben Franklin Insurance and Investments represents the nation’s top insurance carriers of group life, health, and disability that service over 40,000 clients nationwide. Headquartered in Greenwood, Indiana, Ben Franklin Insurance and Investments specializes in personal and commercial insurance with convenient claim and payment options. The agency represents over 15 premier insurance carriers.

This article was just updated

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.24 percent. “For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.” News Facts o 30-year fixed-rate mortgage averaged 3.24 percent with an average 0.7 point for the week ending May 21, 2020, down from last week when it averaged 3.28 percent. A year ago at this time, the 30-year FRM averaged 4.06 percent.   o 15-year fixed-rate mortgage averaged 2.70 percent with an average 0.7 point, down from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.51 percent.   o 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent with an average 0.4 point, down slightly from last week when it averaged 3.18 percent. A year ago at this time, the 5-year ARM averaged 3.68 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. MEDIA CONTACT: Angela Waugaman 703-714-0644 Angela_Waugaman@FreddieMac.com

This article has been updated

Atrium Mortgage Investment Corporation (TSE:AI), operating in the financial services industry based in Canada, saw a significant share price rise of over 20% in the past couple of months on the TSX. As a small cap stock, which tends to lack high analyst coverage, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value. Is there still an opportunity here to buy? Let’s examine Atrium Mortgage Investment’s valuation and outlook in more detail to determine if there’s still a bargain opportunity.

What’s the opportunity in Atrium Mortgage Investment?

According to my valuation model, Atrium Mortgage Investment seems to be fairly priced at around 9.3% below my intrinsic value, which means if you buy Atrium Mortgage Investment today, you’d be paying a fair price for it. And if you believe the company’s true value is CA$12.07, then there’s not much of an upside to gain from mispricing. Although, there may be an opportunity to buy in the future. This is because Atrium Mortgage Investment’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market. If the market is bearish, the company’s shares will likely fall by more than the rest of the market, providing a prime buying opportunity.

Can we expect growth from Atrium Mortgage Investment?

Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company’s future expectations. Though in the case of Atrium Mortgage Investment, it is expected to deliver a relatively unexciting earnings growth of 1.0%, which doesn’t help build up its investment thesis. Growth doesn’t appear to be a main reason for a buy decision for Atrium Mortgage Investment, at least in the near term.

What this means for you:

Are you a shareholder? It seems like the market has already priced in AI’s future outlook, with shares trading around its fair value. However, there are also other important factors which we haven’t considered today, such as the track record of its management team. Have these factors changed since the last time you looked at the stock? Will you have enough conviction to buy should the price fluctuates below the true value?

Are you a potential investor? If you’ve been keeping an eye on AI, now may not be the most advantageous time to buy, given it is trading around its fair value. However, the positive outlook means it’s worth further examining other factors such as the strength of its balance sheet, in order to take advantage of the next price drop.

Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on Atrium Mortgage Investment. You can find everything you need to know about Atrium Mortgage Investment in the latest infographic research report. If you are no longer interested in Atrium Mortgage Investment, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Love or hate this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Thank you for reading.

This article has been updated

Jill Goodridge was shopping for affordable health insurance when a friend told her about O’NA HealthCare, a low-cost alternative to commercial insurance.

The self-described “health care cooperative” promised a shield against catastrophic claims. Its name suggested an affiliation with a Native American tribe — a theme that carried through on its website, where a feather floats from section to section.

The company promises 24/7 telemedicine and holistic dental care on its website. It says it provides more nontraditional options than “any other health care plan,” including coverage for essential oils, energy medicine and naturopathic care. All of that and conventional care, too.

It struck Goodridge as innovative. She signed up for a high-deductible plan, paying more than $9,000 in premiums and fees over 13 months, she said. Yet she could not get O’NA to cover her family’s medical bills. For example, O’NA applied only a small portion of more than $6,000 in hospital-related bills against her $10,000 deductible.

“It almost seemed like we were just spending the premium money every month for really not much,” said Goodridge, whose family runs a Rockland, Maine, restaurant that is temporarily shuttered because of the coronavirus pandemic.

A year-long investigation by the state insurance agency prompted by her complaint concluded she was right, uncovering a business scheme operating in the gray areas of insurance regulation and tribal law to appeal to patients looking to save money on health care.

Hers is a cautionary tale for anyone looking for cut-rate coverage at a time when the cost of commercial insurance is rising and a wide range of alternatives are on offer.

Tempting low premiums may mean skimpy coverage with huge out-of-pocket expenses.

