Hedge Fund Jobs: January 2012

Tuesday, January 31, 2012

News: Polar RCX5 G5 Red

ZoneOptimizer adjusts your heart rate zones
WearLink®+ Hybrid transmitter that’s capable of communicating with the RCX5 when you swim
Race Pace helps you control your speed to reach
Sport profiles guarantee swift switch between different sports

$ 401.49
ZoneOptimizer adjusts your heart rate zones
Sport profiles guarantee swift switch between
different sports
Endurance training programs from
polarpersonaltrainer.com
Provides heart rate even in water
Race Pace helps you control your speed to reach
your target time

The RCX5 is by your side whenever
you train. Whether you’re running,
riding or swimming – the large, clear
display provides all the information
you need is at hand. And the new
Race Pace feature helps you control
your speed by showing how much you
are ahead or behind your target time.

SEAMLESSLY SWITCH BETWEEN
SPORTS made it really easy to switch
between sports on the RCX5 at the
click of a button. And it uses your
customizable sport profiles,
giving you more control over your
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Polar RCX5 G5 Red

Monday, January 30, 2012

News: Knog Nerd 12 Function Bicycle Computer (Red)

Animated rolling display with touch screen functionality
Silicon tool-less attachment for transmitter and main unit
Main unit head will attach to handlebar or stem with reorientation of N.E.R.D. unit
100% waterproof
Displays in either metric or english units

$ 49.71
Knog N.E.R.D. 12-Function Cycling Computers. Features: All N.E.R.D. computers are wireless and coded to prevent interference and crosstalkAnimated rolling display with touch screen funtionalitySilicon tool-less attachment for transmitter and main unitMain unit head will attach to handlebar or stem with reorientation of N.E.R.D. unit100% waterproofTransmitter uses one LR44 1.5V battery, head uses one CR2032 batteryTransmitter weighs 39 grams, N.E.R.D. head weighs 45 grams

Knog Nerd 12 Function Bicycle Computer (Red)

Saturday, January 28, 2012

Computer Support Services in United Kingdom by Onlinepcmasters.com

Onlinepcmasters is a Computer Support and Laptop Support Company based in Luton UK. It provides all kind of Remote Computer Repair as well as it provides Technical Support Packages for your Computers and Laptops.

We have team of Microsoft Certified Technicians who work and support to customers 24by7 . You can call us 02081445602 or Visit http://www.onlinepcmasters.com/contact.html

Wednesday, January 25, 2012

FINFacts January 25, 2012

Volume XX | No. 4 | January 25, 2012

Letter to the Editor

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KEY RATE INDICES
Prime Rate	3.25%	1 Month LIBOR	0.28%	5 Yr US Treasury	0.79%	5 Yr Swaps	1.11%
12-MAT	0.18%	3 Month LIBOR	0.56%	10 Yr US Treasury	1.99%	10 Yr Swaps	2.10%
11th Dist COFI	1.20%	6 Month LIBOR	0.79%	30 Yr US Treasury	3.15%

Transaction of the Week

Transaction Description:

$5,000,000 Permanent Financing on a 12,500 SF Retail Center in Santa Monica, California GSP successfully arranged the $5,000,000 ten-year, 5.50% fixed rate loan to finance a fully leased but 80% occupied retail center. The asset is located on a high traffic corner in Santa Monica. Facing a maturing loan, the Sponsor desired a quick, conservative loan to pay off existing debt on the 45-year old building, while also providing close to $3,000,000 cash-out. GSP highlighted the property's prime location and strong history in rapidly securing a non-recourse loan. Due to the low-LTV request, the lender did not require any reserves or impounds.

