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American Log Mortgage Announces Innovative Spec and Model Home Financing Program

Mountville, PA – May 21, 2007--American Home Bank (AHB) today introduced a new lending program through its American Log Mortgage Division. The program will provide financing for model and spec homes. It was specifically created for the log home industry.

Jim Deitch, Founder and CEO of American Home Bank, said, “Our new spec financing program was developed in response to the needs of log builders, manufacturers and dealers.” Deitch continued, “Builders know that showing their log homes is the quickest way to making a sale. When consumers see the quality construction, features and security of a log home model, they are more inclined to move ahead with a purchase. Model and spec home availability increases the speed and volume of sales.”

Features of the program include up to 100% financing of hard costs, and in some cases the ability of consumers to convert the spec financing into an assumable mortgage or end loan financing for their log homes.

“This product speaks directly to the log home industry,” commented Doug Groff, President of American Log Mortgage and a member of NAHB’s Building Systems Councils. Groff added, “Builders and manufacturers were continually asking us about financing for log show homes and spec homes. This program reflects our ongoing commitment to the log industry. Spec financing was a logical next step.”

One reason that spec, model and show homes are so important to the industry is to reinforce the message about the quality of systems-built homes. And, although the industry is growing quickly, there is still much work to be done in this area. Jeremy Bertrand, Executive Director of the NAHB’s Building Systems Councils is proud of the extremely high quality of systems-built homes. “Consumers are blown away after walking through new systems-built homes and experiencing the quality, beauty and soundness of these structures. Their perceptions beforehand are easily changed once they see the homes firsthand. One of our main goals in the systems-built industry is showing consumers the great quality and value of these homes,” concluded Bertrand.

American Home Bank anticipates that offering this unique financing will not only help educate consumers about log homes, but will help builders, dealers and manufacturers sell more homes. “Seeing is believing when it comes to log homes, concluded Groff. With this program, we are helping make that possible.”

American Home Bank is a National Bank providing retail, wholesale, correspondent and joint venture mortgage solutions. The Bank specializes in Construction to Permanent and Residential Mortgage Lending and offers products from over a dozen national sources. Joint ventures with builders, manufacturers and dealers are created through Builder’s Total Control, a turnkey mortgage company solution that can be up and running in about 30 days. American Log Mortgage and American SystemBuilt Mortgage, other divisions of American Home Bank, were created to meet the special needs of the systems-built industry and provides builders, manufacturers and dealers with a high level of products and services designed specifically for that industry. For more information about American Log Mortgage, contact Doug Groff at 877-Bank-AHB or visit the Bank’s website at www.americanlogmortgage.com.


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American Log Mortgage Announces Innovative Spec and Model Home Financing Program
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