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CU System
Single mom gets help restoring burnt home
SAN ANTONIO (4/15/09)--Security Service FCU helped a single mother qualify for a loan to restore her San Antonio house, which was nearly burned to the ground last June. After the fire, the city was ready to bulldoze the ruins. Elizabeth Llanas would not have qualified for a traditional loan to restore her historic home, built around 1905, said the credit union.
Click to view larger image Elizabeth Llanas points to where the fire that nearly burned her home to the ground started and what’s left of her son’s room. Security Service FCU was part of a community effort to help her rebuild the historic home. (Photo provided by Security Service FCU)
However, through an ongoing partnership between Security Service FCU and Neighborhood Housing Services (NHS) of San Antonio, the credit union was able to provide the first loan on the home, with NHS providing the second lien and construction management services. “Because Security Service FCU is a completely local institution with a membership and depositor base that is ‘puro San Antonio,’ they saw the whole picture of the proposed transaction clearly,” said Robert Jodon, NHS executive director. “Because Security Service’s lending is local, loan products are designed to match local market conditions and characteristics. “So instead of being frozen within the general malaise of the mortgage market place, Security Service was nimble and able to step to the fore when we needed them,” he added. At a groundbreaking ceremony held April 8, San Antonio Councilwoman Mary Alice Cisneros was joined by architect Jose Garcia de Lara, who provided pro bono services to Llanas. Also present was Keith Sultemeier, Security Service chief financial officer. “We are honored to be able to participate in this project with NHS,” Sultemeier said. “Liz is a truly remarkable woman, and this is a truly remarkable project. It’s a perfect and encouraging example of a community coming together to support one another.” Security Service FCU, based in San Antonio, has more than $5 billion in assets.
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