Rate: 5.50%

Term: 10 Years

Amort: 27 Years

LTV: 50.0%

Prepayment: Yield Maintenance

Non-recourse

Brokers: Gary E. Mozer, Michelle Lee

Hot Money

Regional Bank From 3.25% Fixed for Northern California Properties. GSP identified a Northern California Regional Bank currently funding high-grade multifamily and stabilized commercial properties. Loan amounts range from $1,000,000 to $12,000,000, and pricing starts at 3.25% fixed for three years. Five-year fixed coupons range from 4.75%-5.25%. Construction and bridge/reposition financing is also available for traditional and special-use assets including elderly care and RV dealerships. Geographic markets start at the Oregon border south to Fresno, inclusive of Reno and northern Nevada, with a strong presence in rural communities.

Hot Money

More Capital than Good Deals! Liquidity is abundant in the private lending bridge market. Several high net worth individuals and families have "suffered" loan pay-offs recently as more institutional capital returns to the debt market. GSP is working with one particular quick-close individual seeking to redistribute capital. Loan amounts will fall between $1,000,000 and $10,000,000, priced in the 7% to 8% range on cash flowing assets. The interest-only loans will be for a term not to exceed 18 months to 60% LTV. Higher LTVs are obtainable for strong recourse borrowers. Commercial assets require a phase 1, although no appraisal or property condition report is needed for funding. Lender fees range from 1% to 2%.

If you have an inquiry regarding George Smith Partners' commercial real estate financing, please contact your GSP representative or Todd August, Chief Operating Officer, at (310) 867-2995 or TAugust@GSPartners.com.

IMN Equity Conference Feedback

Steve Bram attended the IMN Real Estate Opportunity Fund Investing Conference at the Montage Hotel in Laguna Beach last week. This conference was their largest event to date. Participants represented Real Estate Funds or related businesses, and generally held an optimistic outlook for 2012.

Presenters agreed that the downturn is over, but most felt we would have 2-3 years of slow or no growth. Large US Institutional investors have pushed out underwritten rent bumps from 2012 to 2014. All funds were having difficulty finding good product to buy, saying that 15-20 identical bids were made on any institutional asset listed for sale. And even though the dollar is weak, foreign buyers have no place to invest, adding to the competition for American assets.

2012 will be a year of the "haves" and the "have nots" – overleveraged assets still can't get done, but properties with the right leverage will lock rates at historic lows. And lenders are finally selling notes. Many lenders now see that they should have sold impaired notes in 2008, as prices (values) continued dropping. Many lenders can now afford to sell notes at a discount today because they have been reserving for 2-3 years. And the July/August 2011 dip in prices scared many lenders, reminding them that prices could fall again. Lenders have accepted that prices may stay flat (or could even go down again), and are now selling more notes. Funds in the land market see this as a "generational opportunity" to buy land. Values will improve, albeit very slowly.

The panel on "How to start a new fund" left us feeling that it is more difficult today than ever to start a new fund. Investor's current fund advisors can't find sufficient deals, so why should investor's go to new unknown sponsors. To start a new fund, it takes a devoted senior executive 18-24 months of legal preparation and road shows to hundreds of potential investors. Some sponsors start small going to a fund for capital, high net worth Individuals or family offices, as institutions won't invest with a start-up. Sponsors must contribute a meaningful amount of their own cash. Formation costs run from $300,000-500,000 to start a fund, and the lead investor may ask for better splits or piece of sponsor's side of deal. Joint Venture Capital presents a much more viable option for an equity raise.

Pascale's Perspective

2012: Transactional Volume…When is the REO avalanche? Investors have been waiting for the predicted plethora of commercial transactions from institutions: lender owned, CMBS servicers, note holders, etc. There is some anecdotal evidence that some of these properties are starting to hit the market. As the economic recovery is proving to be less than robust and inflation near zero, most properties will only be able to raise rents with some type of reposition. Most institutions are not funded or staffed to renovate and lease up. Without cap-rate compression, now may be as good a time as any to sell as potential buyers can obtain well priced financing. Look for selling pressure this year at each quarter end, fiscal year end, etc. Fed watch: The Fed "stood pat" in its meeting today, no new quantitative easing. However, they indicated that "accommodative policy" aka rock bottom rates will be in effect until late 2014 or early 2015. This would constitute a 6 year period at a near 0% discount rate, like so many things these days, it's unprecedented. ….stay tuned… David R. Pascale, Jr.

