In Davenport, IA, recent commercial lending activities depict a vibrant landscape, marked by the successful closure of 126 loans in the past 90 days. These loans range from $20,174.00 to $17,260,000.00, with the highest loan amount allocated to finance an Educational property, showcasing the city’s diverse economic sectors.
The predominant property types financed in Davenport include:
– Educational: 2 deals
– Industrial: 5 deals
– Services: 2 deals
– Office: 4 deals
– Vacant – Commercial: 7 deals
– Retail: 9 deals
– Medical Services: 1 deal
– Residential – Duplex/Triplex/Quadplex: 30 deals
– Single Family Residence: 51 deals
– Vacant – Residential: 4 deals
– Apartments: 11 deals
Local credit banks play a pivotal role in steering Davenport’s active commercial lending scene, offering Loan-to-Value (LTV) ratios around 65%. The typical interest rates are competitive, falling within the range of 6.45% to 7%, reflecting favorable terms for borrowers. These institutions demonstrate a commitment to supporting local businesses and driving economic growth in the region.
Noteworthy nationwide leaders, including RCN Capital and US Bank, contribute significantly to Davenport’s commercial lending landscape. US Bank, in particular, provides competitive terms with a 6.41% interest rate for the same product. This collaboration between local and national lenders ensures a dynamic and responsive environment for businesses seeking financial solutions in Davenport.
