Hotelier Sam Chang’s businesses snagged millions in PPP loans

first_imgSam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)Properties tied to New York hotel mogul Sam Chang secured millions of dollars in government aid that was intended to help small businesses impacted by the coronavirus.At least eight companies controlled by Chang nabbed between $2.8 million and $7 million in small business loans, CNBC reported. Chang founded the McSam Hotel Group, which made its name developing budget hotels along Manhattan’s West Side.Last year, Chang — who has claimed previously that he’s worth $200 million — said he would retire to focus on the obscure hobby of pigeon racing.Most of the loans went to limited liability companies tied to single properties owned by Chang, according to CNBC. These properties included a TownePlace Suites by Marriott in Manhattan, a Holiday Inn near John F. Kennedy Airport in Queens, and a Radisson in Grand Island, New York.A McSam spokesperson told CNBC that the loans were used to help retain employees at some of its hotels.“A number of these sites provided accommodations for health care professionals and others working for Covid-related purposes,” according to the spokesperson. “The PPP loans enabled the hotels to retain much of their workforces for a longer period of time and to continue operating despite extraordinary drops in guests and revenue.”More than 660,000 businesses have been approved for the Paycheck Protection Program (PPP), run by the Treasury Department and the Small Business Administration, with both large and small companies receiving money.A number of high-profile New York real estate developers secured PPP loans, including Extell Development, Pyramid Management Group and Thor Equities.[CNBC] — Keith Larsen This content is for subscribers only.Subscribe Nowlast_img read more

Veros Releases Enhanced Risk Management Solution

first_imgVeros Releases Enhanced Risk Management Solution in Headlines, News, Technology May 18, 2018 653 Views California-based Veros Real Estate Solutions (Veros) has released an enhanced, data-rich version of its VeroSCORE appraisal risk management solution. VeroSCORE, which already provides intelligent, automated and virtually instantaneous analysis of appraisal reports and associated risk factors, now has a new revamped design that displays additional validations such as public record data and appraiser licensing and eligibility checks.”This represents a new standard for the appraisal industry that really addresses collateral risk,” said Benjamin Smith, VP of Valuations at Veros. “These latest enhancements have added more intelligence and greater effectiveness to an already invaluable analytical tool and will help lenders and appraisal management companies comply with the GSEs’ ‘zero defects’ inspection mandate.”Other features have been added to further identify risk, including street views of subject properties, dynamic mapping, comparable sales, and AVM values for neighboring properties. All can be viewed online with zoom-in capability, mapping and pinpointing.”As an automated appraisal scoring tool VeroSCORE facilitates more informed decisions based on a solid determination of collateral value,” said Luke Ziegenmeyer, Director of Product Management at Veros. “The enhanced report is now easier to use, providing more data than before at a fraction of the cost of most competing offerings.”Veros originally built VeroSCORE from the ground-up using proprietary risk assessment algorithms and a multi-faceted rules engine that would provide appraisal-scoring technology that helped mortgage lenders, servicers, investors and appraisal management companies (AMCs) make faster, better-informed decisions regarding collateral value.The company has said that when the government-sponsored enterprises (GSEs) began requiring a quality-assurance strategy for pre-funding appraisals, lenders and vendors needed to thoroughly inspect appraisal reports for zero-defects, and VeroSCORE was in place to provide the perfect solution.center_img Collateral Data Lenders Risk Risk Management Solution Servicers Veros 2018-05-18 Radhika Ojha Sharelast_img read more