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Wednesday, January 18, 2012

FINFacts January 18, 2012

Volume XX | No. 3 | January 18, 2012

Letter to the Editor

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KEY RATE INDICES
Prime Rate	3.25%	1 Month LIBOR	0.28%	5 Yr US Treasury	0.80%	5 Yr Swaps	1.12%
12-MAT	0.18%	3 Month LIBOR	0.56%	10 Yr US Treasury	1.89%	10 Yr Swaps	2.02%
11th Dist COFI	1.20%	6 Month LIBOR	0.79%	30 Yr US Treasury	2.94%

Transaction of the Week

Transaction Description:

Foreclosure Avoided! $7,900,000 Bridge Loan Funded in 7 Days - Closed December 30th. GSP arranged financing for a vintage historic Bay Area warehouse. The 28,000 s.f. property was fully renovated in the early 2000's and is leased to a single tenant for creative office use. The building is fully entitled for 74 units of residential (For Sale or Rentals). The Sponsor contacted us with less than 2 weeks remaining in the year and needed to close by year-end or lose the property to foreclosure. The loan funded at below break-even DCR and the Lender did not require an interest reserve to maximize proceeds at closing.

Challenge: The Sponsor had a hard payoff date by year-end with an executed deed in lieu. The Borrower was under a forbearance agreement with the deed in escrow, meaning the Sponsor would lose the property on January 2nd.

Solution: GSP sourced a Los Angeles private placement lender who closed in 7 days under the terms agreed to in the application. The Lender increased loan proceeds by $400,000 during the loan process. The Lender flew up and met with the Borrower the day the application was executed. The Lender agreed to accept some documentation (ie lease guarantee) post-close. GSP funded 3 loans with this capital provider in 2011.

Rate: 12.0%

Amort: Interest Only

LTV: 70%

Lender Fee: 3%

Exit Fee: 2% Brokers: Steve Bram, David R. Pascale, Jr.

Hot Money

Single Tenant Note Acquisition/Refinance A National Credit Company has rolled out an aggressive note acquisition/refinance program targeting predominately single tenant uses. Single notes or pools of notes may be funded to 75% LTV and a 1.15 DCR. Single notes will range from $5,000,000 to $15,000,000 with no size limit on portfolios. Some multi-tenant transactions will be underwritten, although the majority of the revenue must come from a single tenant. Assets may be owner-user or for an investor borrower. Pricing will vary based on leverage, location, and credit quality.

The Basis of Commercial Real Estate Investing In a Recovery

A majority of depository institutions, investment banks and life insurance companies initiated contracted lending policies for commercial real estate early 2007, just as the looming recession crystallized. While a handful of lending institutions threw caution to the wind, the slowdown of financing could first be noticed in tertiary markets and on special use assets that had experienced a wave of optimism for several years. Today, banking and life company partners are adamant about deploying capital. If lending is moving forward once again, what do lenders truly believe about the health of our economy?

While many economists and fund managers have a "wait and see approach" to 2012, commercial real estate applications are moving forward, all-be-it at a slower pace. Applications signed today may take 90 days to fund in many cases. It is widely noted that there is an abundant supply of liquidity in the market that has yet to find a home with distressed assets. What happens to that capital when the market shows clear improvement? Will you catch the incline at the right moment? Is it reasonable to believe that the cost of debt or value of commercial real estate will slip much lower at this stage of the recovery?

The lack of transactional activity has created a void in determining the basis at which to acquire an asset. Initially purchasing an asset in a secondary market appraised at $10 million for $10.8 million (due to the lack of supportable comparable sales) may seem foolish. It is important to look where the recovery cycle is for that market.

