The Point on the River condominium development, formerly named First Place on the River, is calming buyers' financing fears through its buyer-friendly lending programs offered by two local banks: Madison-based AnchorBank and Racine-based Johnson Bank. Buyers interested in purchasing a home at the 12-story soft loft development located at 106 W. Seeboth St. can take advantage of the following financing options:- Conventional 30-year fixed-rate mortgage at .25 percent below current market rate - First-time buyer New Neighbor Program with a minimum 5-percent down payment and no private mortgage insurance (PMI) - No property appraisals required"Right now there are a lot of buyers ready to purchase a new home, but they're staying on the sidelines because they don't believe they'll qualify for a mortgage," said Jim Colella, general sales manager with Garrison Partners, the project's exclusive sales and marketing agent. "Through The Point on the River's partnership with Anchor and Johnson banks - two local banks that believe strongly in this project and its buyers - first-time and seasoned buyers alike have access to competitive mortgage programs from the Milwaukee area's leading lenders."Redeveloped by Milwaukee-based Mandel Group, The Point on the River features 147milwaukee condosand more than 50 unique floor plans in one-bedroom, one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den, and three-bedroom designs. Measuring 700 to more than 4,000 square feet, the lofts incorporate 1 to 3 baths; 10-foot ceilings; oversized private balconies or terraces; and heated, indoor parking. Prices range from $163,900 to $1.5 million, including parking. The community boasts an ideal location at the intersection of the Milwaukee and Menomonee Rivers that offers combined views of the river and city skyline from nearly all units, as well as easy access to the Third and Fifth Ward riverwalk, shopping and dining.According to Colella, first-time buyers in particular have been drawn to the project. "While The Point on the River's location, modern design and convenient amenities have been key selling points, first-time buyers are especially interested in our lenders' flexible first-time buyer programs that offer a cost-effective alternative to an FHA or similar loan," noted Colella.For example, through AnchorBank's New Neighbor Program, first-time buyers who meet certain income requirements can secure a 30-year fixed-rate mortgage with a minimum down payment of 5 percent. In addition, the loan does not require buyers to pay PMI, which is typically necessary on loans greater than 80 percent."By offering our own mortgage products, like our New Neighbor Program, which provides loans that are owned and serviced by AnchorBank, we can review loan applications using our own guidelines," said Tony Larke, residential loan officer with AnchorBank. "This makes it possible for buyers like recent college grads, who may not meet the guidelines of government-sponsored loans, to take advantage of today's low interest rates and affordable home prices."As a result of these lending programs, The Point on the River is enjoying strong sales, said Colella. In fact, since receiver-appointed developer Mandel Group reopened the project in January, more than 27 units have sold or gone under contract. "Of these sold units, about 16 buyers have taken advantage of the financing programs offered by our preferred lenders. It's because of these financing programs that The Point on the River is the fastest-selling development in Milwaukee," added Colella.Buyers interested in purchasing a home at The Point on the River can choose from a selection of builder-designed immediate-delivery residences, while those who wish to make their own selections can choose from professionally designed selection packages.Two decorated models - a one-bedroom, 1-bath home, and a two-bedroom, 1 1/2 -bath home - showcase the designer finishes that come standard in each residence, including hardwood flooring in the main living areas; gourmet kitchens with granite countertops and stainless steel appliances; and master baths with granite countertops.Residents also will enjoy the community's numerous amenity areas, including a 25-seat theater room with a 110-inch projection screen, Blu-ray Disc player and Nintendo Wii; a board room with a wet bar, wireless Internet and a 50-inch video display panel; a social-networking lounge with Texas hold'em, pool and shuffleboard tables, a 50-inch flat-screen TV, stereo system with iPod dock and a well-equipped kitchen with warming drawers for special events; a fitness center with 50-inch flat-screen TV; and a controlled-access lobby with concierge.The Point on the River sales center is located at 106 W. Seeboth Street and is open from daily from 11 a.m. to 6 p.m. For more information call (414) 298-1600.www.ThePointontheRiver.com
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