Local lender funds East Tenn. nursing home
Posted on August 24, 2009 at 8:23 amThe Nashville outpost of Deutsche Bank Berkshire Mortgage has arranged funding for Trinity Senior Living to build its third nursing home in the Knoxville area.
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No new demand for Cat Financial
Posted on July 21, 2009 at 9:23 amCost cuts helped limit Cat Financial’s second-quarter profit drop to 32 percent, but there’s no sign that customers are ready to spend more on equipment: New financings fell 60 percent from a year ago and delinquencies are still rising.
Year-to-date annualized losses are 0.82 percent of year-to-date average retail portfolio compared to 0.32 percent in the same period last year. The rate of write-offs, at 0.82 percent, is higher than the most recent period of economic weakness in 2001 and 2002, which was 0.65 and 0.69 percent, respectively.
Parent company Cat’s results are highlighted here.
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NHI still rolling along
Posted on May 1, 2009 at 2:52 pmThe Murfreesboro health care REIT (Ticker: NHI) posted an 11 percent gain in funds from operations. Net income, helped by some one-time items, rose 12 percent.
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Cat Financial building lands green honor
Posted on April 1, 2009 at 9:31 amThe West End Avenue tower is the first private commercial building in the state to earn the LEED Gold rating, the second-highest in the pantheon of the U.S. Green Building Council.
Among the highlights of the Cat Financial Center’s green features are:
* Restructured building operation and maintenance practices to be sustainable best practices consistent with the LEED process
* Reduced consumption of electricity by 6%, water by 22% and reduced solid waste by 49%
* Installed low Mercury level fluorescent lights
* Initiated a recycling and composting program
* Formed a Sustainability Committee with employee representatives from various departments to sustain progress
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PetDRx tweaks loan
Posted on March 31, 2009 at 10:01 pmThe struggling veterinary hospital operator (Ticker: VETS) has renegotiated its loan with Huntington Capital, which is based in San Diego.
The First Amendment waives the Company’s default of the prior covenants as of December 31, 2008, as well as through March 31, 2009. In addition, all future financial covenant requirements have been removed through the term of the loan.
Under the terms of the First Amendment, the Company is required to accelerate and make a $0.3 million principal payment on April 1, 2009 and then pay the remaining $1.1 million of principal over eighteen ratable monthly payments commencing on July 1, 2009 and ending on December 1, 2010. There was no change to the interest rate of the note. Additionally, upon execution of the First Amendment, the Company was required to pay a $100,000 restructuring fee and will be required to pay an additional restructuring fee of $150,000 on December 1, 2010.
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Say it ain’t so, Sallie
Posted on March 21, 2009 at 4:48 pmThe world of student loans is looking to change:
The running joke about student loans: Don’t ever graduate, since you don’t have to start paying them back until you do.
Starting Monday, that will no longer be the case for students borrowing from Sallie Mae, the nation’s largest private student lender.
The company, formally known as SLM Corp. is replacing its signature loan with a shorter-term version that requires students to make interest payments while in school. For many families, the move is expected to push private loans out of reach in an already tight credit market.
The upside is that the cost of a private student loan will be cut by about 40 percent, said Jack Hewes, chief lending officer for Sallie Mae, which is based Reston, Va.
Families would also repay loans between five and 15 years, compared with the previous 15 to 30 years. Despite the shorter term, Sallie Mae says the monthly bills upon graduation wouldn’t rise dramatically.
This is because the interest payments students make while in school would avoid negative amortization, where the loan balance grows because of deferred interest.
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Cat Financial gets called out in W. Va.
Posted on March 17, 2009 at 12:15 amThe Nashville-based subsidiary of Caterpillar is the second-biggest delinquent taxpayer on the tax rolls of the Kanawha County Commission, which includes Charleston. It owes almost $250,000.
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Recession claws Cat Financial numbers
Posted on January 26, 2009 at 7:32 amFourth-quarter profits at Caterpillar’s Nashville-based financing group fell almost 90 percent as new business dropped by a sixth.
Also: The mothership says it will cut 20,000 jobs to help it get through the coming year.
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NHI ‘adamantly denies’ claims in nonprofit’s suit
Posted on January 12, 2009 at 5:00 pmThe Murfreesboro-based lender (Ticker: NHI) to nursing homes it will defend itself vigorously against a lawsuit from the Care Foundation of America that accuses it of illegally controlling the nonprofit and unjustly enriching itself.
NHI contends, among other things, that CFA has never been under the control and dominion of NHI and that the terms on which CFA acquired and financed the homes were both commercially reasonable and fair to CFA.
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Cat cuts the cash
Posted on December 22, 2008 at 11:22 amCaterpillar, which runs its financing operations from Nashville, is slashing its executives’ compensation and offering certain employees buyouts.
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‘Sole discretion’ lucrative for NHI chief
Posted on December 15, 2008 at 2:50 pmA committee of the board of National Health Investors (Ticker: NHI) has voted to pay interim CEO Andrew Adams $900,000 for his service since April.
As provided in the Consulting Agreement, the fee for Mr. Adams’ services is $1.00; however, the Agreement also provides that the Directors may, in their sole discretion, pay Mr. Adams a bonus amount for the services provided pursuant to the Agreement.
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NHI’s Christmas bonus
Posted on December 12, 2008 at 6:37 pmThe nursing home lender’s “continued success” spawns a special dividend. And oh by the way, here’s a stock (Ticker: NHI) that’s down only 9 percent this year.
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Fuel for the business
Posted on December 10, 2008 at 6:12 pmBrentwood’s Bibby Transportation Finance has signed a deal with a Maryland trucking company.
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