CAPITOLA, Calif.– Bay Federal Credit Union is reporting it is expanding into commercial real estate lending as part of an expanded business services line.
According to the $1.6-billion credit union, the commercial real estate loans are available to qualifying members and businesses purchasing or refinancing retail or office space, industrial-use properties, farm or agricultural land, or multi-family properties with five or more units. Loan amounts are available up to $5,000,000 for commercial properties within the state of California.
Bay FCU stressed its CRE loans feature no pre-payment penalties.
"We are ready to serve the Central Coast business community with the highly-anticipated commercial real estate loan program,” CEO Carrie Birkhofer said in a statement. “Our local team is familiar with the challenges local businesses face and we created the new offering with our small businesses and commercial property owners in mind. Bay Federal Credit Union is committed to providing convenient and affordable financing options to help our members succeed.”
Bay Federal, which serves more than 86,000 members, said it also serves 2,400 local businesses throughout Santa Cruz, San Benito, and Monterey counties.
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