Two former Goldman Sachs Group Inc. bankers want to take the $1.6 trillion private credit revolution from Wall Street to Main Street.
George van Dorp and Koen van Vlijmen, who both worked in the American bank’s London office, have built a product that matches small businesses with alternative lenders.
Take a look at this excellent article by Irene García Pérez and Silas Brown on Bloomburg News.
Banking regulator says about $250B worth of home loans are either currently or soon to be negatively amortized.
Canada’s top banking regulator will soon implement new guidelines for the mortgage market, aimed at reducing the risks posed by negative amortization mortgages — home loans where the payment terms have ballooned by years and sometimes decades because payments are no longer enough to pay down the loan on the original terms.
Take a minute to read Pete Evans’ article on CBC news about the consequences on mortgages since the Bank of Canada has hiked interest rates multiple times within a year and a half.
Last November, Margill’s CEO embarked on a three-week adventure in the Pacific.
He went to implement Margill Loan Manager and train clients in the Marshall Islands, Guam, and Papua New Guinea.
Here are a few pictures from the journey!
Marshall Islands Development Bank team
Nimamar Capital Limited, Port Moresby, Papua New Guinea
Pacific Islands Development Bank in Guam
Also, through the services of Planetair, we decided to offset the climate effect of this 20,000-mile trip by buying back around 6.15 tonnes of CO2 emissions.
”Launched by the Unisféra International Centre, Planetair was created to support individuals, businesses and organizations seeking to evaluate, reduce and offset their ecological footprint and especially their climate impact.
Planetair enables individuals, businesses and organizations to quantify their greenhouse gas emissions and determine opportunities to reduce and offset their climate impact through carbon credits. – planetair.ca”
We invite all of our clients and partners to do their part by reducing or offsetting their carbon emissions. No actions are too small.
This past August, the Government of Canada launched its anticipated consultation paper to seek feedback from stakeholders and vulnerable members of the public on the criminal rate of interest and the availability of high-cost installment loans often offered by alternative lenders.
While the Government of Canada’s policy goal has not resulted in a new criminal rate of interest yet, a reduction in the criminal interest rate could potentially have market-changing implications for lenders and borrowers.
To continue reading this article by Me Joyce M. Bernasek and Me Dominic Duchesne from the Osler law firm, follow this link.
On August 3, 2022, the Canadian Alternative Reference Rate working group (CARR) published the highly anticipated recommended fallback language for loan agreements (the Recommended Language) that use the Canadian Dollar Offered Rate (CDOR) as the interest rate benchmark, together with a white paper that provides an overview of the language (the White Paper). The Recommended Language was based on language published by the Alternative Reference Rates Committee (ARRC) and the Loan Syndications & Trading Association (LSTA), both of which are related to the replacement of LIBOR with the Secured Overnight Financing Rate (SOFR), which market participants will be familiar with.
To continue reading this article by Lisa Mantello and Jasmyn Lee of the Osler law firm, follow this link.
Margill’s CEO, Marc Gelinas, was recently put to the challenge to make a video to show most of the main features of the Margill Loan Manager software. Knowing that the software contains more than 600 000 lines of code, and knowing that nowadays, everything needs to be short and sweet in order to keep the viewer’s attention, the challenge was to do this video within 5 minutes.
Can he do it? Find out if he did.
Le 30 juin prochain entrera en vigueur le nouveau Cadre de protection des consommateurs de produits et de services financiers et son règlement. Dans ce bulletin, on présente certaines des règles intégrées au Cadre, sous la perspective de règles similaires applicables au Québec en matière de protection des consommateurs de services financiers.
Ce bulletin présente également certaines des autorités de supervision et de surveillance en matière de services financiers, au fédéral et au provincial (Québec). Il met en perspective leurs différentes approches de supervision et présente plusieurs des pouvoirs dont ces autorités disposent pour réaliser leur mission.
Pour en savoir davantage, vous pouvez lire le bulletin de Me Guillaume Talbot-Lachance sur le site de BLG Avocats.
Q: On a $1000 loan at 20% interest, why is my interest not $200 for one year?
A: This is a common question that we often get and some information is missing to answer the question so we’ll analyse this, taking into account various scenarios and how to manage this in Margill Loan Manager.
There is a misunderstanding as to the concept of “amortization”.
Please note that Margill products have not been impacted by the Apache “Log4j2” vulnerability.
The Margill Team wishes you all a very Happy New Year 2022!
Photo Mira Kireeva – Unsplash