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Carefully Calculated Risk
A Connecticut bank is offering its customers certain types of second mortgages based not on the current value of the property, but on what it will be worth in the future.
The financing is available for loans designed to increase the property's value, such as major renovations requiring $100,000 to $750,000. The bank has customized mortgages like these for certain customers; but the loans have been so successful, it announced in May that it would formalize the program.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 8, 8/00
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