ACCESSIBLE. ACCOUNTABLE. RELIABLE.
The Commercial Real Estate Team at First Midwest Bank is committed to providing high-quality financing solutions1 to the Chicago marketplace. Unlike other local financial institutions, we take a long-term view of commercial real estate lending. That is why we have continuously been an active lender, even during economic downturns. Our team of experienced and dedicated professionals knows what it takes to get your deal done.
We are accessible and accountable, providing you with one point of contact from application to approval to closing and beyond.
We are consistent and reliable, delivering what we promise with certainty of execution.
We are streamlined and efficient, handling all underwriting and portfolio management in-house. All of our credit decisions are made locally by people who understand the marketplace.
We take your deadlines seriously and adhere to all time constraints. We keep you apprised early in the process of the types of financing solutions we can provide to grow your business.
Our Relationship Managers average more than 20 years of experience in commercial real estate lending. We serve our clients anywhere within First Midwest's expanding footprint, which currently includes:
- Chicago metropolitan area
- Northwest Indiana
- Central Illinois
- Quad Cities
- Southeast Wisconsin
- Minneapolis/St. Paul Minnesota
Loan Parameters
First Midwest is committed to meeting the needs of our clients and partners. The table below should help you better understand the guidelines we utilize when structuring a commercial real estate transaction.1
| Investment Type: | First Mortgage |
| Sponsorship: | Experienced with demonstrated track record in asset class |
| Transaction Size: | $500,000 - $25MM |
| Loan-to-cost | Not to exceed 85% of project costs |
| Loan-to-value | Not to exceed 80% on a stabilized basis |
| DSC Requirements: | Underwritten stabilized operations yielding a minimum 1.20 times. "As Is" operations yielding a minimum of 1.00 times for Value-Add loans |
| Index: | Competitive rates either fixed over corresponding Treasuries or SWAP rates or floating over Prime or LIBOR |
| Target Pricing: | Index plus 200-350 basis points |
| Term: | Up to 120 months |
| Loan Fees: | Up to 1% |
| Amortization: | Interest only on Construction and Value-Add loans. Up to 25-year amortization on stabilized commercial properties and 30-year for apartments. |
| Recourse: | Negotiable |
Get Connected
Connect with a Commercial Banker to add a little momentum to your business today.
Heidi Smithson
Heidi.Smithson@FirstMidwest.com
708.831.7478
