Investor Advantage Loan helps rebuild communities
(St. Clair Shores, Mich.) (August 1, 2012) – First State Bank Mortgage Company, LLC (First State Bank Mortgage), an affiliate of First State Bank, in its continuing efforts to help its customers and communities build for the future, introduced their unique Investor Advantage Loan, a short-term, loan program targeted to residential property investors and renovators.
Over the past few years, First State Bank Mortgage has recognized the growing public interest in “purchase-renovation-sale” as a means to maximize investment dollars and to improve neighborhood home values. Through the Investor Advantage Loan program, First State Bank Mortgage reaffirms their commitment to “neighbors helping neighbors” by providing renovators and real estate investors access to funds for this process. The product features a short-term loan with the ability to borrow funds with little or no out-of-pocket money at an extremely competitive rate. Marc Reneau, Department Head for First State Bank Mortgage and Consumer Lending, is excited about the unique terms of the loan, “The loan amount can be based on the ‘improved amount’ or appraised value rather than the traditional purchase price, making this a very attractive and virtually unheard of loan.”
Through the program, First State Bank Mortgage will consider any existing home in need of repair. Loan approvals will be based on the condition of the property, in addition to the proposed repair plan including soft costs that are often prohibited by other lenders.
Designed not just to help investors, the program aims to give local neighborhoods a much-needed boost in real estate sales. Ken Ebaugh, a Senior Mortgage Officer at First State Bank Mortgage considers this an opportunity in which the benefits are two-fold. “We want to offer hard dollars to folks who personally transform injured or distressed properties, then sell. But the real goal is to help bring back our community. With this program, hard hit areas can see a drop in vacancies, tax revenue can return, and real estate agencies will now be able to aggressively market homes with missing parts. From the buyer to the seller, to the next-door neighbor, it’s a real win-win situation for our community.”
First State Bank Mortgage Company, LLC and First State Bank are headquartered in St. Clair Shores, Michigan. With over 94 years of service and $570 million in assets, First State Bank serves Macomb County with 11 branch offices located in Chesterfield Township, Clinton Township, Eastpointe, Macomb Township, Richmond, St. Clair Shores, Sterling Heights, Washington Township, and a Loan Center in Sterling Heights. For more information, please visit www.thefsb.com or call 866-372-1275.
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