Pinnacle to partner with Memphis nonprofit provides $500000 fund mortgage loan pool
Pinnacle to partner with Memphis nonprofit provides $500000 fund mortgage loan pool information is available here. Pinnacle Financial Partners and The Work Inc. are teaming up to provide the loan pool of $500,000. The funding is to help individuals to purchase homes at low cost. The pool will provide loans $50,000 and below. $50,000 is the standard fund threshold for the loan receivers.
A ceremony was organized in November 2015 at Poplar Ave. to change the final Magna Bank signs to Pinnacle Partners. There are a lot of low-income families who are unable to get lower cost homes at this time. They also follow the traditional financing which do not allow them to buy homes at lower cost. The finance these days might not go through the traditional mortgage side so some one has to do some help who are in need of redevelopment and reinvesting in these communities.
The collaboration of the Pinnacle and The Work Inc. is a grand and a relief for the people with low people. The collaboration might be a way to allow low income buyers to buy a home. It is also the win-win situation for everyone. All the loan providers and loan receivers are equally benefited from this team up. This is a win for Pinnacle, it is a win for Memphis as well. And it is also a win situation for the low income families.