Banks offer financing options to sell condos at The Point on the River

The 147-unit The Point on the River condominium development is providing buyers access to lending programs offered by 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: conventional 30-year fixed-rate mortgage at 0.25 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.

The 12-story The Point on the River building was originally known as First Place on the River. The project was placed into receivership about a year ago. The original developer, KeyBridge Development, was replaced by Milwaukee-based Mandel Group, which was hired to complete the development for the banks that had loaned money for the project.

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