A family wants to expand their home, adding a new master bedroom-bathroom suite and a state of the art kitchen. A woman in her forties is finally ready to take a chance on launching her own business. A young homeowner with a steady job is ready to pay off several high interest credit cards.
For each of these customers, and many others, Bank of St.Francisville’s Home Equity Line of Credit product, called Unlock HELOC, is one of the best products on the market for granting individuals the power to manage their financial lives through ready cash. BSF is able to provide a unique service by enabling qualified customers the opportunity to borrow against 100% of the value of their home. Typically, HELOCS only fund up to 85% of a home’s value.
“As we looked at this product, we thought it was the best way to give our customers a vehicle for accomplishing a wide range of financial and personal goals,” said BSF President and CEO Carter Leak IV. “It provides the capital they might need to start a business, complete a home renovation project or pay off credit cards, which have higher interest rates than a HELOC.”
Borrowers make interest-only payments for up to 10 years, and they can pay the HELOC down or off at any point in time. It’s a product that helps customers better manage risk, with more flexibility.
“Unlock HELOC allows you to unlock the equity that you have built in your home, one of the best investment vehicles you have, and use that equity to help achieve an important goal or to transfer debt to a less costly, more flexible borrowing vehicle,” said Carter. “Having liquidity is one of the most powerful tools a family or individual can have, and this makes it possible.”
Many customers have used Unlock HELOC to expand existing businesses by buying new equipment or expanding capacity. Others have started new local businesses that bring fresh energy and opportunities to the area. For example, with help from a BSF HELOC, the new farm chic retail store and DIY hub Vintage Hive opened its doors earlier this year.
“We see this as a big win-win for our customers and our community,” says Carter. “If you think this product might be right for you, we’d love for you to come in and sit down and talk to us.”
Call (225) 635-6397 or click HERE to make an appointment with a loan officer.