LUBBOCK, Texas, Nov. 27, 2020 /PRNewswire-PRWeb/ — Agrellus, the leading e-Commerce Agricultural Inputs Marketplace, continues its commitment to the agribusiness channel through exceptional margin retention features for the dealer while delivering comprehensive and competitive pricing to farmer, today announced it has completed a $3.6 million investment round of financing. True to its fundamental beliefs, its fast growing friends to farmers network have led the investment, paving the way for strategic partnerships with Agrellus in 2021.
The funding accelerates Agrellus' support of the ag input dealer channel, keeping business close to the community it serves. “Our commitment to the local and regional farmer and dealer is critical to any growing community,” said Chris Johnson the Agrellus CEO. “When dollars return to the local farmers and dealers, those economies thrive.” Agrellus expects continued dynamic growth as it executes its next three year sprint across the United States.
The financing builds on an exceptional year for Agrellus with exponential growth in grower user accounts, market momentum in dealer activity, and the addition of well targeted software development features to maximize margin retention for all participating dealers. Rusty Andrews, Chairman of the Agrellus Board remarks, “I am excited about how Agrellus will help to maintain the existing marketing channel by adding profitability to retailers through increased efficiency. At the same time, lowering the farmers cost of production.”
The Agrellus platform brings exposure to the local dealer's product line through AgrellusNow™ and its soon to be released, Agrellus Spotlight™, exposing the right resources to farmers throughout the region. “We have made, and continue to make significant investment in the Agrellus platform, so the dealer can take advantage of the value of e-Commerce without the high cost of software development…less expense pushes more margin to the dealer,” explains Evan Stone, VP of Operations and Business Development.
“The agricultural inputs industry is just now scratching the surface of how powerful e-Commerce can be when combined with the existing dealer ecosystem,” states Johnson. “Having the financial support of our friends to the farmer network and our ongoing research and development with industry partners help us execute our vision even more rapidly to the benefit of the entire channel.”
About Agrellus, Inc. (a Delaware corporation)
Agrellus is committed to preserving the sustainability of the American farmer as it enters a unique age of digital transformation. As a friend to farmers, we provide a no cost approach by utilizing current and practical technology to streamline every grower's business. Agrellus is devoted to the success of agribusiness and the thousands of families that make up the American farming landscape by providing practical and valuable cost controls in a highly competitive marketplace
Evan Stone, Agrellus, Inc., 806-778-3428, [email protected]
SOURCE Agrellus, Inc.
BitX Funding Brokers Million Dollar Financing Deal for Midwest Startup
FAIRFIELD, Conn., Jan. 25, 2021 /PRNewswire/ — BitX Funding, the online lending marketplace known for matching small-business owners with optimal, non-bank lenders, has sourced another $1 Million SBA 7a loan to bolster a business expansion amid a banking bottleneck heightened by the pandemic and a new round of Government-backed PPP.
Robert Knoll, Principal of Saber Group Homes, found a streamlined and flexible financial solution with BitX Funding after losing time and momentum with multiple attempts to secure a loan for acquisition through the traditional pipeline. “I went through many applications only to be told that all the institutions were doing at the time were PPP loans,” said Knoll, whose start-up business with no prior history fell outside of their parameters. “BitX was able to assist in ways banks could not,” added Knoll, who found the right lender for his opportunity that was time-sensitive and unique, with the buyer, seller, and BitX working together to produce the property and collateral required for successful financing. Instead of falling through the institutional cracks, the creative approach and simple process offered through BitX Funding found Saber Group Homes the financial vehicle and million-dollar SBA 7a loan that was the right fit.
“BitX Funding is committed to helping entrepreneurs who need financing for the purchase or acquisition of a business,” said Todd Rowe, President of BitX Funding. He added, “Now when many seek capital for new opportunities, they hit a wall created by COVID-19 and banks overwhelmed by the Paycheck Protection Program. With all hands-on deck managing highly regulated PPP loans that involve a complex process and time-consuming personnel training, banks have become blindsided by a sizeable program that nobody saw coming.”
BitX Funding supports small business owners with easy access to SBA 7a loans and the connection to many lenders who compete for their financing in a thriving marketplace. With a transparent and frictionless process from approval to lending, entrepreneurs tap the funds they need. Rowe adds, “Banks large and small need to pivot more quickly, offer better technology, and increase the workforce to service the tsunami of PPP applications. While this preoccupies banks, small business becomes stifled as the SBA 7a loans that facilitate acquisition, provide working capital, and issue real estate loans are on hold until stimulus ends. Our lenders see it differently and are up to speed, so we recommend that entrepreneurs apply for unlimited growth with BitX Funding.”
Since 2013, BitX Funding has generated over $50 million in support of small businesses nationwide by breaking down traditional banking barriers. Todd Rowe, President of BitX Funding, is an experienced non-bank lender within the Fintech universe whose corporate initiatives have backed the mission of galvanizing the small business economy. The restrictive nature of traditional banking is no longer a match for the innovation and customization now required to grow a business. BitX Funding is an agile partner for any company seeking to expedite financing and working capital.
By Nancy Klaiman Prentice / The Next Write
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SOURCE BitX Funding
Toorak Capital Dedicates $500 million to Acquire Long-Term Rental Investor Loans
SUMMIT, N.J., Jan. 25, 2021 /PRNewswire/ — Toorak Capital Partners (Toorak), the largest capital provider to the residential bridge real estate lending industry, has announced a major capital commitment to its unique Long-Term Rental Investor Loan program. Toorak will dedicate up to $500 million over the next year to purchase these loans in response to continued strength in the residential rental market and growing demand from investors utilizing 'fix to rent' strategies.
