Category Archives: Grandpoint Divisions
Members of our staff recently toured the Long Beach campus of U.S. Vets, an organization dedicated to helping veterans and their families make a successful transition to civilian life by providing housing, counseling, career development and comprehensive support. Our visit included the presentation of a $10,000 donation to the organization.
According to U.S. Vets, about 50,000 vets in our nation are homeless – men and women who have served valiantly for our country and now find themselves sleeping on the streets.
“Beyond the essentials, what I saw during our visit is that U.S. Vets is giving veterans back their self-respect,” says Darlene Esquerra, Senior Vice President & Community Development Office of Grandpoint Bank. “Everyone is treated with kindness by staff members and volunteers, who, in many cases, have had the same experiences as the veterans.”
U.S. Vets is the largest organization of its kind addressing the needs of homeless and at-risk veterans and their families in the U.S. Their Long Beach facility is located on 25 acres of former Naval housing and offers a variety of permanent and transitional housing – including a building for women veterans with up to two children and housing for homeless vets — dining facilities, community center, clinic, classrooms, recreational facilities and even an urban forest where residents can pick fruits and vegetables.
“Grandpoint Bank’s support of our programs across Southern California makes it possible for us to fill the gaps and really meet the unique needs of each one of the veterans we serve,” said Laney Kapgan, Vice President of Development and Communications for U.S. Vets. “With more service men and women coming home than ever before, this investment will help us continue to expand not only housing but also key employment and mental health programs for our veterans.”
Grandpoint was introduced to U.S. Vets through our Executive Vice President and CCO Mark Phillips, who struck up a conversation with U.S. Vets National Director of Programs, Larry Williams, on an airplane. Mark was so impressed with the program, he referred the information for consideration as a Grandpoint Bank Community Reinvestment Act-qualified donation. The rest, as they say, is history.
You can find more information about U.S. Vets on their website usvetsinc.org.
We’re proud to salute U.S. Vets for helping so many vets and their families, and we thank all the members of our armed services, past and present, for their dedication and selflessness.
Independent rating and research firm BauerFinancial has released its March 2017 bank ratings, giving Grandpoint Bank and its divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, a fifteenth consecutive quarterly 5-Star rating for strength, stability and soundness.
Based on December 31, 2016 financial data filed with the government, only banks BauerFinancial considers to be the strongest in the nation earn the 5-Star rating. Four- and five-star banks appear on BauerFinancial’s Recommended Report.
BauerFinancial has rated banks since 1983 and is regarded as “the nation’s bank rating service.” Banks cannot pay to be rated nor opt out of being rated.
Criteria for earning the 5-Star rating include the strength of the institution’s capital ratios, profitability/loss trends, the level of delinquent loans and repossessed assets, the market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA) and liquidity.
Thank you to all our wonderful clients for your business and your trust. We’re a 5-Star bank because we work with 5-Star clients.
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The SBA Debt Refinance Program is back! Does your small business have a maturing or high-cost conventional loan for real estate, buildings or equipment? The long-term, fixed rate financing available through the SBA Debt Refinance Program can help small businesses that face significant balloon payments, require financial flexibility or want to take cash out from appreciating assets for expansion.
Under the new program, small businesses that refinance into a SBA 504 loan can take advantage of lower rates, fixed for 20 years, to lighten their monthly debt payments, improve cash flow and stabilize operations.
These parameters can help determine whether this program might be a good fit for your business:
- The debt to be refinanced must be at least two years old.
- The debt to be refinanced must be current during the last 12 months.
- Eligible small businesses can obtain up to 90 percent financing for secured debt and qualified business debt.
- Eligible fixed assets include real estate and equipment.
- Cash out for operating expenses, including debt consolidation, is limited to 75 percent loan-to-value.
- Cash out can be used for eligible business expenses (salaries, rent, utilities, inventory).
- Existing government guaranteed loans are not eligible to be refinanced.
- The eligible debt being refinanced is for the outstanding principal balance.
Other conditions or qualification requirements may apply.
For those considering applying for a new loan, we offer a variety of government guaranteed loan products that require less cash investment up front and offer longer loan terms, which can help bridge the gap for businesses that otherwise would not have access to capital.
- SBA 7(a), 504 and 504 refinance
- SBA Export Express Export Working Capital International Trade
- USDA Business & Industry Loans Food Desert Rural Energy for America Program (REAP)
- Export Import Bank of U.S.
If you would like more information on the SBA 504 Refinance Program or any of our government-guaranteed loan products, please contact Leticia Scearce, Senior Vice President/Government Guaranteed Lending Manager, at email@example.com or (602) 445-6511.
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.
We’re happy to announce that we have expanded our service offerings once again.
