WESTERLY – The Washington Trust Co. says it recently enhanced its Rhode Island community lending program by adding a home improvement loan program that will offer discount borrowing rates to homeowners in certain cities and towns.
The bank said the “I Luv RI” home improvement loans offer homeowners several loan options of up to $50,000 at rates discounted up to 2%.
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The loans are available on homes in Bristol, Central Falls, Coventry, Cranston, East Providence, Johnston, Middletown, Newport, North Providence, Pawtucket, Providence, Warwick, West Warwick and Woonsocket.
“As the nation’s oldest community bank, we’ve helped generations of Rhode Islanders achieve home ownership, and we know there are a lot of responsibilities that come with owning a home,” said Edward O. “Ned” Handy III, Washington Trust chairman and CEO. “Keeping your home well-maintained is one of them, and our I Luv RI home improvement loans will help homeowners make necessary renovations and repairs to help them retain, and in some cases, may help to increase the value of their homes.”
Washington Trust said it recently hosted a special education event for Rhode Island real estate professionals to ensure their clients are informed about the expansion of its community lending program, which also includes four mortgage options, including the “I Luv RI” Community Lending Program, the “Buyer’s Advantage” program, the “Home Opportunity” program and the “RI Advantage” program.”
These loans offer a variety of financing options, matching funds/grants and closing-cost credits and grants. The bank also offers waived lender fees and low or discounted rates on fixed-rate mortgages and eligible borrowers may qualify by income and property location.
Washington Trust said it has a team of community lending officers and mortgage lenders throughout the state. The bank works with local community groups, such as One Neighborhood Builders, NeighborWorks Blackstone River Valley, West Elmwood Housing Development Corp., SWAP (Stop Wasting Abandoned Property), Pawtucket Central Falls Development Corp. and others to collaborate on community lending offerings.
