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.
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