By Mark Stelter, Vice President & Commercial Loan Officer & Director of Community Association Lending
here is a country music song that speaks of how fast time flies. In the song there is a line that goes “trust me friend a hundred years goes faster than you think.” And while Itasca Bank & Trust Co. has not yet been around for a hundred years, we have made it to seventy-five. Throughout the different economic cycles, including some that could be labeled “booms and busts,” as well as the many bank mergers that have resulted in the reduction of traditional community banks, Itasca Bank & Trust Co. has been a steady force in the local community banking market. Locally owned and managed, we have made it our mission to be Chicagoland’s best community bank as judged by the value we bring to our customers and the communities we serve.
T
A little more than twenty years ago, we decided we were going to serve the financial needs of residential community associations throughout Chicagoland. We saw there was a limited number of banks in the market and that some were simply Wall Street banks advertising themselves as community banks. We recognized that smaller associations were not getting access to the credit they needed to make the necessary repairs and replacements to their common elements such as roofs, siding, tuckpointing and elevators. We were proud to work with associations as small as six-units while other lenders walked away.
Our lending program provides funding for any type of repair or replacement project provided it is for a common element as listed in the governing documents, specifically your declaration. We work with all types of associations including condominiums, townhomes, single-family HOA’s and cooperatives. We work with professionally managed as well as self-managed associations as small as six-units and as large as several hundred. We offer fixed rates up to 10 years with an option to draw the funds as needed. We are available to meet (in person or on a video or phone call) with your unit owners and board members to address any questions or concerns that may arise about the process. We work with many of the top professionals in the industry and can refer you to individuals and companies that provide products and services.
As we celebrate having issued over 1,000 loans to community associations over the last 20 years, we have moved toward our next goal of providing educational
20 | COMMON INTEREST® • Fall 2023 • A Publication of CAI-Illinois Chapter
tools to the board members, property managers and business partners who make the community association industry work. Beginning in early 2023, we recorded our first podcast with Cheryl Murphy as our guest. The goal of that podcast was to bring to the forefront how important CAI is to the Chicagoland residential community association market. The resources and support available through being a member of CAI can be a key component toward having a successful association.
Our subsequent podcasts cover issues we feel are important to unit owners and board members including legal, property management, insurance, working with contractors as well as the process for obtaining a common element repair loan. We invite you to learn more about Itasca Bank & Trust Co. as well as the many resources available to you as part of the CAI family by viewing our podcasts and attending any of the CAI educational or networking events.
If you would like to speak with one of our team members who service community association board members and managers, call us at 630-773-0350 and ask for Mark Stelter or Frankie Sorrentino. You can also reach Mark on his cell phone at 630-650-0350. Our website is
itascabank.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60
