SAN JOSE, CA--(Marketwired - Jul 18, 2013) - Technology Credit Union (Tech CU) announced this week it has closed a $3 million residential construction loan. The credit union provided the loan to an entity owned by private investment firm Menlo Capital Group to fund the construction of a four-unit townhouse development on College Avenue in Menlo Park.
"This opportunity shows how Tech CU is becoming more active in the Bay Area's real estate market for commercial and residential construction, especially infill development projects like this one," said Robert Sherrard, Tech CU's senior vice president of Commercial Real Estate.
Tech CU also ended the second quarter of 2013 with strong loan growth in residential mortgages. The credit union has underwritten a total of 274 single-family loans for its members, totaling nearly $105 million from January through June of this year. Tech CU is one of the largest credit union mortgage lenders in the country and is focusing on diversifying its real estate loan portfolio to enhance its ability to serve its members in all aspects of their lives -- personal and professional.
Tech CU's real estate loans can be used for real estate acquisition, refinancing and construction, including: owner-occupied and investor-owned commercial properties, mixed-used properties, warehouse, light industrial, retail, residential and multi-family properties.
"We worked with Tech CU on a complementary piece of business last year and were impressed with their service and the way they structured our deal," said Menlo Capital Group Principal Sunil Suri. "They were flexible and expedient -- which are both key to us being able to move forward on projects. When it came time to finance the Menlo Park townhouse units, it just made sense to work with their team again."
Tech CU offers a variety of loan programs for its multi-family, commercial real estate and construction loans. For more information, contact Tech CU at 800.448.1467.
ABOUT TECHNOLOGY CREDIT UNION
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, Tech CU is one of largest credit unions in the country with 70,000 individual and business members and more than $1.7 billion in assets. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU's members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches throughout the Bay Area, and comprehensive mortgage, wealth management and business banking services.