Islandia, NY; September 1, 2011 - Long Island's Community Bank, Gold Coast Bank, is proud to be an active participant and supporter of the Federal Deposit Insurance Corporation's (FDIC) new regulatory assistance efforts that allow banks to expedite the funding of loans for those who have been impacted by Hurricane Irene, which was announced by the FDIC on August 30, 2011. This is a series of steps by the FDIC intended to provide Banks with the ability to facilitate recovery in areas affected by Hurricane Irene. In accordance with consumer laws regarding loans, FDIC's Regulation Z provides consumers an option to waive or modify the three-day rescission period when a "bona fide personal financial emergency" exists. To exercise this option, the potential borrower must provide the bank with a statement describing the emergency in accordance with the regulation.
Working ahead of the curve, Gold Coast Bank activated its own emergency Home Equity Line of Credit program prior to FDIC's announcement just one day after the storm rummaged through the tri-state area to ensure homeowners, entrepreneurs and small businesses had a means for obtaining the finances they need for covering repairs in an expedited fashion. Gold Coast Bank President Joseph Perri proactively marshaled his team, including the underwriters, appraisers, etc. to ensure the Bank could make every HELOC under these circumstances a priority. Gold Coast Bank is not only able to guarantee individuals an answer within less than 72 hours but has the potential for providing an even swifter response time that could be achieved within a possible 48 hour window.
"Gold Coast Bank prides itself on being an active neighbor and participant within the community it serves, which is why we worked so quickly to activate our special emergency Home Equity Line of Credit," says Perri. "We applaud the FDIC for bringing this emergency loan effort to a larger scale and hope it will be influential in sparking even more support among the banking community so the many that have been impacted by Hurricane Irene are provided with greater opportunities for securing immediate financial assistance needed for repairs."
Gold Coast Bank's HELOC is available to both bank members and non-members and consists of a floating 10 year term. The HELOC does not have application, appraisal or title fees attached to it either, making it an even more attractive loan product for those who need immediate access to cash. With the exception of mortgage tax for any mortgage exceeding $350,000, there are no fees - "no strings" as the Bank likes to refer to it. Regardless of whether you are a Gold Coast Bank member or non-member, anyone
qualifying will receive a rate of Prime plus a quarter, which is equivalent to 3.50 percent.
The Gold Coast Bank HELOC program entails a standard application, underwriting, and approval process. For more program details and a free consultation, call 631.233.8600 or email: email@example.com.
Gold Coast Bank offers a myriad finance programs and products including Commercial Equity Line Of Credit (CELOC), Commercial Mortgage, Term and Lines of Credit, and much more.
About Gold Coast Bank
Headquartered in Islandia with individual branches located in Huntington and Setauket, Gold Coast Bank is a New York State chartered bank whose popularity and sterling reputation stems from the strong, long-term relationships it has cultivated among its large
and diverse customer base. A member of the Federal Deposit Insurance Corporation (FDIC) and one of Long Island's financially strongest denovo banks, Gold Coast Bank has more than $100 million in assets and prides itself on providing businesses and individuals with quality lending and banking services. Fulfilling a unique niche within the Long Island commercial banking sector, Gold Coast Bank delivers specialty lending capabilities in a variety of areas that include real estate, equipment finance, and lines of credit for privately owned businesses. For more information about Gold Coast Bank, please visit www.gcbny.com.
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