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27 Aug 2013

NorRock Realty Finance Corporation Announces 2013 Semi-Annual Financial Results

Here are some questions Dorcely-Mohr says students should ask themselves when evaluating an internship opportunity: Was there a person you could contact or an online description you could review to understand the important elements of the business? How detailed was the job description? When the company called you for the interview, did you get screened or have the chance to ask a few basic questions, or did it seem like they were just scheduling another appointment? What was the application and interview process like? At every step of the process, an intern should be evaluating whether the organization is showing that they value their internship program and arent just looking for unpaid gophers to do their drudgery, she says.

The Reactivation Transaction is conditional upon, among other things, receiving all necessary regulatory and third party approvals and authorizations, the receipt of an independent valuation of the LaSalle Property, approval by the shareholders of NorRock, confirmation of no material adverse change having occurred to the LaSalle Property and the Highview prior to close, the completion of definitive agreements setting forth the terms and conditions for the closing of the LaSalle Acquisition and the Highview Acquisition, the completion of due diligence satisfactory to each party, and the completion of a sponsorship report satisfactory to the TSX Venture Exchange (or waiver by the Exchange of that requirement). Concurrent Financing NorRock intends to complete a brokered private placement to raise up to $10,000,000 (the "Concurrent Financing") concurrently with its Reactivation Transaction by issuing up to 40,000,000 Class A shares at $0.25 per share. Proceeds raised will be used for general working capital purposes. Business Plan Following closing of the Reactivation Transaction, it is NorRock's intention to change its business focus from being a secured lender in the commercial real estate industry to carrying on business as a merchant bank focused on creating value for shareholders by making investments in undervalued assets in various industry sectors. The initial investments and the first two transactions undertaken by NorRock will be the assets acquired pursuant to the LaSalle Acquisition and the Highview Acquisition.

Finance firm boost tipped

From October 1, banks must cap new lending to house buyers with a deposit of less than 20 per cent to 10 per cent of the overall total. Photo / Paul Estcourt But mortgage lenders report a boost in inquiries from brokers looking for alternative places for clients to borrow from, and there is talk of new players entering the market. Peter Rollason, executive director of Liberty Financial, which owns Mike Pero Mortgages, said the firm was preparing to ramp up its business after receiving a number of new inquiries. "We have seen a pick-up in inquiry levels and we expect that to continue after October 1 and translate into increased business." Lyn McMoran, chief executive of the Financial Services Federation, which represents non-bank lenders, said only a few members operated in residential mortgages. "The ones who do have had a bit more inquiry coming from mortgage brokers but not substantial. "They are expecting more but are just having inquiries at this stage." Auckland mortgage broker Jeff Royle said the non-bank sector would definitely benefit from the Reserve Bank change.


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