Purchases made with small-business credit card will earn reward points redeemable for gift cards. More
Orleans Homebuilders announced it has struck an agreement with its revolving credit line lender that should keep the company in operating cash for the time being. Its credit-line lenders have agreed to let the company keep borrowing from its $375 million credit line until about Jan. 29, when it hopes it will have a new credit agreement in place with significantly different structural and covenant changes. More
San Diego’s Presidio Residential Capital wants to make $250 million in loans over the next two years. More
Orleans Homebuilders is struggling to stop a potential cascade of events that could erode its financial structure by early December, leaving it with no operating cash. More
Meritage announced Tuesday in an 8K filing with the Securities and Exchange Commission that on Sept. 28 it terminated its $150 million credit agreement, which was administered by Guaranty Bank as agent for a group of bank lenders. In its place, it has entered into secured letter of credit arrangements with the three banks for an aggregate capacity of approximately $53 million. More
Buyers in California and Arizona already have filed complaints against the builder, its preferred lender, and a proprietary appraisal service. More
America’s Recovery Capital program will lend up to $35,000 interest-free over six-month period to qualified small businesses. More
When the U.S. Department of Housing and Urban Development (HUD) announced in May that the Federal Housing Administration (FHA) would allow for home buyers to monetize the federal $8,000 first-time home buyer tax credit for down payment purposes, many in the home building felt a renewed sense of hope. That hope may be misplaced. More