Multifamily properties represent an important part of the housing market, especially as cities become denser and land constrained. Grandpoint Bank and its divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, now has a multifamily lending division, managed by Senior Vice President Karen Kim.
According to Karen, 2016 is expected to be another good year for the multifamily sector due to favorable demographic trends and economic growth, based on the Multifamily Outlook study completed by Freddie Mac.
“Demographically, the strong multifamily market is further bolstered by Millennials and empty nesters, who are increasingly choosing multifamily over single-family residences in many cities,” Karen says.
Karen’s multifamily lending team is comprised of experts in multifamily lending who have previously worked at institutions that have produced a large volume of multifamily portfolios for the past two decades or more.
Multifamily property owners and investors can access three-, five- and on a very limited basis, seven-year hybrid loans from our bank, as well as a six-month ARM loans. Qualifying properties include five or more units in Class A or B buildings, with Class C-type properties considered on a deal-by-deal basis. As portfolio lenders — meaning most of these loans remain with our bank — we have more control over our products and pricing, which is a huge advantage.
We’re working with a network of seasoned mortgage brokers throughout the markets we serve to educate them about how Grandpoint Bank and its divisions can help their clients finance or refinance properties up to approximately $15 million in loan value. Karen and her team are currently cultivating additional mortgage broker relationships in Greater Los Angeles area, San Diego County, Ventura County, Orange County, Portland, Vancouver, WA, Greater Phoenix area and Tucson.
Please contact Karen to inquire about becoming an approved broker with Grandpoint Bank. You can also ask her to connect you to an approved broker already working with Grandpoint Bank.
Karen H. Kim, SVP, Multi-Family Lending Manager firstname.lastname@example.org or (213) 542-2727.
Grandpoint Bank has introduced a new way for its business banking clients to protect themselves from financial losses due to funds transfer fraud and cyber deception through a first-of-its-kind cyber insurance group policy.
We’ve created Grandpoint Insurance Services, Inc., a non-bank insurance agency affiliate, to develop the Client Cyber Crime Insurance product. The policy, offered to customers of Grandpoint Bank and its divisions, offers cyber crime loss coverage that is specifically geared to monetary losses. It was created as an affordable and easy alternative to individually underwritten, higher-priced commercial crime insurance policies.
The majority of businesses don’t realize that they have significantly more exposure for losses due to fraud than individual account holders, who are afforded certain regulatory protections. Businesses are often tricked into approving fraudulent transfers, notwithstanding internal controls to identify and prevent this kind of risk. According to the FBI, since 2013, over 17,000 businesses have lost an aggregate of more than $2.3 billion to one type of cyber crime alone, known as the business email scam.
Even as monetary losses due to cyber crime have skyrocketed in recent years, many traditional commercial crime policies specifically exclude losses arising from cyber deception.
“We are excited to make this new coverage available to our business clients,” said Petra Griffith, Director of Product Development for Grandpoint Bank. “The policy focuses on the kinds of coverage that directly address the key fraud risks that businesses face – losses to their bank accounts through cyber crime. Cyber crime is a major concern for businesses, especially since they are typically liable if cyber criminals steal funds from their business accounts. They often don’t have the appropriate insurance in place and are finding it more difficult to protect themselves in this ever evolving, increasingly sophisticated cyber crime environment.”
The Client Cyber Crime Insurance policy is available exclusively to business clients of Grandpoint and its divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, through Grandpoint Insurance Services, in partnership with LBW Insurance & Financial Services, Inc. The policy is underwritten by Hiscox Inc., on behalf of Underwriters at Lloyd’s, London, which is rated A by A.M. Best. Insurance products are not a deposit, not FDIC insured, not federal government agency insured, not bank guaranteed.
The Client Cyber Crime Insurance group policy coverage helps reimburse funds in business deposit accounts lost due to funds transfer fraud and cyber deception and is offered at premiums that represent substantial savings from individual policies currently available on the market. Any business that has a deposit account at Grandpoint Bank or its divisions is automatically eligible to enroll in the policy and select from a range of coverages with premiums that start at $30 per month.
“Educating and alerting our clients, and the broader business community, about established and emerging cyber crime trends is a commitment we’re passionate about,” said Griffith. “We’ve been working for over a year to create a more powerful solution to help clients protect their financial assets against attacks by cyber criminals.”
For more information on the Client Cyber Crime Insurance, visit www.grandpointinsurance.com (California Insurance License #0K82434).
Insurance Products are:
Insurance Products are offered through Grandpoint Insurance Services, Inc., a non-bank insurance agency affiliate of Grandpoint Bank, and facilitated through LBW Insurance & Financial Services, Inc., an unaffiliated insurance agency.