Boston, MA (PRWEB) September 22, 2015
Admirals Bank and Urban Edge have partnered to offer communities in Massachusetts affordable financing for their home improvements. Admirals Bank is the leading national provider of the FHA Title I Home Improvement Loan, a federally-insured program that offers both secured and unsecured loans for home improvement and renewable energy projects with no equity or appraisal requirements. In an effort to address the lending needs of low- to moderate-income borrowers in Massachusetts, Admirals has created a new loan product—the Community Advantage Loan for eligible borrowers which features reduced interest rates, origination fees and credit score requirements.
The Community Advantage Loan allows eligible borrowers in select regions of Massachusetts who may not qualify for other loans to receive financing for home repairs, including residential solar and renewable energy upgrades.
Robert Briden, Vice President and Director of Mortgage Lending states, “Admirals Bank recognizes that financial institutions need to help address the development needs of the communities they serve, especially the financing needs of low- and moderate-income individuals. As the nation’s leading Title I home improvement lender, the Bank can leverage its unique position to offer assistance where insurance and other home improvement loans may not be available.”
Admirals Bank will be offering this loan through Urban Edge, a community development corporation based in Roxbury, Massachusetts that constructs affordable housing and conducts programs and classes for first-time homebuyers and existing homeowners. Urban Edge will refer interested potential borrowers to Admirals Bank.
"The Urban Edge collaboration with Admirals Bank allows us to support this low cost home improvement product now available to many of our residents who are having difficulty obtaining funds for repairs and improvements,” says Bob Credle, Director of Community Programs. “This program provides low interest loans to home owners in hard hit communities who are having difficulty obtaining financing. We continuously seek to address the home ownership needs of Urban Edge clients."
Urban Edge and Admirals Bank also collaborate on Urban Edge’s First-Time Homebuyer Education program, which provides first-time homebuyers with a thorough understanding of the home purchasing process. “We believe in offering education about the lending process and want first-time homebuyers, as well as new homeowners, to know their lending options,” says Briden.
For more information regarding the Community Advantage Loan, please call (800) 605-8472.
For press related inquiries, please call the Richard Scioli, VP, Senior Marketing Manager at 401-248-7256.
About Admirals Bank
Admirals Bank is a federally-chartered financial institution headquartered in Boston, MA with a Regional Banking Center in Providence, RI, and a Renewable Energy Lending Center in San Francisco, CA. Admirals Bank is a leading national provider of the Title I Home Improvement Loan for a variety of home improvement and renewable energy projects. Admirals Bank offers customers additional borrowing solutions such as residential mortgages and the FHA 203(k) Loan. Admirals Bank is also an active acquirer of commercial real estate loans in the secondary market. In 2011, the Bank introduced Bespoke Banking, which is an individually tailored, highly customized relationship banking platform, which provides customers with classic banking options such as checking and savings accounts. Admirals Bank is an Equal Housing Lender and Member FDIC. For more information, visit http://www.admiralsbank.com.
About Urban Edge
For over 40 years, Urban Edge has offered a range of innovative programs that help low- and moderate-income families in and around Boston become economically resilient, establish homeownership, and access needed community resources. Throughout its history, the organization has developed nearly 1,500 units of affordable housing, making it one of Boston’s largest nonprofit developers of affordable units. Most recently, the agency has been a prime mover in the redevelopment of the Jackson Square neighborhood, creating new affordable housing and commercial space along eight acres of land that border Roxbury and Jamaica Plain. For more information on Urban Edge: http://www.urbanedge.org | Facebook: /UrbanEdgeBoston | Twitter: @UrbanEdgeBoston | Instagram: @UrbanEdgeBoston
Disclaimer: The Community Advantage Loan is one of many products or services offered through and/or promoted by Urban Edge. The program is not offered to the exclusion of other products or services for which a homebuyer may be eligible. For information on other available home improvement lending products or services, please visit Urban Edge’s website at http://www.urbanedge.org/program/home-improvement-repairs/