The Steinbridge Group, a real estate investment and asset management company based in Philadelphia, on Friday launched a program in the City of Brotherly Love to expand homeownership.
The program will be offered through PNC Bank. As the preferred lender for Steinbridge Group properties in Philadelphia, PNC Bank will provide dedicated loan officers at branches to assist homebuyers in securing mortgage financing.
In addition, PNC will provide prospective homeowners with access to financial education, down payment assistance, and other financial support.
“A home is 30%-40% of the net worth of the average American family, making it their most valuable asset,” said Tawan Davis, founder and CEO of the Steinbridge Group. “Decreasing homeownership contributes to a pervasive broadening of the wealth gap in the United States. We’re proud to work with PNC Bank to help close this gap for hardworking families by ensuring that they have the tools and support to find and buy quality, attainable homes.”
Davis added that the Steinbridge Group hopes to expand the program nationally ”with similar opportunities, including our active development and redevelopment pipeline of nearly $500 million.”
Steinbridge Group said it is also working with Fierce Realty Corp., an African American, woman-owned real estate brokerage in the Philadelphia area led by Deborah Spence, who will serve as the broker and identify prospective homebuyers to participate in the program.
“Homeownership is a critical step in achieving financial wellness,” said Travis Branch, executive vice president, PNC Bank. “As a national main street bank, PNC is committed to delivering capabilities that help clients achieve their financial goals. Serving as the preferred provider for these Steinbridge properties reflects that commitment and our focus on helping to strengthen the economic vitality of Philadelphia’s neighborhoods.”
Based in Pittsburgh, Pa., PNC Bank N.A. is one of the largest diversified financial services institutions in the United States, offering retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
The Steinbridge Group is focused on advancing a strategy to acquire, renovate, and develop homes to lease and sell to working families in major cities throughout the United States. The company said it is on track to invest over $1.3 billion through assembling a portfolio of several thousand single-family residences and build-to-rent homes nationwide.
