Citi invests in embedded mortgage platform Vontive
Citi has made an equity investment in Vontive, an embedded mortgage platform for investment real estate.
0
The Wall Street giant has also led a $150 million securitisation for Vontive, establishing the startup's securitisation shelf, marrying a traditional structure for credit investing with its technology for digitally originating, underwriting, and servicing business-purpose mortgages at scale.
Vontive's platform connects private credit investors with real estate entrepreneurs. The firm says this removes barriers for private credit to finance and, in doing so, tackles an urgent real-world problem: the more than 70 million homes that were built before 1980 now in need of renovation as the US faces a chronic shortage of affordable housing.
The startup's technology promises to apply granular knowledge of housing markets, properties, borrowers, and document requirements to streamline and improve operations. This all helps capital allocators to access complex and esoteric credit assets.
"There is unprecedented demand for private credit exposure from financial institutions but delivering it consistently and at scale requires Vontive's sophisticated technology," says Vontive CEO Charles McKinney. "The combination of Citi's equity investment and full suite of capital markets solutions will enable us to supercharge Vontive's growth sustainably."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
39 minutes ago
- The Independent
Trump's mass firings of federal workers must remain on hold, court rules
A federal appeals court ruled on Friday night that President Donald Trump 's orders for mass removals of federal staff and several agencies will remain on hold. The Trump administration had requested that the U.S. 9th Circuit Court of Appeals freeze an earlier order from a lower court that put a stop to the mass firings at several agencies, CNN noted. The new court order is a significant step back for the president and his attempt to radically reduce the size of the federal government. The widespread firings, known as reductions in force (RIFs), have remained on hold since May 9, following the earlier ruling by U.S. District Judge Susan Illston stating that Trump needed congressional authorization for such a wholesale makeover of the federal government. The three-judge panel on the 9th Circuit stated in a two-to-one ruling that Trump's executive order in question 'far exceeds the President's supervisory powers under the Constitution.' The majority found that the challengers could succeed on the merits of their arguments that the mass firings were illegal, and argued that the administration didn't manage to meet the other factors that would have prompted an emergency appellate intervention. The president had previously requested that the Supreme Court take on the case. That request didn't go anywhere initially. It's likely, however, that the issue will end up before the top court in the land once more. The case was put forward by unions representing federal employees, outside groups, and local governments. They challenged the executive order Trump signed in February, which called for a widespread restructuring of the government, along with directives from the Office of Personnel Management and the Office of Management and Budget to enact the president's policy. The offices asked that agencies send in plans for how they would implement Trump's order to slash the workforce. The challengers argued that both OPM and OMB were making the final decisions on the size of the firings for each agency. They put forward evidence that proposals for less radical cuts were being shot down, making the firings illegal. The lawsuit also took aim at the involvement of the Department of Government Efficiency (DOGE). The agencies covered by the previous ruling by Illston, halting the firings, include almost every cabinet department, such as the departments of Energy, Health and Human Services, Defense, Homeland Security, Justice, Interior, State, Labor, and Treasury. The 9th Circuit said on Friday that Congress, not the president, gave agencies the power to enact widespread firings. Bill Clinton appointee, Senior Circuit Judge William Fletcher, said in the majority ruling that the 'kind of reorganization contemplated by the Order has long been subject to Congressional approval.' Fletcher was joined in the majority by a Joe Biden appointee, Circuit Judge Lucy Koh. Dissenting from the ruling was George W. Bush appointee Circuit Judge Consuelo Maria Callahan, who wrote that 'the President has the right to direct agencies, and OMB and OPM to guide them, to exercise their statutory authority to lawfully conduct RIFs.' 'We are gratified by the court's decision today to allow the pause of these harmful actions to endure while our case proceeds,' the groups challenging the president's orders said in a statement, CNN noted.
