The $1.8 billion Technology Credit Union now leads California credit unions in the volume of 7(a) and 504 loans backed by the Small Business Administration, according to the credit union.
The 71,000 member, San Jose-based credit union had booked $33 million in commercial real estate, construction and SBA backed loans as of Sept. 30 of this year, the credit union said.
The $33 million in loans included a $5 million SBA 7(a) loan to support the purchase of a hospitality property in Milpitas, a $15 million construction loan for a 60-unit condominium development in Santa Clara, and a $13 million CRE acquisition and renovation loan for a multi-tenant office building in San Francisco, Tech said.
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"Commercial lending is specialized. The loans tend to require customized structures, are typically larger in size, and no two loans are the same," Tech CU's EVP and Chief Banking Officer Joe Anzalone said. "Therefore, the requests need to be carefully evaluated to make sure we are servicing our members' needs while making sure the credit risk has been mitigated for Tech CU. We have assembled a very skilled team of bankers with great experience in CRE, construction and SBA lending to do just that."
Tech CU offers commercial loans up to $15 million. Tech CU favors lending to local developers, institutional investors and businesses for loans up to $10 million. And as a local lender, approvals are made at Tech CU's headquarters in San Jose, which can mean faster turnaround times and more flexibility.
In 2015, Tech CU will continue to focus on commercial real estate, SBA, multi-family and construction lending to grow the credit union's market share in the Bay Area and increase its network of high quality borrowers, the credit union added.
Tech CU is also a preferred lender for the SBA, which means they can streamline the SBA application process for a qualified applicant, reducing the time between a loan request and funding, the credit union said.
"Tech CU has been a great local partner to work with. They approved our request in a timely manner, giving us access to the financing we needed to pursue this exciting development project," Sanjeev Acharya, president/CEO of SiliconSage Builders® said. "They have an advantage over other banks and credit unions in that they are a significant institution that is locally headquartered and so understands the nuances of the local market much better. This enables them to be a more effective partner than others. Furthermore, there is an opportunity for us to partner with Tech CU as the preferred residential mortgage lender for potential buyers when the project is finished."
With an asset size of $1.8 billion, Tech CU can carry up to $220 million in member business loans under the legislatively mandated 12.25% cap on member business lending. As of the end of September, NCUA records show the credit union had roughly $178 million in business loans on its books and had sold participations in member business loans worth roughly $18 million.
Tech CU has not yet commented further on the announcement.
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