“Health insurance is getting so expensive people are looking for other options,” Maine insurance Superintendent Eric A. Cioppa said. “We tell everybody that if you do business over the internet to call us first and make sure it’s licensed.”

More

How a company misappropriated Native American culture to sell health insurance

Shin Kong Financial Holding Co (新光金控) plans to raise the capital of its insurance unit by NT$3.3 billion (US$109.72 million) to bolster the unit’s financial strength, it said in a filing with the Taiwan Stock Exchange (TWSE) on Friday.

The company’s board of directors has approved a plan to buy 183.33 million common shares issued by Shin Kong Life Insurance Co (新光人壽) at NT$18 each, the filing said.

Shin Kong Financial expects the cash injection to increase the insurance unit’s risk-based capital ratio by 13 to 20 percentage points to address the implementation of new International Financial Reporting Standards, it said.

Shin Kong Life’s equity-to-asset ratio fell to 2.33 percent as of the end of March, and it was one of the four life insurers closely monitored by the Financial Supervisory Commission, as the regulator hopes life insures will maintain equity-to-asset ratios of above 3 percent.

The equity-to-asset ratio is a measure of solvency, calculated by dividing total shareholders’ equity by the total assets of a company. The higher the ratio, the less leveraged a company is, meaning that a larger percentage of its assets are owned by the company and its investors.

Shin Kong Life said its ratio last month climbed above 4 percent as global equity markets recovered.

Separately on Friday, Shin Kong Life’s board of directors approved a proposal to increase its investment in affiliated Dingcheng Life Insurance Co (鼎誠人壽) by 187.5 million yuan (US$26.27 million), it said in a filing with the TWSE.

Shin Kong Life holds a 25 percent stake in the Chinese insurer, with an investment of NT$1.38 billion.

Dingcheng Life said it plans to raise 750 million yuan in the near term.

Dingcheng Life, formerly known as Shin Kong-HNA Life Insurance Co Ltd (新光海航人壽), was a 50-50 joint venture established by Shin Kong Life and HNA Group Co Ltd (海航集團) in 2009.

In 2018, Shin Kong Life sold a 25 percent stake in Dingcheng Life to two Chinese companies as part of the Chinese insurer’s restructuring plan, company data showed.

https://www.taipeitimes.com/

How did King Jehoash respond to High Priest Jehoiada’s instruction?

Even though King Jehoash was without a father, he carefully followed the direction of faithful High Priest Jehoiada. That priest took him as if Jehoash were his own son. That made Jehoash take the lead in pure worship and serve Jehovah. In time, Jehoash even arranged renovate Jehovah’s temple.

If we use social media, what should we take into consideration?

If I use social media, I need to ask myself: ‘Is my motive to impress others? Is my goal to build others up, or is it to boost my image? Am I allowing the people who use this tool to influence my thinking, speech, and actions in a negative way?’

How did things turn out for Uzziah?

One day, King Uzziah decided to enter Jehovah’s temple and presumptuously tried to burn incense on the altar, which kings were not allowed to do. High Priest Azariah tried to correct him, but the king got very angry. Sadly, Uzziah ruined his record of faithful service and was punished with leprosy. 2 Chronicles chapter 26 verse 21 says he was a leper till he died. He was separated from the house of Jehovah.

What actions may show whether we are humble? (See also picture.)

One of the actions is that instead of boasting about our accomplishments, we should give Jehovah the credit for what we are able to do. We must humbly realize that we are imperfect and need discipline.

We can also learn from what a brother in his 60’s wrote: He said he doesn’t take himself too seriously. When he receives discipline for the childish mistakes that he sometimes make, he tries to get back up and keep moving forward.

Picture: A sister prayed to Jehovah before handling a platform assignment. When commended by others in the congregation for the good way she handle the assignment, she gave all the credit to Jehovah.

Why did Josiah make a serious mistake, and what is the lesson for us?

Josiah had served Jehovah for many years. But at a certain time in his service, he trusted in himself instead of asking Jehovah for guidance. The lesson for me is that no matter how old or how long I have been studying the Bible, I must keep searching for Jehovah. That involves regularly praying for his guidance, studying his Word, attending meetings, assemblies and conventions, and benefiting from the advice of mature Christians. The benefits are immense.

What Scriptural examples show that your life can turn out well?

David was one of them. At a young age, he chose God’s side and later became a loyal king. Granted, he on occasion made mistakes, but overall God approved of him. (1 Ki. 3:6; 9:4, 5; 14:8) You can be encouraged and motivated by studying about David’s life and faithful service.

