The City of Dallas is making changes for the better in specific areas of the city. Lower Income Families are prevalent in Southern Dallas and with a depressed economy, people just cant afford to purchase a homes. Luckily, Dallas is about to reinvent itself and introduce an all new way that gives families a chance to own a home. The name of the program is “The Affordable Housing Loan Program.” This program consists of three organizations that are working together to make owning a home more affordable.Habitat For Humanity, Dallas Neighborhood Homes, and NexBank are working hand to hand to make this a reality.
The two non-profit organizations are connecting lenders with buyers, which would otherwise be unsuccessful at this point in time. Owning a home comes with it’s day to day challenges and these organizations are providing counseling and support throughout the term. The goal is to provide over 100 loans each year for the next five years. Since these loans are for low income individuals, funding is the main barrier and that’s where NexBank enters the equation. NetBank is a successful regional bank in the Greater Dallas Area. This institution is willing to provide up to $50 Million in loan support. The proceeds will go to people with limited access to mortgages and the non-profit organizations will handle the disbursements. It’s a win, win situation on both sides especially from NexBank.
Now families in certain Dallas zip codes will be proud, new homeowners. On top of that, Nexbank will be offering an additional $2,000 for closing costs. This great program is improving the quality of life and the entire blueprint should be used a s a model throughout the country.
The Dallas-based financial institution NexBank Capital Inc., has announced the increase in the amount of its private placement of senior unsecured notes to $75 million which reflects a $25 million increase from the March 18, 2016 offering.
The proceeds of the offering will be used for capital for its banking subsidiary and other growth purposes. The agent for the private offering of the notes was Sandler O’Neill & Partners, L.P.
NexBank Increases Senior Unsecured Notes Offering to $75 Million
The notes will mature on March 16, 2016. They will bear an interest rate of 5.50% and will be non-callable for five years. After five years they will have a floating rate above the three-month LIBOR of 435.5 basis points.
The strong demand from investors both existing and new allowed the financial institution to increase their offering and is a strong indication of the financial community’s support for NexBank’s continued growth.
For the past four years NexBank Capital Inc. has recorded record earnings and has significantly increased their year-over-year earnings while improving assets, loans and deposits. The year-over-year net income for 2015 was $53.2 million and the Return on Average Equity was 35% which was 12% higher than 2014. Year-end assets totaled $2.72 million which was 48% more than 2014.
On November 30, 2015 NetBank Capital Inc. acquired College Savings Bank which provides an additional source of deposits and helps to diversify their balance sheet.
NexBank Capital Inc. is a financial services company with a charter dating back to 1922. In order to meet their client’s needs, they serve the banking community across three different platforms: commercial, investment and mortgage banking. The company provides banking services to financial institutions, corporations and individuals throughout the nation.