Why does nobody talk about the difference between local credit unions and big banks for small CRE loans?

Honestly, I compared a $250k loan from Chase vs a local credit union in Cleveland for a small retail strip. The credit union approved in 3 weeks with 5.5% and the big bank dragged it out for 3 months then asked for more docs. Anyone else find better terms with smaller lenders on deals under $1M?

2 comments

2 Comments

quinnbailey5d ago

You use a big bank for a $250k loan? Why would you do that to yourself? They don't care about small stuff.

the_sandra5d ago

Did the credit union already have history with you or was this a cold application?