Washington Trust expands its RI Community Lending Program with new Home Equity Loans

Rhea-AI Summary

Washington Trust has expanded its RI Community Lending Program by introducing I Luv RI™ Home Improvement Loans. These loans offer discounted rates of up to 2% for home renovation and repair, with flexible options up to $50,000. The program is available in 14 Rhode Island cities and towns, including Providence, Newport, and Warwick.

The Bank recently hosted an educational event for real estate professionals to inform them about the program's expansion, which includes four unique mortgage options with various financing options, matching funds/grants, and closing cost credits. Washington Trust has a team of community lending officers and mortgage lenders throughout Rhode Island to assist residents with homebuying and homeownership needs, including financial education and resources.

Positive

• Introduction of I Luv RI™ Home Improvement Loans with discounted rates up to 2%
• Flexible loan options up to $50,000 for home renovation and repair
• Expansion of RI Community Lending Program to include four unique mortgage options
• Collaboration with local community groups to enhance lending program offerings

Negative

• None.

News Market Reaction

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On the day this news was published, WASH declined 5.22%, reflecting a notable negative market reaction.

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Offers discounts for homeowners in select RI cities and towns

WESTERLY, R.I., Oct. 1, 2024 /PRNewswire/ -- Washington Trust ("the Bank") today announced the Bank recently enhanced its RI Community Lending Program by adding I Luv RI^™ Home Improvement Loans as home renovation and repair solutions for Rhode Island homeowners.

The I Luv RI Home Improvement Loans offer homeowners several flexible loan options of up to $50,000 at rates discounted up to 2%. The loans are available on homes in the following Rhode Island cities and towns: 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," stated Edward O. "Ned" Handy III, Washington Trust Chairman and Chief Executive Officer. "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 recently hosted a special education event for Rhode Island real estate professionals to ensure their clients are informed about the expansion of its RI Community Lending Program, which also includes four unique 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/or property location.

Washington Trust has a team of community lending officers and mortgage lenders throughout the State of Rhode Island who are available to assist residents with their homebuying and homeownership needs, including financial education, tools and resources to help get them get on the path to home ownership, and to become successful homeowners. Washington Trust works directly with local community groups, such as One Neighborhood Builders, NeighborWorks Blackstone River Valley, West Elmwood Housing Development Corporation, SWAP (Stop Wasting Abandoned Property) & Pawtucket Central Falls Development Corporation, and others, to collaborate on RI Community Lending Program offerings. For more information and loan details about Washington Trust RI Community Lending Program, call 800-475-2265 or visit www.washtrust.com/ricommunitylending.

ABOUT WASHINGTON TRUST^®
Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust values its role as a community bank and is committed to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at www.washtrust.com or the Corporation's website at ir.washtrust.com.

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SOURCE The Washington Trust Company

FAQ

What new loan product has Washington Trust (WASH) introduced in its RI Community Lending Program?

Washington Trust has introduced I Luv RI™ Home Improvement Loans as part of its expanded RI Community Lending Program. These loans offer discounted rates of up to 2% for home renovation and repair, with flexible options up to $50,000.

In which Rhode Island cities and towns are Washington Trust's (WASH) I Luv RI Home Improvement Loans available?

The I Luv RI Home Improvement Loans are available in 14 Rhode Island cities and towns: Bristol, Central Falls, Coventry, Cranston, East Providence, Johnston, Middletown, Newport, North Providence, Pawtucket, Providence, Warwick, West Warwick, and Woonsocket.

What are the four unique mortgage options offered by Washington Trust (WASH) in its RI Community Lending Program?

Washington Trust's RI Community Lending Program includes four unique mortgage options: the I Luv RI™ Community Lending Program, the Buyer's Advantage™ Program, the Home Opportunity™ Program, and the RI Advantage™ Program.

How is Washington Trust (WASH) supporting homebuyers and homeowners in Rhode Island?

Washington Trust has a team of community lending officers and mortgage lenders throughout Rhode Island who provide assistance with homebuying and homeownership needs, including financial education, tools, and resources. The bank also offers waived lender fees, low or discounted rates on fixed-rate mortgages, and collaborates with local community groups to enhance its lending program offerings.