In a frothy market, the prevailing market price might net $11.5 million for the same asset as you out-bid competitors. Although your purchase is on par with market value, you are actually coming in at a higher basis for the same asset had you acted when investors waited for deal of the century that never materialized. Ameet Chagan

Pascale's Perspective

2012 Capital Markets – Lenders Flush with Capital -- Capital providers across the spectrum have received their allocations and production goals, and competition is fierce for transactions. CMBS pricing has tightened as bond buyers are less spooked about Europe and concentrating on the real estate. We are seeing 10 year transactions pricing anywhere from 5.0-5.5% (compared to near 6.0% in late 2011). More importantly, the "strike zone" is expanding. Quote from originator: "The business model of lenders all bidding prime core transactions in great locations to the bone is so 2011 and unsustainable." Lenders are quoting in secondary markets to fill their pools. We have seen innovative structures including senior/mezz combinations, etc. On lower leverage, CMBS and Life Companies will price into the mid 4% range for 10-year and lower on 5-year terms. Mezzanine lenders have multiple pockets of funds with risk adjusted pricing anywhere from 9-15% depending on the transaction. Non recourse bridge lenders (mostly funds) are competing on reposition and nearly stabilized transactions. Quote from bridge lender: "The bigger the better, our appetite is huge and limited resources means we need larger deals." Construction is back? Yes if it is well located multifamily. Moneycenter banks are concentrating on major sponsors with repeat business, offering tight LIBOR based pricing. Local and regional banks are picking up transactional middle market transactions and sponsors. With indexes at historic lows and narrowing risk spreads, it's shaping up as a good time for financing. Europe: At press time, Greece seems to be nearing a bond swap deal with their creditors, thereby averting a potential "catastrophic" default… …Stay Tuned… David R. Pascale, Jr.

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Wednesday, January 11, 2012

FINFacts January 11, 2012

Volume XX | No. 2 | January 11, 2012

Letter to the Editor

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KEY RATE INDICES
Prime Rate	3.25%	1 Month LIBOR	0.29%	5 Yr US Treasury	0.82%	5 Yr Swaps	1.17%
12-MAT	0.18%	3 Month LIBOR	0.58%	10 Yr US Treasury	1.91%	10 Yr Swaps	2.06%
11th Dist COFI	1.20%	6 Month LIBOR	0.81%	30 Yr US Treasury	2.97%

George Smith Partners Closes 116 Loans in 2011

2011 was a productive year for George Smith Partners. We experienced growth in all aspects of our business, with closed transactions increasing a healthy 30% over the 89 loans placed in 2010. Highlights include 54 multifamily loans, 13 bridge/reposition loans, and 10 equity placements. In addition to increased loan and transaction volume, we grew in personnel. Most notably, we added two new senior producers to our firm, opening up Orange and San Diego Counties with local representation. 2011 also saw the return of two veteran GSP producers to the firm.

Last year witnessed a notable return of capital to the marketplace. We expect this trend to continue throughout 2012. Many of the 53 capital sources that GSP funded loans with last year were not in the market from 2008-2010. We also participated in the return of several loan types that have been missing since the Financial Crisis began in 2008. GSP closed 10 CMBS transactions, representing 15% of our total gross production. Forward commitments also reappeared after a long absence from the market. On two occasions, GSP arranged twelve-month forward commitments with large Life Insurance Companies. Included in our 2011 totals are three large land loans and two ground-up construction loans. Capital providers are once again considering hospitality requests, with GSP closing two limited service and two full service hotel loans in 2011.

While GSP is known for arranging debt, mezzanine debt and equity, GSP has always had a significant consulting and expert witness practice. In 2011, GSP was active in 49 consulting and expert assignments, serving some of the largest national law firms and lending institutions.

Our robust pipeline promises a very active 2012 as more lenders return to the market. We will keep you informed as market trends unfold over the coming months.