Mark and Timothy served Jehovah from when they were young and gained a lasting record of God’s approval; it turned out very well for them.

Article updated

The International Monetary Fund (IMF) has approved a R70 billion (US$4.3 billion) loan for South Africa to help the country manage the immediate consequences of the fallout from COVID-19. The Conversation Africa’s editor, Caroline Southey, asked Danny Bradlow to shed some light on what South Africans should expect.

What conditions has the IMF attached to the disbursement?

The IMF has provided the funding through its Rapid Financing Instrument. This is designed to support countries facing an urgent need for financing due to a crisis such as the COVID-19 pandemic. The goal is to help the country face the immediate financial consequences of the crisis. As a result the IMF provides the financing quickly and without strict conditions. The country merely needs to show the IMF that it is facing a crisis, that it will use the funds to deal with the crisis, that it will cooperate with the IMF to solve the balance of payments problems caused by the crisis and to describe the economic policies that it proposes to follow.

In some cases, the IMF may require the country to undertake certain policy actions before it can access the funds.

In South Africa’s case, the country’s payments problem relates to the fact that the economy is expected to contract by about 7% this year and the budget deficit to increase to about 15% of GDP. This means that the government will need to increase the amount it has to borrow. Given that it has been downgraded by credit rating agencies, and that the economy is in bad shape, there is a substantial risk that both local and foreign investors will have a limited appetite for South African debt. This will complicate the government’s efforts to finance the deficit.

The IMF loan helps resolve this problem.

https://www.news24.com/news24/Analysis/analysis-the-imfs-r70-billion-loan-for-south-africa-the-pros-cons-and-potential-pitfalls-20200729

Article Updated

The ₹3-lakh-crore Guaranteed Emergency Credit Line (GECL) for business enterprises/MSMEs (micro, small and medium enterprises) for cheaper and easy working capital credit has been made operational.

Under the scheme, there is a one-year moratorium on the principal, but interest is payable during the period. The principal is to be repaid in 36 instalments once the moratorium period is over.

According to the guidelines issued by the National Credit Guarantee Trustee Company Ltd, not only MSMEs but also other businesses that fulfil the eligibility can avail the credit. “Banks/ NBFCs are to offer loans up to 20 per cent. Actual loan extended can, therefore, be less than 20 per cent. While the bank/ NBFC is expected to be liberal in sanctioning such loans, it is also expected to evaluate credit proposals by using prudent banking judgement and use business discretion / due diligence in selecting commercially viable proposals and conduct the account(s) of the borrowers with normal banking prudence,” the guidelines said. It also states that a business does not need to be registered as MSME to get the credit.

The scheme intends to provide 100 per cent guarantee coverage for the GECL. It will be a pre-approved sanction limit of up to 20 per cent of loan outstanding as on February 29 to eligible borrowers.

It will be in the form of additional working capital term-loan facility (in case of banks and financial Institutions), and additional term-loan facility (in case of NBFCs) in view of Covid-19 crisis as a special scheme.

This will also include MUDRA borrowers. Eligibility includes annual turnover of up to ₹100 crore and outstanding loan up to ₹25 crore (should be less than or equal to 60 days past due) on the prescribed date. A borrower could get credit up to ₹5 crore. GST registration will be madatory for borrowers except for those not required.

A separate loan account will be opened for the borrower for extending additional credit under GECL. The tenor of loans will be four years from the date of disbursement. No pre-payment penalty will, however, be charged in case of early repayment.

Interest rate

Maximum rate of interest for such credit will be 9.25 per cent (for banks and financial institutions) and 14 per cent (for NBFCs). As on date, various banks charge interest between 10.55 per cent and 16.25 per cent, while for NBFCs, the rate of interest ranges between 10 per cent and 30 per cent. For the scheme, the government has provided a corpus of ₹41,600 crore, which will be spread over four years starting with the current fiscal.

The scheme would be applicable to all loans sanctioned under the GECL facility during the period from the date of announcement of the scheme to October 31, or till an amount of ₹3-lakh crore is sanctioned under the GECL, whichever is earlier.

According to the guidelines, MSMEs or businesses constituted as proprietorship, partnership, registered company, trusts and Limited Liability Partnerships (LLPs) will be eligible under the Scheme.

Any existing loan such as vehicle loan taken by an entity will be taken into consideration for calculating ₹25 crore outstanding, but vehicle loan taken by promoter or director in personal capacity will not be covered.

https://www.thehindubusinessline.com/companies/msme/3-lakh-cr-emergency-credit-linefor-msmes-is-now-operational/article31673263.ece