“Single-family rentals have been one of the best performing asset classes in 2020. And our Rental Investor Loans are designed to meet the long term needs of such rental investors,” said John Beacham, CEO of Toorak. “These 30-year term loans allow real estate investors to qualify for amounts up to 80% LTV based on future rents from the mortgaged property. That capital can be used to finance nonowner-occupied properties, making them ideal for investors looking for longer-term financing options, particularly after refinancing out of a short-term bridge or rehabilitation loan.”
Toorak, which has funded over $5.0 billion in loans since its inception in 2016, will begin the strategic expansion of its Long-Term Rental Investor Lending platform immediately. “Over the past year, we've witnessed an already favorable single-family rental market explode with demand as lockdown policies put a premium on housing. People are leaving their apartments in urban centers in search of suburban residential housing. The lack of affordable homes across the country continues to push housing prices out of reach for many would be buyers, making single-family rentals an attractive option.”
Many real estate investors are taking a different approach to residential housing. “Toorak has seen a marked increase in the number of former 'fix and flip' investors who have switched to 'fix to rent,' opting for stable, long-term income instead of a quick, one-time lump sum. That trend creates the need for long-term capital” said Beacham.
To qualify potential borrowers, Toorak uses innovative credit guidelines that focus on projected rents from the rental properties relative to the mortgage debt obligations (debt service coverage ratio, “DSCR”), instead of typical borrower income metrics used by majority of residential lenders like debt-to-income (“DTI”) ratio. For example, a borrower with monthly rental income of $2,000 and mortgage debt obligations of $1,000 (ie DSCR of 2.0x) is well qualified under the Toorak program, while one with a $1,000 rental income and $2,000 debt obligation (i.e. DSCR 0.5x) would raise concerns over the long term viability of the loan, despite any potential low debt and high income (i.e. low DTI) of the borrower. Toorak found that DSCR is a better predictor of loan performance than a borrower's income and incorporated comprehensive DSCR guidelines into the program's credit standards. Toorak's reputation for high credit standards is reflected in de minimus losses across the entire Toorak portfolio — as well as regular securitization issuance attracting strong investor demand.
To support the acquisition of the Long Term Rental Investor loans, Toorak has made significant human capital additions over the last three months, including industry veterans Carole Mortensen, Ketan Parekh and Frank Shiau, as Head of Credit, Head of Business Development & Capital Markets and Head of Trading, respectively. The company has also invested heavily in technology to provide its lending partners with real-time insights on every step of the loan submission process.
Target Acquisition Loan Products
Single family rental program for U.S. properties
Long term duration
Cashflow based underwriting
$50K – $6.25MM
Max LTV %
To learn more about Toorak Capital Partners' 30-year Rental Investor Loans, please contact the firm at [email protected] or 212-393-4100.
About Toorak Capital Partners
Toorak Capital Partners is an integrated correspondent lending platform based in Summit, NJ. Toorak loans on small balance business purpose residential, multifamily and mixed-use properties throughout the US and the UK. Backed by global investment company KKR, Toorak Capital Partners acquires loans directly from private lenders that originate high credit quality loans. Toorak Capital Partners' principals have a deep understanding of mortgage credit in the residential and commercial space with backgrounds in real estate lending, capital markets, securitization, asset-liability management, asset management and credit. Toorak Capital Partners-funded projects have renovated or stabilized housing for more than 17,000 families to date – an average of more than 500 families every month.
Further information is available at www.toorakcapital.com.
SOURCE Toorak Capital Partners
Newbridge Securities Corporation Recruits Chad Champion, Managing Director, Head of Equity Capital Markets
BOCA RATON, Fla., Jan. 25, 2021 /PRNewswire/ — Newbridge Financial, Inc. (“NFI”) and wholly owned subsidiary, Newbridge Securities Corporation (“NSC”), its Broker/Dealer, has successfully recruited Chad Champion as Managing Director, Head of Equity Capital Markets.
In this new leadership role, Chad will develop Institutional Sales and Syndicate practices to better meet the needs of our clients, brokers and advisors. This will enable NSC to efficiently allocate resources and enhance cross-departmental collaboration. “Chad's experience and industry relationships will also benefit our investment banking business as he helps expand our banking network and our involvement in syndicate transactions,” said Thomas Casolaro, CEO of NSC.
Chad brings more than 23 years of experience in equity capital markets structuring and distributing public offerings and private placements in equity and debt securities. He joins us from a few past firms which include Wunderlich Securities, where he spent 11 years as Co-Head of Capital Markets Syndication. Prior to Wunderlich, Chad was Director of Capital Markets Origination and Syndication at Stifel and headed the retail distribution for their private client group. Chad is also a military veteran, having served our country on active duty and on reserves as a member of the United States Air Force.
Chad holds an MBA and BSBA as well as his Series 7, 24, 52, 53, 57, 63, 65 and 79 licenses.
Newbridge Financial, Inc., as the holding company for Newbridge Securities Corporation and Newbridge Financial Services Group, Inc., provides strategic management consulting services to growth companies and explores the development of lines of business complementary to but outside of the financial services industry. www.newbridgesecurities.com
Newbridge Securities Corporation and Newbridge Financial Services Group, Inc. provides full-service securities brokerage, registered investment advisor and investment banking services to a broad-based group of individuals and corporate clients. Comprised of a committed and experienced team of financial service professionals, we seek to empower our clients to build and preserve wealth by providing superior financial services and products. Newbridge Securities Corporation is an SEC-registered broker-dealer and a member of FINRA and SIPC. Newbridge Financial Services Group, Inc. is a SEC-registered registered investment adviser.
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SOURCE Newbridge Financial, Inc.; Newbridge Securities Corporation
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