Monthly Archives: November 2016
It was 1621 when the Plymouth colonists and the Wampanoag Indians shared a fall harvest meal, regarded by most as the first Thanksgiving. It wasn’t until 1863, however, that President Abraham Lincoln proclaimed a national Thanksgiving Day.
Those very early colonists were faced with a harsh New England winter in their first year, which brought malnutrition, illness and death. The kindness of an American Indian who spoke English, which he learned during his time as an English sea captain’s captive, went a long way toward preventing more colonist deaths.
That man, Squanto, taught the colonists how to cultivate and collect food in their new homeland. He also helped them forge an alliance with the local tribe, the Wampanoag; an alliance that endured for more than 50 years.
Historians speculate that the 1621 Thanksgiving menu, shared between the settlers and their new friends, probably included fowl of some sort as well as deer and corn. With no oven and a dwindling sugar supply, cakes and pies were almost certainly not on the menu.
Despite the fact that approximately 90 percent of Thanksgiving meals now feature turkey, the wildfowl served at the first Thanksgiving meal was probably goose or duck.
As traditions have evolved, one or two lucky turkeys get pardoned by the U.S President each year, which started in the mid 20th century. Some state governors do the same for turkeys in their respective states. Over time, parades and volunteering have also became part of the U.S. Thanksgiving tradition.
However you celebrate Thanksgiving, whatever you include in your feast and whomever you invite to your table, from all of us at Grandpoint Bank, we hope this Thanksgiving fills your heart, as well as your belly, and that we all reflect on the charity and friendship exemplified by that first Thanksgiving celebration.
Our great nation was founded on the belief that everyone is created equal and that life, liberty and the pursuit of happiness are inalienable rights. At times in our history, as will surely be the case in our future, brave men and women have been called upon to defend those rights and ideals.
Today we celebrate those individuals who have given their time, their skills and even their lives, to protect our safety, freedom and way of life.
To all the members of the United States military, past, present and future, thank you for your service. No one better demonstrates than you the closing line of the Declaration of Independence: “we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.”
Happy Veterans Day
Congratulations to Karen McGuire, manager of Grandpoint’s Construction Lending Department, who just earned a well-deserved promotion to Executive Vice President.
Karen is responsible for helping Grandpoint Bank and our divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, expand our construction lending loan portfolio. She is based at Grandpoint’s Irvine office and oversees a seasoned and talented construction lending staff. Her duties include analyzing and underwriting all of the bank’s construction loan requests. This includes evaluating both standard and complex construction loan transactions, interfacing with clients, handling the construction loan disbursements once a loan is approved and visiting project sites.
According to Karen, currently, the demand for construction lending for multifamily properties is especially strong throughout the nation. In the markets that Grandpoint Bank and our divisions serve, Karen says the strongest demand is coming from Los Angeles and the Portland, Oregon/ Vancouver, Washington market. Karen’s team is also currently seeing a lot of lending activity and demand from the hospitality and single family real estate sectors in many of the bank’s existing markets.
Karen’s best advice for would-be loan applicants? If you’re looking for construction financing, start the loan application process sooner rather than later. Assuming your loan application is complete, the approval process can be as short as 60 days, but compiling a complete loan application can take longer than many people anticipate due to the additional amounts of information and analysis required.
Your local relationship manager, along with Karen and her staff, will work with you to help you understand what is needed and what to include in your application. You’ll also benefit from the incredible depth of experience our loan underwriters have and can contribute to your construction project and process. You can depend on our team to bring a sophisticated understanding to your objectives and the business of construction.
“My team and I don’t consider our work done once a loan is approved,” says Karen. “Someone from our construction lending team will go to the building site once every two to three months so that we continue to understand not only the project but also our clients’ needs and achievements.”
Karen counts the AC Hotel Tucson by Marriott (currently under construction) as one of her most notable construction loans to date. Though it was a complex project, involving two different loans and some required environmental remediation, the loan was ultimately closed based in large part on the entire team’s “can-do” attitude. The 136-room hotel with 5,000-square-feet of ground floor retail will soon give new life to the intersection of Fifth Avenue and Broadway in downtown Tucson.
“We are very fortunate to have Karen and her staff, all of whom have considerable previous experience in complex structured financing,” said Mark Phillips, Executive Vice President & Chief Credit Officer of Grandpoint Capital. “When Karen started with us, we had one construction loan on the books. Now we’re making construction loans in three states, with loans amounts up to $40 million and greater.”
For more information about construction loans, please contact your local banking office, your relationship manager or Karen McGuire at 949-483-8388.