News Updates

Phoenix American Financial Services Announces New Client Partnership

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Phoenix American Financial Services has announced a new client partnership with Old Greenwich, Connecticut-based Forum Partners. Phoenix American will support Forum with its full fund administration services suite, including fund accounting as well as its investor services platform. Forum invests in and alongside specialized middle market real estate companies with a demonstrated ability to add value. Phoenix American Financial Services provides fund administration, back office outsourcing services and sales and marketing reporting services to companies in the alternative investment industry. Phoenix American was founded in 1972, has five offices worldwide, including its headquarters in San Rafael, California. Author admin View all posts

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Roc Capital, the New York-based capital provider for private lenders serving small and middle-market real estate developers, has formed Roc360, a holding company for the suite of products and services it will provide to its clients. The new name communicates the firm’s offerings as a full life-cycle platform for real estate investors and accompanies the broadening of Roc360’s suite of products and services. These include lending (this business will continue to operate under the Roc Capital brand), property insurance, title insurance and benefits offered by Roc360’s corporate partnerships. Author admin View all posts

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First American Financial Corporation, a provider of title insurance, settlement services and risk solutions for real estate transactions, has launched Endpoint, a mobile-first title and escrow company that provides a reimagined closing experience for buyers, sellers and their real estate agents. Developed as a new stand-alone company, Endpoint combines First American’s title and settlement expertise with the innovative approach of an agile startup to provide a digital real estate closing experience from start to finish. First American has invested $30 million to drive the company’s development and growth. Designed and developed in collaboration with BCG Digital Ventures, the global corporate venture, investment and incubation arm of the Boston Consulting Group, Endpoint delivers its title and escrow service through a suite of web, iOS and Android apps. Significant features of Endpoint include: All parties have real-time visibility into the closing process with progress tracking, push notifications and secure messaging. Documents are completed in the app, with guidance as to what information is needed and how much time each task is likely to take. Earnest money can be transferred digitally, and all parties are notified once the money is received. E-signatures can be completed in the platform, while a mobile notary can be scheduled to facilitate a wet signature at no additional cost. Endpoint is operating in Seattle and expects to expand into California, Arizona and Texas over the next nine months, with further growth planned through 2021. Author admin View all posts

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Pembrook Capital Management LLC has closed a $10.6 million financing package for the acquisition and rehabilitation of five properties totaling 105 units in Los Angeles. The financing was structured as a $6.2 million first mortgage loan for the acquisition of 25 units located at 14949 Roscoe Boulevard and a $4.2 million preferred equity investment for the acquisition of 825-833 East 108th Street (22 units), 6121 Crenshaw Boulevard (17 units), 6736-6800 West Boulevard (24 units) and 14924 Roscoe Boulevard (17 units), all located in Los Angeles. With the financing in place, sponsor Golden Bee Properties plans to perform $2 million of exterior and interior capital improvements, stabilize the assets and refinance with long-term fixed-rate financing. Pembrook is a real estate investment manager that provides financing throughout the capital structure. The firm has originated or participated in investments totaling over $1.4 billion since it began investing in 2007. Golden Bee Properties is an experienced owner and operator of similar properties in the greater Los Angeles area. They currently own 59 properties located in Los Angeles, Long Beach, Inglewood Van Nuys and Las Vegas. Author admin View all posts

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Workspace provider Novel Coworking has added two new floors of SmartSuites at the Minneapolis TriTech Center location, totaling nine new suites and 17,000-square-feet of new space. In 2019, the company debuted its SmartSuites technology-enhanced private suites, which feature a combination of private offices and collaborative open space, dedicated kitchen and conference room facilities. They also offer integrated technologies such as Alexa-enabled sound system and biometric keypad entry. The Minneapolis TriTech location will be adding two of these specific SmartSuites floors. Author admin View all posts

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CoreLogic, a global property information, analytics and data-enabled services provider, has been approved to provide verification of employment and income for Fannie Mae’s Desktop Underwriter (DU) Validation Service, a component of Day 1 Certainty. Through this integration, mortgage lenders can receive both automated and manual borrower employment and income verifications from CoreLogic as part of the DU validation service. This provides lenders with automated access and rapid representations and warranties relief for validated loan components. With Fannie Mae’s approval, CoreLogic is now able to provide clients with a comprehensive suite of Day 1 Certainty borrower verification solutions. “At CoreLogic, we are laser-focused on innovating solutions to help our clients take time, touch and cost out of every origination,” said Jay Kingsley, executive, CoreLogic Credit and Borrower Solutions. “With this announcement, CoreLogic has achieved a major milestone in our growth strategy for AutomatIQ Borrower and our march toward the digital mortgage: we are now able to provide our clients with truly end-to-end verification solutions, which helps accelerate our growth and the value we deliver to clients in 2020 and beyond.” Author admin View all posts