Alliant Credit Union forms commercial lending department
Monday, August 29, 2011 3:46 AM
CHICAGO — Alliant Credit Union, Illinois’ largest and America’s sixth largest credit union in assets, recently established a commercial lending department.
“We have been exploring commercial lending opportunities for several years, and decided that the time is right for Alliant to enter this business," Alliant President & CEO David W. Mooney said. "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. Our ample amounts of capital and liquidity will help make this a meaningful portion of our balance sheet over time."
To lead the department, Alliant hired Mark Trevor as vice president of commercial lending. Trevor comes to Alliant with over 25 years of commercial lending experience. He plans to concentrate on originating commercial mortgages for acquisition or refinance for properties throughout the country.
“Alliant has a significant lending capacity and will be quite competitive on rates and terms, along with providing personal service and consultation. Individual loan amounts will be in the $1-10 million range," Trevor said.
"Alliant will provide financing for a variety of property types including multi-family rental, office, industrial, retail, hospitality, assisted living and special purpose."
Mooney said this new service will be good for Alliant members.
“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," he said.
Commercial brokers, investors, developers, property managers and business owners to contact Trevor by phone at 773-462-8666 or email by at email@example.com.
Alliant has locations in the Chicago, Denver, Houston, Los Angeles, Newark, N.J., San Francisco Bay, Tempe, Ariz, and Washington, D.C. areas. Members of the credit union include employees, family members and retirees of United Airlines, Kaiser Permanente, Takeda Pharmaceuticals and other select employee groups, along with qualifying communities in the Chicago area.