Credit Unions: The #1 Choice for Commercial Real Estate Loans

Often, people overlook using a credit union for a commercial real estate loan. It may seem like the only course of action to take for a commercial loan is to visit a bank and hope for the best. Well, there is a new way to finance your real estate venture on the horizon, and credit unions are rising to the top as a great choice for commercial real estate loans.

Why Use a Credit Union?

If you're looking to purchase commercial real estate, then you are probably looking at an investment property to produce income. Credit unions make a perfect first stop to get your commercial real estate loan started.Credit unions are an excellent resource to use for commercial lending. They offer a variety of benefits that are not found at a traditional bank:

• Flexibility- A traditional bank will likely have all qualification requirements set in stone. There is no way of getting around them or through them. In contrast, a credit union services their own loans, allowing for more flexibility with a member’s loan.

• Receptive- Credit unions are receptive to the need of their members. If additional capital is required or some unique challenges arise, a credit union will be there to help. Traditional banks are not as open to these types of circumstances.

• Unique Look- Traditional banks tend to shy away from certain properties or transactions. For their own reasons, they can say no to a loan if they do not feel they can reap any reward. Credit unions are more open in their considerations of different types of properties.

• No Market-Based Impact- Members know the costs up front with a credit union. Knowing these costs help to plan accordingly.

• Renegotiations- Credit unions are more open to negotiation. Since their members are stakeholders, they put their members first.

A Surge in Popularity: 100 Million People have Joined Credit Unions

Credit unions are vastly different than big banks, as they are often locally run, offer lower rates and often make donations or have programs to support the communities they serve. Currently, the number of credit union members is around 100 million, but the question you might be asking is: Why?

The question of why 100 million people are credit union members can be answered by looking at the benefits a credit union gives to its members, and most of these are benefits banks do not offer.

The Allure of Credit Unions

·        One of the reasons for the increase in credit union members is that credit unions are easier to access for new members, as they don’t have to deal with as many obstacles.

·        Most credit unions offer lower fees and lower interest rates on loans.

·        Members of credit unions can also access their money at ATMs in more locations than most banks since credit unions work together to allow you to access your money from anywhere.

·        Almost 80% of credit unions offer free checking and have no fees for checking or managing your money. This is unlike most banks, which often charge fees and require you to make minimum monthly deposits to keep the account open.

Why 100 Million People are Credit Union Members

The popularity of credit unions is well-founded, rewarding you when you use them and keeping more of your money in your pocket. Credit unions help to ensure that you can use your money for whatever you would like with no strings, hassles, or hidden fees attached. If 100 million people are saving money and using it to supplement their daily lives, then why can’t you do the same? Maybe it’s time to ditch your bank and join a credit union today.

Mobile Banking from Belco Community Credit Union is so Safe that the App Itself Contributes to Banking Safety

Mobile banking is safe. Credit unions, as protectors of member assets, simply would not offer the service if it were not. But as with any mobile service, there are safety precautions of which the member needs to become aware.

What Exactly is Mobile Banking?

Mobile banking lets members engage in financial transactions using mobile devices like smart phones and tablets. Internet banking is not included in this definition. Mobile banking uses special Applications (apps) designed especially for your financial institution. These apps offer 24-hour access, however, there may be limits on what type of accounts can be accessed and how much money may be transacted.

Common-Sense Safety Precautions

Mobile banking transactions are no different than other apps where the authorized free flow of money is involved. The same common-sense safety precautions prevail. These include:

·         Creation of a PIN to unlock your smart phone or mobile device

·         Not saving login information on your device

·         Purchase a device which locks remotely

·         Setting up Touch ID to log into the app

·         Using the mobile app versus logging on via the device’s browser

Super Convenience of Mobile Banking Improves Account Security

Members can benefit from added security for their accounts and transactions by having the option to monitor events more often. Members experience:

·         Ease of confirming balances and individual transactions allows members to monitor their accounts at the touch of a finger.

·         No need to carry cash; members may use their devices for purchases.

·         Making instant check deposits by snapping a photo with their devices.

·         Creation of push notifications for events such as low balances or large transactions.

What if Fraud is Suspected?

If an unusual transaction appears in an account, members should immediately report it to their credit union. Also, credit unions will never ask for personally identifiable information by telephone, text or e-mail. If this happens, members need to report this to the credit union as well.