After years of exploration, the $7.8 billion Alliant Credit Union has created a commercial lending division.
The Chicago-based credit union said it will provide financing for a variety of property types including multi-family rental, office, industrial, retail, hospitality, assisted living and special purpose. Loan amounts will range from $1 million to $10 million.
To head up the new department, Alliant has hired Mark Trevor as its vice president of commercial lending. The 25-year lending professional plans to concentrate on originating commercial mortgages for acquisition or refinance for properties throughout the country, according to Alliant.
“We have been exploring commercial lending opportunities for several years, and decided that the time is right for Alliant to enter this business,” said David Mooney, Alliant president/CEO. “As a financially strong, nearly $8 billion credit union with a solid record of risk management, we are well positioned to build a commercial loan portfolio.”
Trevor said the credit union’s lending capacity will offer the opportunity for Alliant to be competitive on rates and terms, along with providing personal service and consultation.
“Unlike many lenders today, Alliant is not constrained by non-performing assets in its commercial portfolio,” Trevor said, adding the credit union “requires sound yet reasonable underwriting standards for loans to be approved.”
Mooney said members will reap the benefits because “interest income from commercial loans will help us provide additional giveback in the form of higher rates on savings and certificate accounts and lower rates on mortgage and consumer loans.”