It has been a busy start to 2013 for the lending team at Meredith Village Savings Bank (MVSB), with increases in nearly all areas of personal and business lending. In this low-rate environment, MVSB lenders and their support staff have been working extra hours to meet the demand for refinances, while traditional mortgages and construction loans have continued to pick up; signs that community members are becoming increasingly confident in the economy, are purchasing and building homes, and businesses are looking to expand.
In one recent endeavor, the Bank collaborated with Belknap EDC to provide financing to Hermit Woods Winery of Sanbornton. The Winery will use these funds to purchase and renovate a new, larger location on Main Street in Meredith as well as new equipment to expand their wine-making business and tasting events; a shining example of local organizations, banks and businesses working together to encourage economic growth within the Lakes Region.
“As the nation bounces back from the economic downturn, businesses are looking to local banks, like Meredith Village Savings Bank, who they are confident they can trust to help to navigate through an increasingly complicated lending process,” said Robert Sargeant, Senior Vice President and Commercial Loan Officer. “Businesses, in particular, can have very unique financial situations and they really benefit from the personal time and attention a community bank lender, like those at MVSB, can provide to them.”
In addition to commercial mortgages and construction loans, MVSB looks for other creative ways to help existing businesses meet their financial objectives. “For several years, we had considered refinancing our loans and obtaining additional funding for building repairs,” said Chip Ippolito, Co-Owner of Ippolito’s Furniture . “After looking around at different banks and loan options, we chose to work with Gracie Cilley at MVSB. Gracie took the time to understand the needs of our business and, after a careful review of our existing loans, came up with an option that would help us to consolidate loans and benefit from significant savings over the life of the loans. We felt so fortunate to work with a lender that thought outside the box and looked beyond our initial request to find the best solution for our business.”
The Bank’s residential lenders have also stayed abreast to changing government programs to help loan applicants understand what options might be right for them. MVSB was an early and active participant in the Making Home Affordable Program and continues to reach out to homeowner’s to help them determine which programs they qualify for.
“In the last few months we have seen a significant increase in primary and second home purchases as well as construction loans. In the first half of 2013, there has been a 25% increase in new home purchases over 2012 and recent applications indicate that this percentage will likely continue to grow as the year progresses,” said Carol Bickford, Senior Vice President and Retail Lending Officer. “Interest rates remain low and homeownership is still strong. We recognize our important role in providing the right loan products to ensure customers are able to comfortably afford the loans we provide.”
For more information about Meredith Village Savings Bank’s lending options, please contact the Meredith Village Savings Bank Loan Team at (800)922-6872 or apply online!
Photo Caption: Meredith Village Savings Bank Senior Vice President of Commercial Lending, Bob Sargeant, and Vice President and Commercial Loan Officer, Gracie Cilley, with Ippolito’s Furniture Co-Owners, Chip Ippolito, Rick Ippolito and Dave Ippolito.