Gross margin percentage on home sales decreased compared to the fourth quarter of 2015 primarily due to an increase in land and construction costs per home, partially offset by an increase in the average sales price of homes delivered. Selling, general and administrative expenses were $256.2 million in the fourth quarter of 2016, compared to $242.7 million in the fourth quarter of 2015. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 8.7% in the fourth quarter of 2016, from 9.2% in the fourth quarter of 2015, due to improved operating leverage as a result of an increase in home deliveries and benefits from the Company’s focus on digital marketing. Gross profits on land sales were $24.3 million in the fourth quarter of 2016, which included three significant land transactions that generated $16.1 million in gross profits, compared to $7.9 million of gross profits on land sales in the fourth quarter of 2015. Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was ($24.6) million in the fourth quarter of 2016, compared to $14.7 million in the fourth quarter of 2015. In the fourth quarter of 2016, Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to the Company’s share of net operating losses associated with the new FivePoint unconsolidated entity formed as the result of the FivePoint combination in the second quarter of fiscal 2016. In the fourth quarter of 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $18.3 million of equity in earnings from one of the Company’s unconsolidated entities primarily due to sales of homesites to another joint venture in which the Company has a 50% investment. Lennar Homebuilding other income, net, was $11.0 million in the fourth quarter of 2016, compared to $8.3 million in the fourth quarter of 2015. Lennar Homebuilding interest expense was $73.3 million in the fourth quarter of 2016 ($69.4 million was included in costs of homes sold, $2.6 million in costs of land sold and $1.3 million in other interest expense), compared to $65.5 million in the fourth quarter of 2015 ($62.9 million was included in costs of homes sold, $0.8 million in costs of land sold and $1.8 million in other interest expense). Interest expense included in costs of homes sold increased primarily due to an increase in home deliveries.
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A revolving loan is a loan that has a credit limit that can be spent, repaid and spent again. Small Business Administration and partner agencies. Broadly defined, a personal loan is a type of instalment loan, which means that it is repaid over time with a set number of scheduled payments. Different lenders have different fees for unsecured loans, so it is important to shop around and make sure you get the best possible deal. Users are encouraged to discuss and share business knowledge and experiences. Members may use their profile page to share information about their business, products, or services, and may include only one 1 hyper link to their commercial website. 5. It’s not wrong to take one of these loans with a FCC as http://www.smeinsider.com/2016/12/15/equity-finance-growing-in-popularity-among-smes/ collateral if that’s what you qualify for – but it’s not honest to call these loans “unsecured” and it’s doing you a disservice if they don’t work on finding you better financing first.