Small Ticket Tax Exempt Lease-Purchase Program

Small Ticket Tax Exempt Lease-Purchase Program

First Hope Bank is a family operated community bank that has been in operation since 1911. We are a full-service bank with products ranging from deposit accounts to loans to investment and insurance products. First Hope Bank, while enthusiastically reaching for the future, is mindful of its heritage, which abounds in the Northwestern New Jersey Village of Hope, a town originally built by members of the Moravian community.


First Hope Bank/MRESC Co-op Small Ticket Lease-Purchase Financing Program for Transactions from $2,500 - $100,000.00 – A highly competitive alternative to high-rate vendor-sponsored finance offerings.


MRESC Small Ticket Tax-Exempt Lease Purchase program: This is a competitive award under the MRESC State Approved Cooperative Pricing System which offers qualified MRESC Co-op Members a compliant financing alternative to vendor-sponsored financing. MRESC Cooperative Pricing System #65MCESCCPS, has awarded First Hope Bank, MRESC Bid #13/14-23, Small Ticket Tax-Exempt Lease Purchase Program.

Summary
  • Program for qualified tax-exempt lease purchase transaction sizes between $2,500 and $100,000.
  • Terms 2-5 years with selection of repayment terms, quarterly, semi-annual and annual payments in advance or in arrears.
  • Interest Rates are indexed until closing then fixed for the term of your transaction.
  • Financing for essential use equipment such as copiers, building and grounds equipment, police cars, buses, pick-up trucks, technology and other essential use equipment.
  • Simplified documentation has been pre-approved by MRESC's special counsel and bank's counsel. (No modifications may be made to the document.)
  • Compliant with NJ Public Contract laws.
  • Interest rates are well below any vendor sponsored financing program (where there are no vendor rate buy downs to disguise the true rates.)
  • Web-based application.
  • Lessee must be bank qualified.

Rates

Rates Table (Do Not Delete)


First Hope Bank Term and Tier Pricing for November 2014 Quotes. Pricing based on Like Term FRB H-15 Interest Rate Swaps for the Week Ending October 31, 2014 and yields are in percent per annum. (Rates subject to change monthly based on like term interest rate swaps published by the Federal Reserve Board in its H.15 Release as of the last Friday of the month immediately prior.)


Contacts

Sharon J.H. Nothstein, VP

First Hope Bank

snothstein@firsthope.com

908.459.6024



Dennis R. Balodis, Financial Advisor

MRESC Co-op Pricing System

DBalodis@mresc.k12.nj.us

732.777.9848 ext 6622

Financing PackageTermInterest Rates for Lease Amounts $2,500 - $25,000Interest Rates for Lease Amounts $25,001 - $100,000
12 Year2.59%2.34%
23 Year2.65%2.40%
34 Year2.60%2.35%
45 Year2.57%2.32%