Building Industry Partners (BIP) forms new division
Building Industry Partners (BIP), a private equity investment and mergers & acquisitions advisory firm specializing in the middle-market U.S. building industry, has announced the formation of its Debt Advisory & Placement Practice, which will leverage its relationships with the lender community to advise building products companies in restructuring and/or refinancing existing loans, as well as sourcing and optimizing terms on new senior, mezzanine and/or other debt capital.
BIP added this service to its existing advisory practice because of ongoing feedback from building products company owners in the current market environment regarding their desire to take proactive steps to counter pressure from existing lenders and/or seek out loan financing on better terms. The goal of BIP’s practice is to arm middle-market companies with the market knowledge and technical expertise necessary to effectively renegotiate and/or restructure existing bank or other loans and to proactively source alternative debt financing.
“Without the proper expertise, borrowers often enter into loan agreements, which over-collateralize the debt, charge excessive fees and institute covenants that are easy to default on in the current market environment,” said Jason Fraler, who will head BIP’s Debt Advisory & Placement Practice. “Bad loans can put your business at risk, restrict future growth and unnecessarily put a principal’s personal wealth at risk. The placement process needs to be thorough, tapping a large number of the right lenders to maximize options and drive more competitive terms/pricing.”
Headquartered in Dallas, BIP provides equity capital to private companies, primarily with $25 million to $500 million in sales, for purposes of growing their businesses organically or through buy-and-build acquisition strategies. BIP also provides equity capital to proven executives and management teams to support them in building their own business via management buyout or acquisition of platform businesses. The firm was instrumental in the formation of U.S. LBM Holdings, one of the industry’s fastest growing lumberyard chains. The firm’s principals include Matt Ogden, Lonnie Schield and Jason Fraler.
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KB Home to build solar community in Calif.
Los Angeles-based home builder KB Home and Newhall Land have announced a land purchase agreement in the West Hills Village in Valencia, Calif. KB Home acquired 43 finished lots from Newhall Land and will begin construction on a new community in June.
The homes will be energy efficient and will include solar power systems. KB Home has also announced plans to open 10 communities in Southern California; all of the homes will be built with photovoltaic solar systems.
The new community will offer three new energy-efficient floor plans ranging from 2,941 sq. ft. to 3,646 sq. ft. with up to six bedrooms, four baths, and three-car tandem garages. Each home will be Built to Order, which allows home buyers to choose their home site and floor plan, which can be customized to fit their lifestyle and taste.
"We look forward to introducing area buyers to our Built to Order approach, and to offering some of the most energy-efficient homes on the market today, with solar power systems included in every home as a standard feature at this and many more of our new home communities throughout Southern California," said Steve Ruffner, president of KB Home’s Southern California division.
KB Home Sucks, just Google
KB Home Sucks, just Google it. You have no clue and don't own a KB Home. The media you don't have a clue either. My energy/green (NOT) efficient KB Home uses over 900% more energy than other builders, why? the non documented workers KB Home uses to install systems never have before. Wrong transformers, installed in the wrong place, causing first degree burns. The computer that controls the HVAC systems blow out due to voltage surges. The dampers to control the air flow were never hooked up to power? All the solar panels in the world can't keep up with KB Home and the hiring pool who does not have a clue of what they are doing. Just Google KB Home Sucks to see the horror stories of owning a KB Home. So many construction defects KB Home can't fix them, after awhile KB Home ignores you and gives up, your still stuck with their Lemon. Mezger their CEO is lazy and couldn't care less about their reputation. They are still under a FTC Consent order for over 30 years for shoddy construction and fake advertising. Hear my warning, do your homework before you sign any contract to any new homebuilder-lies and non disclosure, anything to sell you, then your stuck in a 30 year mortgage with no RIGHTS.
Existing-home sales increase in Q1
Total state existing-home sales, including single-family and condo, rose to a seasonally adjusted annual rate of 5.14 million in the first quarter, up 8.3% from 4.75 million in the fourth quarter, and down 0.8% from a 5.18-million pace during the same period in 2010, according to the National Association of Realtors.
Existing-home sales showed gains in 49 states and the District of Columbia, while 22% of the available metropolitan areas saw prices rise from a year ago.
Median existing single-family home price in the first quarter increased in 34 out of 153 metropolitan statistical areas (MSAs) from the first quarter of 2010; four had double-digit increases, one was unchanged, and 118 areas showed declines.
“The reading of quarterly price data can be volatile because they are based on the types of homes that are sold during the quarter. When buyers principally purchase distressed properties in a given market, the recorded prices will be very low, which is what we’re seeing now in much of the country,” said Lawrence Yun, NAR chief economist,. “Annual price data provides a better guide about the direction of the market in those areas.”
The national median existing single-family home price was $158,700 in the first quarter, down 4.6% from $166,400 in the first quarter of 2010.
Regionally, existing-home sales in the Northeast rose 0.8% in the first quarter to 800,000 but are 7.3% below the first quarter of 2010. In the Midwest existing-home sales increased 7.9% to a pace of 1.09 million but are 55 below a year ago. In the South, existing-home sales increased 8.5% to an annual rate of 1.96 million and are 2.8% higher than the first quarter of 2010. Existing-home sales in the West rose 13.5% in the first quarter to 1.29 million and are 2.1% above a year ago.
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