PHOENIX – Desert Schools FCU yesterday said it is increasing its commercial real estate business–at a time when most other lenders are pulling back.
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The $3 billion credit union said it is providing loans up to $7 million to finance or refinance commercial property, including professional offices, retail, warehouse and industrial zoned buildings. The properties can be located in Maricopa, Pinal or Gila counties.
“We’re in a good position to finance commercial real estate loans because we have not been severally impacted by high delinquency rates,” said Mark Olague, assistant vice president of business lending.
The credit union earned $29 million in net income last year, down from $40 million in 2006, but still enough for an ROA of almost 1%.
