St. Mary's Bank Offers New State-Wide Rehab Mortgage Program

St. Mary's Bank in Manchester 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 rehab for one- to four-unit residential properties.

"We know that taking care of investment properties requires a big commitment of capital, and that finding affordable financing can be challenging," says Steven Macek, St. Mary's vice president and director of retail lending. "Our lower rate rehab loans give landlords and local investors an unprecedented opportunity to bring properties up to code, make critical repairs and ensure building safety. It's one more way we're showing our support of urban renewal in Manchester."

The credit union set aside $12 million in residential and commercial financing when the project launched last year.

More information about the revitalization project can be found at the dedicated resource center in the lobby of the McGregor Street branch or by going online to www.stmarysbank.com

The West Side/Rimmon Heights Revitalization Plan

The 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 Manchester's goal to create healthy, vibrant neighborhoods throughout the city.