I have been blogging recently about how credit unions are emerging as an excellent source for commercial loans. However, not every borrower is eligible for a loan from a credit union.
In the past, you had to work for a company (for example: Lockheed) that had a credit union. Then the laws changed to allow a lot more people to join credit unions. Nowadays, if you live in the same community as a community credit union, you can join the credit union and hence be a borrower.
Today we made a fascinating discovery. We were working on a commercial loan for a dentist who owned a commercial building in Florida that was leased out. But the dentist lived in California.
We submitted the deal to a Florida credit union located close to the property. When we asked if this California resident could join and borrow from a Florida credit union, the loan officer replied, "Yes!" Apparently just owning a commercial property in close proximity to a community credit union gives the borrower enough ties with the community to join the credit union, even if the borrower lives 2,000 miles away! I was floored by this news.
Earlier in this article I wrote that "not everyone is eligble to borrow from a credit union." That may not be true!
So where can you find credit unions hungry for small commercial real estate loans. C-Loans.com is an excellent place to start. Dozens of credit unions have recently joined C-Loans in search of good small business loans. You can submit your commercial loan to 750 different banks, credit unions, conduits, life companies and private commercial lenders in just four minutes using the C-Loans Commercial Mortgage Portal. And C-Loans is free!please fill in your email address in the space provided on the right.
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