Were Admirals Bank Lend for home improvement projects in all 50 states Have been offering home improvement loans since 1987 Most widely used Title I lender in America Strong focus from Bank management on home improvement and renewable energy lending ID: 743228
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Slide1
The FHA Title I and Plus I Home Improvement Loan ProgramsSlide2
We’re Admirals Bank
Lend for home improvement projects in
all 50 states
Have been offering home improvement loans since 1987Most widely used Title I lender in AmericaStrong focus from Bank management on home improvement and renewable energy lendingHome improvement programs customized through market feedbackUnlimited capacity for supportLending centers in Boston and ProvidenceSlide3
No money down
home improvement solution
Maximum return
on investmentLending options with flexibility and choiceBoth secured and combo secured/unsecured loan options availableNo equity or appraisal neededFlexible terms up to 20 yearsFixed rates
Pay off early with no penaltiesAbility to fund customers down to 640 middle FICO score
Admirals advantages
$50,000
Home Improvement LoanSlide4
Customer experience is the #1 priority
The
Product Guide
and Contractor Dashboard on the Admirals website (www.admiralsbank.com) are your resources to…Create a great customer experienceAssess your customer as a home improvement loan candidate
Set the stage properlyConvey the value propositionGet an application started
Close more deals and avoid cancellations
Setting yourself up for success
Drive more deals!
Sell more home improvements!Slide5
Process Guide
Admirals loans can fund as quickly as 11-12 business days after application
Day 1:
Pre-qualification (99% certainty) and loan application (over the phone in 5 minutes)
Day 2-7:
Full approval (closer to 2 if customer submits docs quickly)
Day 8:
Loan closing (regulation requires 7 day review period from initial disclosures)
Day 11: Loan funding (regulation requires 3 day right of rescission period after closing)Use Product Guide to help customer understand which docs they need to gather or simply have your customers contact Admirals directly!
5 minutes!Slide6
Low payments from day 1, maximum savings
Can still access up to $50,000
For 700+ FICO customers only (640-699 FICO customers still step down the loan)
Introducing…the new Plus I
$25,000 Title I Loan
Borrow $50,000 for Home Improvements
$25,000
Plus I
Loan
=Slide7
Besides the update to the Plus I loan, we’ve got a lot going on…
Loan Officers available to handle customer inquiries, pre-qualifications and loan applications from:
Monday- Friday: 8:30 AM to 8:00 PM
Saturday: 9:00 AM- 5:00 PMPre-qualify your customers with great certainty over the phoneMore support from the bank…easier sales for youSo, what else is new?Slide8
HELOCs
Equity requirements normally capped at 80% LTV
Lines of credit can be reduced based on market conditions
Rates often adjustable—payments can rise!Cannot re-amortizeCompetitive landscape
Other
home improvement loans
Lender 1:
Can have large
dealer fees and a waning appetite for new businessLender 2: Short terms, high paymentsLender 3: No re-amortization, no online tools
Admirals is the heavyweight champion!