We are pleased to provide an overview of the top 10 commercial lenders operating in Chicago, a thriving economic center in the heart of the Midwest. These lenders specialize in commercial real estate lending, serving a diverse array of businesses in the Windy City. The average loan amounts extended by these lenders in Chicago tend to be on the higher side, typically averaging around $2.2 million, reflecting the city’s robust real estate market.
Chicago offers competitive starting rates for commercial term loans, with interest rates typically falling within the range of 6.65% – 6.75%, providing businesses with a competitive advantage when seeking capital.
In terms of loan processing and approval timelines, Chicago lenders are well-attuned to the fast-paced business environment. The standard duration for loan approval in the city typically ranges from 30 to 45 days for National and Regional Banks, making it an attractive choice for businesses seeking expedited financial solutions. Moreover, you can expect an average origination fee in the range of 0.5% to 1%, reflecting the emphasis on efficiency.
Lenders in Chicago maintain an average loan-to-value ratio of 70-75% for term loans, underscoring their dedication to supporting businesses in thriving and prospering within the dynamic and competitive commercial real estate landscape of the Windy City.