The optimism in the market from last week has receded. The reality of slower job growth, a breakdown in the Brexit negotiations and possible sanctions on China has caused the 10 year treasury rate to fall to .93% as the stock market stumbles.
The Centennial Mortgage, Inc. (CMI) team is pleased to celebrate the first Service Anniversary of Raelee Jones. Raelee started with CMI in December of 2019 as our Chief Underwriter and brought 30 plus years of experience in development and lending to our organization. She has already had a significant impact on the organization having come on board just prior to the Covid-19 outbreak.
Calvary Tower is a 30 unit project out of Salt Lake City, UT. The 223(f) amounted to $2,153,400. The loan was closed on 11/23/2020 by Sunny Fitzgerald.
Capitol House Apartments is a 81 unit project out of Iowa City, IA. The 223(f) amounted to $4,256,000. The loan was closed on 11/19/2020 by Michael McCullough.
Currently the surge in Covid-19 cases is being offset by an optimism in vaccines that could end the pandemic. The optimism is gaining traction as the worlds equity markets are up a record 13% in November.
At Centennial Mortgage we are thankful for many things. We have an amazing team of people that work hard every day – both on the job and with their families. May all of you have a safe and Happy Thanksgiving.
Almond Terrace Apartments is a 46 unit project out of Ceres, CA. The 223(f) amounted to $6,302,400 and was closed on 11/20/2020 by Sunny Fitzgerald.
The optimism over vaccines continues to influence the markets. The latest tests from AstraZeneca provide a potential third viable vaccine solution. Based on this, equities are marginally higher today.
PROJECT OVERVIEW
Martin Tower Apartments is a 86 unit project out of Sioux City, IA.
The 223(f) amounted to $5,952,000.
The loan was closed on 10/30/2020 by Michael McCullough
Martin Tower Apartments is a 86 unit project out of Sioux City, IA.
The 223(f) amounted to $5,952,000.
The loan was closed on 10/30/2020 by Michael McCullough
Over the weekend the election was called in favor of President-Elect Joe Biden ending a heated campaign season. Eliminating political uncertainty along with Pfizer having 90% success with a Covid-19 vaccine has buoyed the equity markets worldwide to new highs. With so much upside in stocks, money has flowed out of treasuries causing rates to spike.
The Centennial Mortgage, Inc. (CMI) team is pleased to celebrate the Service Anniversary for Brian Lorenz. Brian Started with CMI in November of 2014 as a junior underwriter.
10 year treasury rates opened this morning at .84%. Although this is down 4 basis points from Friday, it is .20% higher than September. The uncertainty surrounding the election will most likely cause volatility until a winner is confirmed.