BreakingNews.ie
an hour ago
- BreakingNews.ie
Hegseth: US will stand by Indo-Pacific allies against ‘imminent' China threat
US defence secretary Pete Hegseth reassured allies in the Indo-Pacific on Saturday that they will not be left alone to face increasing military and economic pressure from China, while insisting that they also contribute more to their own defence. He said Washington will bolster its defences overseas to counter what the Pentagon sees as rapidly developing threats by Beijing, particularly in its aggressive stance towards Taiwan. Advertisement China has conducted numerous exercises to test what a blockade would look like of the self-governing island, which Beijing claims as its own and the US has pledged to defend. China's army 'is rehearsing for the real deal', Mr Hegseth said in a keynote speech at a security conference in Singapore. 'We are not going to sugarcoat it — the threat China poses is real. And it could be imminent.' China has a stated goal of having its military have the capability to take Taiwan by force if necessary by 2027, a deadline that is seen by experts as more of an aspirational goal than a hard war deadline. Advertisement But China also has built sophisticated man-made islands in the South China Sea to support new military outposts and developed highly advanced hypersonic and space capabilities, which are driving the US to create its own space-based Golden Dome missile defences. Speaking at the Shangri-La Dialogue, a global security conference hosted by the International Institute for Security Studies, Mr Hegseth said China is no longer just building up its military forces to take Taiwan, it's 'actively training for it, every day'. Mr Hegseth repeated a pledge made by previous administrations to bolster US military capabilities in the Indo-Pacific (Anupam Nath/AP) Mr Hegseth also called out China for its ambitions in Latin America, particularly its efforts to increase its influence over the Panama Canal. He urged countries in the region to increase defence spending to levels similar to the 5% of their gross domestic product European nations are now pressed to contribute. Advertisement 'We must all do our part,' Mr Hegseth said. He also repeated a pledge made by previous administrations to bolster US military capabilities in the Indo-Pacific to provide a more robust deterrent. While both the Obama and Biden administrations had also committed to pivoting to the Pacific and established new military agreements throughout the region, a full shift has never been realised. Instead, US military resources from the Indo-Pacific have been regularly pulled to support military needs in the Middle East and Europe, especially since the wars in Ukraine and Gaza. Advertisement In the first few months of president Donald Trump's second term, that has also been the case. In the last few months the Trump administration has taken a Patriot missile defence battalion out of the Indo-Pacific in order to send it to the Middle East, a massive logistical operation that required more than 73 military cargo aircraft flights, and sent Coast Guard ships back to the US to help defend the US-Mexico border. Mr Hegseth was asked why the US pulled those resources if the Indo-Pacific is the priority theatre for the US. He did not directly answer but said the shift of resources was necessary to defend against Houthi missile attacks launched from Yemen, and to bolster protections against illegal immigration into the US. Advertisement At the same time, he stressed the need for American allies and partners to step up their own defence spending and preparations, saying the US was not interested in going it alone. 'Ultimately a strong, resolute and capable network of allies and partners is our key strategic advantage,' he said. 'China envies what we have together, and it sees what we can collectively bring to bear on defence, but it's up to all of us to ensure that we live up to that potential by investing.' The Indo-Pacific nations caught in between have tried to balance relations with both the US and China over the years. Beijing is the primary trading partner for many, but is also feared as a regional bully, in part due to its increasingly aggressive claims on natural resources such as critical fisheries. Mr Hegseth cautioned that playing both sides, seeking US military support and Chinese economic support, carries risk. 'Economic dependence on China only deepens their malign influence and complicates our defense decision space during times of tension,' Mr Hegseth said. China usually sends its own defence minister to this conference, but Dong Jun did not attend this year in a snub to the US and the erratic tariff war Mr Trump has ignited with Beijing, something the US delegation said it intended to capitalise on. 'We are here this morning. And somebody else isn't,' Mr Hegseth said. Mr Hegseth was asked by a member of the Chinese delegation, made up of lower level officers from the National Defence University, how committed it would be to regional alliances. In some, China has a more dominant influence. Mr Hegseth said the US would be open to engaging with any countries willing to work with it. 'We are not going to look only inside the confines of how previous administrations looked at this region,' he said. 'We're opening our arms to countries across the spectrum — traditional allies, non-traditional allies.' Mr Hegseth said committing US support for Indo-Pacific nations would not require local governments to align with the West on cultural or climate issues. It is not clear if the US can or wants to supplant China as the region's primary economic driver. But Mr Hegseth's push follows Mr Trump's visit to the Middle East, which resulted in billions of dollars in new defence agreements.
