Inland Bank and Trust (“Inland Bank”) is pleased to announce the closing of three community association loans in suburban Tinley Park, Wheeling and Chicago’s premier Gold Coast neighborhood. Timothy Haviland, senior vice president of commercial lending and community association loan programs, originated all three loans.
Together, the loans totaled $8.5 million, and will be used for various community improvements and repairs. A 500-plus unit community in Wheeling, Illinois, secured $4.5 million, which will be used for a roof replacement. Proceeds from a $2.5 million loan originated for a 190-unit community in Tinley Park, Illinois, will also fund roof replacement expenses. $1.5 million in funding for a 160-unit property in Chicago’s upscale Gold Coast neighborhood will be applied to property boiler and HVAC repairs.
“Inland Bank recognizes that common area projects and condominium improvements can be costly, often burdening unit owners with hefty assessments,” said Haviland. “We provide an alternative by offering access to capital, which helps spread repayment costs over an extended period of time.”
Understanding the responsibility and financial investment of building updates, Inland Bank works diligently to facilitate customized solutions designed to meet the specific needs of community associations.