Alliant Credit Union Forms Commercial Lending Department
September 06, 2011 | Alliant Credit Union
Chicago based Alliant Credit Union, Illinois' largest and America's sixth largest credit union in assets, recently expanded its loan offerings by adding a Commercial Lending Department, according to Alliant President & CEO David W. Mooney.
Mr. Mooney explained, "As a financially strong, $8 billion credit union with large amounts of capital and liquidity, we decided to build a commercial loan portfolio, making this a meaningful portion of our balance sheet. But to do this, we needed the experience and expertise of a commercial lending professional to head our new department. Fortunately, we were able to accomplish this by hiring Mark Trevor, as Alliant's VP Commercial lending."
Mark Trevor comes to Alliant with over 25 years of commercial lending experience. He plans to concentrate on making new and refinanced commercial real estate loans in the Chicago area, expanding nationally later. Mr. Trevor said, "Alliant has a huge lending capacity and is quite competitive on rates and terms, along with providing top-notch service and reliability. Individual loan amounts will be in the $1-10 million range.
Types of commercial real estate loans offered by Alliant include money for multi-family apartment buildings, and for commercial development such as office buildings, medical facilities, storage companies, industrial firms and retail businesses. Mr. Trevor invites Chicago area real estate investors, developers, property managers and business owners to contact him by phone at 773-462-8666 or email at . He explained, "Since commercial lending is a new loan product at Alliant, we are not constricted, like some other lenders, by previous loans that have become problematic." He added that Alliant requires sound yet reasonable underwriting standards for loans to be approved.
Mr. Mooney said this new service will be good for Alliant members as well. "Interest income from commercial loans will help us provide additional "giveback" in the form of higher rates on savings and certificate accounts."
Headquartered near O'Hare Airport at Touhy Avenue and Wolf Road, Alliant Credit Union is celebrating its 75th year of service last year. With locations from New Jersey to California, Alliant has 260,000 members nationwide. Alliant's members include employees, family members and retirees of United Airlines and other select employee groups and qualifying communities in the Chicago area.
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