Daily Mail
an hour ago
- Daily Mail
Fears of a US recession force ultra-wealthy to bail on rentals in popular summer hotspot
The rich aren't biting this year — sparking concerns about the state of the economy. The super-wealthy, who flock to the Hamptons every summer to live in the lap of luxury, aren't spending tens of thousands per month to do so anymore. A rental crisis has hit the Eastern end of Long Island, as mansion rentals are down 30 percent this year, according to CNBC. And the luxury rental market that is usually booked every summer doesn't show any signs of improving. New York City residents — who make up the majority of Hamptonites — will likely miss their infinity pools, tennis courts, and ocean views. For ultra high-end rentals, brokers say their business is down between 50 percent and 75 percent. While some people may simply be holding out for better deals, brokers say renters are concerned about economic instability. 'People are holding on to their money,' said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. 'They don't like uncertainty.' For example, one palatial seven-bedroom estate in Bridgehampton, which normally rents for $350,000 from July 20 through Labor Day, is still sitting empty, CNBC reported. Another 11,000-square-foot mansion in Bridgehampton has slashed its summer price tag from $450,000 to $375,000 in a desperate bid to lure renters. Experts say some would-be renters are simply holding out for last-minute bargains or have been turned off by the late season frost in the area. But brokers warn there's deeper trouble. Economic jitters, a turbulent stock market, and Donald Trump's tariffs are forcing wallets shut. The crisis marks a sharp reversal from January and February, when rental inquiries were flying in. But by spring — and with the arrival of tariff chaos — it was nothing but crickets. Luxury broker Gary DePersia of My Hampton Homes says what he's seeing is unprecedented, and that usually, the best homes go early. The super-wealthy who flock to the Hamptons every summer to live in the lap of luxury aren't spending tens of thousands per month to do so anymore 'This year, I have great rentals available in every town, from Southampton to Montauk,' he says. Some nervous landlords have started slashing prices by up to 20 percent. They're also offering concessions like shorter stays instead of full-summer commitments. Morabito warns that homeowners who rely on summer rentals in order to pay a year's long mortgage may now be rethinking their investments. He represents several homeowners with large waterfront properties that typically would have been rented by March or April, but that are still available. Despite the bad news, some brokers remain optimistic. Judi Desiderio of William Raveis Real Estate believes the combination of 'dark noise' out there financially and geopolitically, along with bad weather, was not good. But she thinks that last minute takers will show up and predicts everything will be gone by July 1. The rich and famous, like Christie Brinkley (pictured above), flock to Hamptons hot spots like Surf Lodge starting on Memorial Day weekend Meanwhile, the sales market in the Hamptons is also down by 12 percent. But, sales are still happening, despite the median home price hitting $2 million, a new record. One broker is closing on a big deal. 'I just had two Canadians put in a bid on an $18 million house — sight unseen,' Morabito said. Still, the rentals sit. 'I think a number of people have deferred decisions, or they weren't sure what they were going to do, go to Europe or the West Coast,' DePersia said. Famous residents of the Hamptons are heading to far more exclusive locales this year, too. Many celebrities and the super rich are instead making their way overseas. Jeff Lichtenstein, broker and CEO at Echo Fine Properties in Jupiter, Florida, told the Daily Mail that 'the uber-wealthy are changing it up this year,' adding that he's hearing about more people buying vacation residences in Portugal and heading to Spain on glamorous trips. These moneyed folks are visiting 'anywhere from Lagos to Carvoeiro overlooking the cliffs on the Atlantic to ultra new golf course communities within minutes of the Faro airport,' Lichtenstein said.
