SD FINANCERecent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
FINANCE: Hot High-End Market Stokes Competition
JPMorgan Chase & Co. is relaxing lending requirements for mortgages up to $3 million, the latest in a series of moves by major banks to allow higher-end borrowers to buy homes with smaller down payments and lower credit scores as investor demand for quality mortgages increases.
San Diego County credit unions had $10 billion loaned out to members by June 30, nearly 17 percent more than the year before, the California Credit Union League said Thursday.
STARTUPS: Aim Is to Build Confidence, Culture For Women Entrepreneurs
It took a screening of “The Social Network” to help launch the University of California, San Diego’s startup accelerator for women.
Statewide demand from industries including technology, advertising, media and information services is generating continued optimism among commercial real estate professionals, according to the latest twice-yearly survey by the law firm Allen Matkins and UCLA Anderson Forecast.
San Diego-based Gupta Wealth Management on Tuesday said it had passed $1 billion in assets under management.
La Jolla-based Silvergate Bank on Tuesday posted second-quarter net income of $3.1 million, more than double the $1.5 million reported during the same period last year.
Investment Placement Group, a network of affiliated wealth management companies, has hired a former Pershing LLC director as its new chief operating officer, the San Diego-based company said.
Encore Capital Group, the San Diego-based buyer of defaulted credit card debt, reported record collections and earnings on Monday, posting second quarter revenue of $290 million, an increase of 8 percent over the same period last year.
BofI Federal Bank says it has received regulatory approval for its planned purchase of H&R Block’s banking business for an undisclosed amount, with the deal now expected to close by the end of September.
Sales of San Diego single-family homes rose 12 percent in July compared to the year before, with 2,250 sales recorded, according to the Greater San Diego Association of Realtors, though the figures are down from the month before.
Unified Port of San Diego staff have recommended that the port district enter into negotiations with two locally based finalists – Brigantine Inc. and Sunroad Enterprises -- to potentially replace Anthony’s Fish Grotto when its downtown restaurant lease expires.
San Diego’s financial health has improved dramatically over the past decade, recovering from a pension crisis and fiscal mismanagement that brought the city close to bankruptcy, according to a report from the city auditor Thursday.
Renovate America, a provider of Residential Property Assessed Clean Energy financing, said Thursday it finished the fourth securitization of PACE (Property-Assessed Clean Energy) bonds by issuing $159.8 million in notes.
FINANCE: Owners Can Sell; Workers Profit from Profits
Attorney Marc Schechter specializes in helping business owners sell their companies, not to competitors or family members, but to their own employees. Schechter’s firm, Butterfield Schechter LLP, is one of the largest in Southern California to focus on employee stock ownership plans (ESOP) and has seen a spike this year.
FINANCE: New CIO Takes Less Leveraged Approach
There’s been a sea change at San Diego County’s $10.3 billion pension fund.