HomeStreet Bank, one of the largest sources of residential construction financing in the Northwest, announced today that it is launching a new Builder Preferred Lending program. Working in partnership with builders and developers, the Builder Preferred Lending program offers special benefits to mortgage customers who purchase new homes.
HomeStreets new Builder Preferred Lending program is modeled after HomeStreets Hometown Home Loan program, in which affinity relationships are developed with private employers, municipalities, and labor groups in order to provide employer-assisted housing benefits to employees. Through the Building Preferred Lending program, a builder designates HomeStreet Bank as a preferred lender. Homebuyers who finance through this program have access to a range of customized benefits, which can include reduced closing costs and access to special loan programs offering low down payments or down payment assistance. Homebuyers may lock in their interest rate for up to a full year in advance of closing, an advantage for those who purchase before construction is completed.
People who are buying new construction often have to deal with additional complications in the financing process, said Dianne Wasson, vice president and manager of the Builder Preferred Lending program. When they encounter delays and poor or inconsistent service at the time of financing, it not only impacts the buyer but can also cost builders valuable time and money. Our new program gives builders an avenue for providing reliable, consistent service to their customers by offering them a lender who knows the property, knows the builder and can help expedite the process, providing a higher level of overall service.
Homebuilders are interested in providing their customers with the smoothest home-buying experience possible, said Jay Boitano, president of Boitano Construction. Builders are more likely to recommend that their customers work with a knowledgeable lender who can provide a high level of service and can manage the financing process so that loans close on schedule.
HomeStreet Bank has provided financing for builders and developers since the 1920s and has longstanding relationships with many of the builders in the Seattle/Tacoma, Portland, Boise, Spokane and Hawaii markets. The company is projected to originate $750 million in residential construction and land acquisition loans in 2004, breaking all previous records.
Our successful experience with the Hometown Home Loan program and our longstanding relationships with builders in the Northwest and Hawaii are both based on a strong service ethic and a deep understanding of our customers needs, continued Wasson. Providing the same level of service to our builders customers as we do to the employees of our affinity partners is a natural complement to our residential construction business.
Founded in 1921, family and employee owned HomeStreet Bank is one of the largest private banks in the Northwest. Headquartered in Seattle, the company has assets of $1.65 billion and a network of 30 branches in the Northwest and Hawaii. HomeStreet Bank offers a full range of financial services, including business banking, business lending, consumer banking, mortgage lending, residential construction financing, income property financing, and insurance services.