Team Overall Conf Div PF PA Diff

first_imgTeamOverallConf.Div.PFPADiff. The Cardinals got their win, riding a strong running performance from David Johnson. The second-year running back rumbled for 157 yards and two touchdowns while backup quarterback Drew Stanton, filling in for the concussed Carson Palmer, threw two touchdown passes.Arizona’s defense also got after it, sacking 49ers quarterback Blaine Gabbert seven times and holding San Francisco to 286 total yards. It’s the third straight game the Cardinals have allowed less than 300 total yards. Very quietly, James Bettcher’s unit has moved into the top ten in the league in total and scoring defense.Stat of the Game: Stanton got the win despite completing only 39 percent (11-of-28) of his passes. It’s the lowest completion percentage of any starting quarterback who has thrown 20 or more passes in a game this season. Hey, a win’s a win, right?Offensive Player of the Game: You’ve got to give it to Johnson, who put up the second-highest yardage total in his career.Defensive Player of the Game: Arizona defensive Calais Campbell was a menace, racking up four total tackles, two sacks, an game-altering interception and a pass defensed. Campbell’s interception off of a Chandler Jones deflection late in the second quarter led to Arizona’s first touchdown and completely changed the flow of the game. Teammates Markus Golden (10 tackles, two sacks) and Deone Bucannon (14 tackles) were pretty good, too. San Francisco 49ers1-41-41-2111140-29 Seattle Seahawks3-11-11-17954+25 Arizona Cardinals2-32-11-1125101+24 A shred of normalcy has returned to the NFC West following the Week 5 schedule, in that the Seattle Seahawks are alone in first place and the Arizona Cardinals got a win.Here’s a look at what transpired in the division this past week…Arizona Cardinals 33, San Francisco 49ers 21It’s hard to classify a game in Week 5 of a 16-game season as a “must win,” but that’s the situation the Cardinals found themselves in heading into Thursday Night Football in Santa Clara. At 1-4, they would have trailed the idle Seahawks by 2.5 games, and would have losses to both the 49ers and Rams in the division. Los Angeles Rams3-23-12-182106-24 Offensive Player of the Game: McCoyDefensive Player of the Game: Robey-Coleman, although you can make a great case for linebacker Lorenzo Alexander, who had three sacks and now leads the NFL with 7.5. He had only nine sacks in his entire career, which started in 2007, before this season.Stat of the Game: Todd Gurley’s 1-yard scoring run was the first Rams’ touchdown in the Coliseum since December of 1979.NFC West Standings Former Cardinals kicker Phil Dawson retires The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Comments   Share   This Week• San Francisco 49ers (1-4) at Buffalo Bills (3-2) – Sunday – 10:00 AM at New Era Field (FOX)• Los Angeles Rams (3-2) at Detroit Lions (2-3) – Sunday – 10:00 AM at Ford Field (FOX) Top Stories Buffalo Bills 30, Los Angeles Rams 19Can somebody, anybody figure out the Rams?Didn’t think so.After ripping off three straight wins, including triumphs over Seattle and Arizona, the Rams returned home to the friendly confines of the LA Memorial Coliseum, and promptly fell on their faces.Nikell Robey-Coleman, who played his college football in the same stadium for USC, intercepted two passes, including a 41-yard return for a touchdown late in the third quarter that broke a 16-16 tie and put the Bills up for good.Buffalo running back LeSean McCoy, who was questionable for the game with a hand injury, ran for 150 yards on only 18 carries against the Rams’ defense.Los Angeles still had a chance late in the game and attempted a fake punt deep in their own territory with under four minutes to play. Bradley Marquez took the direct snap on 4th-and-5 at the L.A. 23, but was stopped by Ronald Darby after just a two yard gain. Three plays later, Buffalo’s Tyrod Taylor iced the game with a 6-yard touchdown pass to Marquise Goodwin.“I wouldn’t have called the play if I didn’t think it would work,” Rams head coach Jeff Fisher said. “That’s how those things are. We practiced it all week, we had the look and it didn’t work. So, I’ll take that.” Derrick Hall satisfied with D-backs’ buying and selling • Atlanta Falcons (4-1) at Seattle Seahawks (3-1) – Sunday – 1:25 PM at CenturyLink Field (FOX)• New York Jets (1-4) at Arizona Cardinals (2-3) – Monday – 5:30 PM at University of Phoenix Stadium (ESPN) – / 31 Grace expects Greinke trade to have emotional impactlast_img read more