Tampa company that funds homeowners associations raises $10 million in IPO

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The newest publicly traded company in the Tampa Bay area is a specialty finance company offering funding for community associations.

LM Funding America Inc. sold 1.2 million units for $10 a unit, and raised $9.9 million after expenses, a press release said. The company will use the proceeds of the offering for growth capital and general corporate purposes.

LM Funding, headquartered on Harbour Island and led by Chairman and CEO Bruce Rodgers, provides funding to nonprofit community associations,… …read more

Tampa, Lakeland among cities with most seriously underwater properties

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Tampa and Lakeland are among metros with the highest percentage of seriously underwater properties in the third quarter, a new report from RealtyTrac shows.

Out of the top 10 markets with a population greater than 500,000 where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value, Florida markets took up six spots in the third quarter.

Top on the list was Lakeland (28 percent), followed by Las Vegas (27.3 percent); Cleveland (27.2… …read more

Developers turn attention to South of Gandy

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What could be the early stages of a transformation is underway south of Gandy Boulevard.

More residential developments are in the works, including one in the heart of what’s traditionally been a more industrial area.

Camden Property Trust, based in Houston, has proposed a 297-unit apartment complex on 12.3 acres between Lois and Manhattan avenues, just south of the Walmart Supercenter.

Camden South Tampa, as the project is named in city filings, would have a gated entrance, five three-story… …read more

3 reasons why you should quit your job and start your own business

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Do you look forward to getting the weekend started every Friday afternoon? Do you treasure the excitement and pleasure that the weekend brings, only for it all to be dampened when reality hits home that Monday is just another boring and stressful day at the office.

Working a 9-to-5 job will not bring you financial freedom nor will it allow you to live life on your terms. But becoming a business owner will.

Even for all of you folks who love your job, I have compiled a list of the top three reasons… …read more

Big apartment development in the works off of Gandy Boulevard

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An apartment developer is targeting an industrial site in the South of Gandy area for its next big play in Tampa.

Camden Property Trust (NYSE: CPT) has filed plans with the city to build a 297-unit apartment complex on a 12.3-acre site between Lois and Manhattan avenues — just south of the Walmart Supercenter on Gandy Boulevard.

A Camden representative was not immediately available for comment Tuesday morning.

Camden South Tampa, as the project is named in city filings, would have a gated entrance,… …read more

On track for big growth in 2016, national home builder names new Tampa market president

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KB Home has a new market president for Tampa and southwest Florida.

Los Angeles-based KB Home (NYSE: KBH) said Tuesday that George Schulmeyer has been named market president for the Tampa region.

Schulmeyer was previously the Florida region president at K. Hovnanian Homes.

“With his proven leadership experience and specialized knowledge of local market dynamics, we believe George will be an asset to our business as we continue to focus on growth opportunities in Tampa and southwest Florida,”… …read more

One Tampa Bay area city is seeing single-family rental rates soar

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Single-family home rental rates are skyrocketing and a Tampa Bay area city has some of the highest in the country.

The Sarasota metro has seen the third-highest increase in single-family rental rates in the United States over the past 12 months that ended in September, reports Yahoo Finance.

A report by RentRange, a data analysis company for real estate investors, shows the Sarasota area has seen an increase of 17 percent. The area ties for the same percentage of growth with San Francisco and Charleston.

Fort… …read more

Home builders haven’t felt this good about the housing market since 2005

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Home builders’ confidence in the housing market continues to grow, reaching a level not seen for 10 years.

That’s according to the Housing Market Index, which is based on a survey of National Association of Home Builders’ members. The index jumped three points this month to 64, continuing a five-month trend of strong numbers. The survey gauges builders’ perceptions of current sales, expectations for sales in the next six months, and traffic of perspective buyers.

“Our industry is strengthening… …read more

Co-conspirators in Arbors fraud scheme indicted

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U.S. Attorney A. Lee Bentley III in Tampa has announced the unsealing of indictments charging two California men with fraud conspiracy related to The Arbors apartment complex in Carrollwood.

Gary Hughes, 35, and Jason Martin, 36, have been charged with one count of mortgage fraud conspiracy involving bank fraud and each face a maximum penalty of 30 years imprisonment for each count, according to the U.S. Attorney’s office.

Hughes’ and Martin’s co-conspirator, former Hillsborough resident Brendan… …read more

18-story condo tower with rooftop pool moves forward in downtown Sarasota (Renderings)

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An Illinois developer is moving forward with plans to build an 18-story luxury condominium tower in downtown Sarasota.

XAC Developers said Friday that the company has pulled a permit for The DeMarcay, a 39-unit tower slated for 33 S. Palm Ave. It was the last day the group could secure a permit under the existing site plan for the property.

Per the original site plan, XAC Developers will donate $50,000 to the Palm Avenue Merchant’s Association. The developer and the city of Sarasota have agreed… …read more