Credit Union Lending Demand Grows in Q1
Extensia Financial closed nearly a dozen commercial loans in nine states in the first quarter.
Demand for debt solutions from credit unions is increasing. Northridge, California-based credit union service organization Extensia Financial closed nearly a dozen commercial loans in the first quarter in nine states. The loans include four multifamily properties and seven commercial properties.
The loan volume totaled $28.9 million, and the assets for each deal were located in Alabama, California, Connecticut, Florida, Indiana, Mississippi, New York, North Carolina and Texas. According to the firm, this activity is an example of the ways the credit unions can diversify real estate portfolios.
The deals include $6.1 million in financing for a retail center in Hudson, New York. The loan had a 58.7% loan-to-value, and the terms included a 1.30 debt-service coverage ratio and $675,500 cash out.