Leader Bank is offering personal loans of up to $2,500 to residents of the Brookside Condominium Complex in Arlington, which was engulfed in a four-alarm fire on May 5.

The fire killed one resident and left 36 units damaged or destroyed, according to the Boston Globe. Officials believe the fire was started by the improper disposal of smoking materials, “most likely a cigarette,” Middlesex District Attorney Marian Ryan said in a statement.

Leader Bank is offering personal loans to qualified residents at no interest for one year, with no down payment or fees required.  The total amount borrowed would be repaid in full over 12 equal monthly installments of $8.33 per $100 borrowed.

All applications must be received by Leader Bank on or before June 1. Any eligible resident of the Brookside Condominium Complex who wishes to apply for a personal loan on these terms should contact the Bank’s East Arlington branch at 781-641-3900, its Arlington Center branch at 781-641-0220 or its Arlington Heights branch at 781-641-8800.

“Leader Bank hopes that this temporary assistance will help our friends and neighbors affected by this devastating fire,” Leader Bank President and CEO Sushil K. Tuli said in a statement. “We believe these loans will allow those residents to obtain temporary shelter and purchase personal necessities until they receive their homeowner’s or renter’s insurance proceeds.”

 

Leader Bank Offering Loan Assistance To Residents Of Burned-Out Arlington Condo Complex

by Banker & Tradesman time to read: 1 min
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