Production Summary:

86 Permanent Loans
13 Bridge/Reposition Loans
10 Equity Placements
5 Construction Loans
1 Mezzanine Loan
1 Line of Credit

Product Type:

54 Apartments
17 Retail/Shopping Centers
15 Offices
18 Industrial Properties
1 Medical Office
4 Hotels
2 Mixed Use Buildings
3 Land Loans
1 Mobile Home Park
1 Line of Credit

Lender Type:

15 Agency Loans
58 Bank Loans
10 CMBS Transactions
13 Opportunity Funds
7 Life Insurance Companies
11 Private Placements
1 Bond Transaction
1 Real Estate Investment Trust (REIT)

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Tuesday, January 10, 2012

News: Lenmar Auto 2 Port 12V DC Auto Socket Duplicator Plus 2 USB Port (SSPU2)

Simultaneously charges and powers up to 4 electronic devices using 2 integrated USB ports and 2 built-in DC car adapter sockets
Compact, lightweight design – car adapter plug rotates 180 degrees and locks to fit in virtually any auto console or dashboard area
LED power indicator confirms on/off power status
Replaceable 10 amp car fuse protects your connected electronic devices from electrical damage
1 Year Warranty

Simultaneously charges and powers up to 4 electronic devices using 2 integrated USB ports and 2 built-in DC car adapter sockets. Lenmar’s power accessories include portable chargers, power adapters & cable / tip sets. So whether it’s powering your laptop & mobile phone or recharging camcorder & digital camera batteries, our accessories will keep you connected & powered on the go.

Hedge Fund Jobs

Tuesday, January 31, 2012

News: Polar RCX5 G5 Red

Polar RCX5 G5 Red

News: Kenda K841C Komfort Wire Bead Bicycle Tire, Blackwall, 26-Inch x 1.95-Inch

Kenda K841C Komfort Wire Bead Bicycle Tire, Blackwall, 26-Inch x 1.95-Inch

News: NiteRider MiNewt 600 Cordless Rechargable Headlight

NiteRider MiNewt 600 Cordless Rechargable Headlight

Monday, January 30, 2012

News: Knog Nerd 12 Function Bicycle Computer (Red)

Knog Nerd 12 Function Bicycle Computer (Red)

News: Sunlite Bicycle Tube, 700 x 35-43 SCHRADER Valve, 48mm

Sunlite Bicycle Tube, 700 x 35-43 SCHRADER Valve, 48mm

News: Thule 958 Parkway 2-Bike Hitch Mount Rack (2-Inch Receiver)

Thule 958 Parkway 2-Bike Hitch Mount Rack (2-Inch Receiver)

Saturday, January 28, 2012

Computer Support Services in United Kingdom by Onlinepcmasters.com

Wednesday, January 25, 2012

FINFacts January 25, 2012

Wednesday, January 18, 2012

FINFacts January 18, 2012

Wednesday, January 11, 2012

FINFacts January 11, 2012

Tuesday, January 10, 2012

News: Lenmar Auto 2 Port 12V DC Auto Socket Duplicator Plus 2 USB Port (SSPU2)

Lenmar Auto 2 Port 12V DC Auto Socket Duplicator Plus 2 USB Port (SSPU2)

News: Ultra Deluxe Garage and Car Care Kit

Ultra Deluxe Garage and Car Care Kit

News: LCD Bicycle Bike Computer Odometer Speedometer LCD Backlight

LCD Bicycle Bike Computer Odometer Speedometer LCD Backlight

News: GSI Waterproof Multi-Function Cycling GPS Computer – Measures Directions, Distance, Altitude, Speed and Calories – LCD Display, USB Interface –...

GSI Waterproof Multi-Function Cycling GPS Computer – Measures Directions, Distance, Altitude, Speed and Calories – LCD Display, USB Interface – Bike/Bicycle/Motorbike Mounting Kit Included

News: Schwinn Sierra DSX Adult Comfort Bike

Schwinn Sierra DSX Adult Comfort Bike

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