First Pactrust Bancorp Inc. Reports Operating Results (10-Q) GuruFocus.com
Allowance for Loan Losses. The allowance for loan losses at June 30, 2011 was $8.4 million, which represented 1.2% of the loans outstanding at June 30, 2011, as compared to $14.6 million, or 2.1%, of the loans outstanding at December 31, 2010. Of these allowances, $1.3 million are allocated to non-performing loans and loans subject to troubled debt restructurings with $7.1 million serving as a general reserve for loan losses. The reduction in the allowance largely resulted from the Bank recording charge-offs on problem loans totaling $6.7 million during the period. This reduced the Company’s general and specific reserves and resulted primarily from a decline in the Company’s rolling twelve month loss metrics. The Company’s level of available allowances at the beginning of the period combined with improvement in the credit metrics and the reduction of delinquencies in the loan portfolio during the six months ended June 30, 2011, allowed the Company to absorb these charges during the period. The Company’s specific reserves declined $3.1 million during the period as a direct result of charging off previously established specific valuation allowances. Further, of the $6.7 million total problem loans charged off during the period, $2.1 million related to one multi-family loan and $1.7 million related to one problem land loan. The remaining charge-offs were primarily related to various residential loans. Even with the decrease in the overall total allowance, the Company’s allowance for loan losses as a percentage of non-performing loans remained fairly constant at 38.2% at June 30, 2011 compared to 41.3% at December 31, 2010. The Company’s non-performing loans also reflected the improved credit quality in the portfolio with a $5.7 million decline from $19.9 million at December 31, 2010 to $14.2 million at June 30, 2011 representing the lowest level of non-performing loans over the last five quarters. The Company added $451,000 to its provision for loan losses during the period related to new commercial real estate production.
The Best Way to Land the Best Installment Loans Part 10
Such detail in the particular amount can be negotiated and will finally be agreed upon by both parties concerned. Although the forecasted amount of the loan by the borrower differs a lot from that of the assessments outcome results that was performed by the bank or the lending agency. Such differences can be amicably negotiated or until an agreeable amount surfaces to meet both the approval of said parties concerned. The best installment loan will be released in a faster way that the borrower less expected it to be, but happy with such immediate results. The sooner he could go on with his business the better it would be for him.
Refinance Help. Fill this form and get help!
Land loan --Col. from Moody @ VLCIA 18 January 2011
Regular monthly meeting, Valdosta-Lowndes County Industrial Authority, VLCIA, Norman Bennett, Roy Copeland, Tom Call, Mary Gooding, Jerry Jennett ...
Where can I find a loan for a manufactured home with land, that is in an "unhabitable" condiition now?
My wife and I are currently looking at a manufactured home with 1.8 acres of land in South Carolina, it is a doublewide home, on a permanent foundation, currently it is "unhabitable", in that the sinks have been removed and may need some electrical work. Trying to find a mortgage is killing us. Our credit scores are in the low 700's. We have been pre approved for twice as much as this purchase would be. Are there other options like getting it as an investment property or doing a land loan on it? I need to know if this is even possible, or if there is a way to beat the loan system that is making it super hard to get a loan on a manufactured home.
It is possible although in this market may be quite difficult, especially on a manufactured home. Look into getting an investment loan for the property. The house will still need to appraise at what your buying it for though. Then once you've done the renovations and it is livable look into refinancing, then you'll be able to get a lower rate and it will be easier to find a home loan. Good luck.
Do Land loan interest payment qualify for a personal income tax credit in USA?
I am renting right now and do not own a house. I have purchased a residential lot to build my home in Texas, USA.
Do the interest payments I make this year on the land loan count towards an income tax credit?
land loans are not deductible unless you are a farmer -- could plant puck ins on it!!!
You have two loans.one current home and the second is a land loan, which should you make extra pymts on first?
If you have extra money to make extra payments, should you make extra payments on your current home mortgage or should you make extra payments on your land loan (plan to build a home on the land in the next 1-5 years). If one of the loans has a 1% higher interest rate, is this the one you should try to pay off faster?
Given your timespan, why are you looking to pay off more of the home loan? There's little to gain.
While we're at it, why would you want to pay off extra principal on the land loan? Knowing what you expect to gain from doing that might shed some light on this.
I'd suggest that you save the extra cash to go towards construction of the new home. You can take out a smaller home construction loan.
Second to that, I'd put the money towards the land loan, since I'm expecting that you plan on living them for many years.
how can i get a loan for land that has structures that have no value, but have utilites, and i can live in?
a 10 ac lot is $150000, but being sold as land, it has a small house and trailer on it with utilities which make it livable, but not considered value. i want to get a loan to buy the land but explain that i will be living on the property. Can i expect a bank to loan me something less then the customary 20% down on land loans?
I'd go with a construction loan on the property if you're able. Probably not going to be at less than 20% down, though. It is sometimes possible to get a residential loan if you're able to live on the property, but the home had better be up to par.
Lenders are much more conservative right now with their money due to the number of foreclosures going on, so I wish you the best of luck in getting a loan.
PS - Watch out for all of those idiots above me with their fake money scams. Do not give any personal information to any of them!
Hunting/recreation land loan (How to procure?)?
I'm considering purchasing some hunting/rec land between 40-80 acres. I only want to spend less than 100k and have found many properties that meet this standard. I can put down 20% but need a loan for the rest. I can't seem to find any bank that has a loan for raw land. Any suggestions? Yes, my credit is great and I have a strong income and debt ratio.
You would have to find private funding, a hard money lender. Banks will not finance this.
Can I take out a home loan for land and a manufactured loan?
By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?
Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face?
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value - unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.
In Park / Rented Land:
JCF Acceptance
Refi.Net
MH Loans
Origen Financial
Aaron Financial
Mountainside Financial
Land/Home Loan:
Amy Leshner - FCM
Countrywide Financial
Good Luck,
Peter
Can I get loan for buying a land in India from bank in Dubai?
I live in Dubai, UAE & as u all r aware that land loans are not sanctioned in India... So does any bank in Dubai give loans for buying properties in India????
if yes, then which bank in UAE?
i think so if you have a residence vist then it should not bee a problem
Where can I get a loan for land I own in Alabama if I live in Texas?
I live in Central Texas and I own one acre of land in Alabama. I know that you can get a loan for unimproved land based off it's value. The land's value is $50,000 but I don't want to borrow that much. If you know of some places that could help me I would appreciate it or if you are willing to purchase the land let me know something please!
I love alabama! and I love Central Texas! I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/home-loans.htmlGood luck!
What is the average commission for a loan officer doing a commercial land loan?
It is a 1 million dollar cash out, on a 2.5 million dollar piece of property in Texas. Thanks in advance.
Commercial loan officers usually charge 1%.
To qualify for a business loan, the land must be Indian Land. What is considered Indian Land?
(Hypothetical )For a certain Federal Business loan, the applicant must be native American, have clear title to the land the business will occupy, and the land must be Indian Land..What is considered Indian Land...? Land that was once Indian Territory, now owned by a Native American, enough to consider it Indian Land?
You might start with http://www.doi.gov/bia/roadreservation.html
Indian reservations come under Dept. of Interior. This site should get you to someplace where you can ask more questions.