Credit union introduces new adjustable rate rehab loans at discounted rates

MANCHESTER, NH – St. Mary’s Bank is expanding its support of the City of Manchester’s Rimmon Heights/West Side Revitalization Plan, with a new statewide loan program that offers special pricing for West Side property owners.

The credit union recently announced its new Investor Rehabilitation Mortgage Program with a discounted rate for the West Side revitalization effort. For West Side landlords, that means rates as low as 6.25% percent on a five-year adjustable rate mortgage for one to four unit residential properties.

“We know purchasing investment properties in need of repairs can sometimes require a large commitment of capital, and finding affordable financing can be challenging,” said Steven Macek, St. Mary’s Bank Vice President and Director of Retail Lending. “Our rehab loans give landlords and local investors an unprecedented opportunity to incorporate the costs associated with bringing properties up to code by making critical repairs to ensure tenant safety, and is one more example of our support of urban renewal in Manchester.”

The introduction of the credit union’s rehab mortgage program at discounted interest rates are the credit union’s latest efforts to support the City of Manchester’s Rimmon Heights/West Side Revitalization Plan. The credit union initially set aside $12 million in residential and commercial financing when the project launched last year. In July 2008, St. Mary’s also dropped rates significantly on its commercial West Side loans.

St. Mary’s Bank is offering adjustable rate rehab loans in all of its markets, but is making the lowest rates available to the West Side investor community in conjunction with the city of Manchester’s West Side revitalization project. More information about the West Side revitalization project and St. Mary’s Bank’s related loan programs can be found at the dedicated resource center in the lobby of the McGregor Street branch.

More information is also online at http://www.stmarysbank.com/about-st-marys-bank/rimmon_heights_initiative.asp.

About the West Side/Rimmon Heights Revitalization Plan
The multi-million dollar West Side/Rimmon Heights Revitalization Plan focuses on the neighborhood that surrounds Kelley Street on Manchester’s West Side. The plan, drafted by the City and the Planning Commission, calls for improvements in six strategic categories: parks and green spaces, housing, business assistance, neighborhood identity and design, infrastructure, and security. Rimmon Heights is the first neighborhood selected as part of the City of Manchester’s goal to create healthy, vibrant neighborhoods throughout the City.