Chicagoans recognize Corus Bankshares as a small local bank. Big commercial real estate developers across the country see it differently. While its public face is 11 bank branches in the Windy City, Corus’ (NasdaqNM: CORS) real business is construction and mortgage lending.
The company loans millions to help fund new condos, hotels, office buildings and other projects in big markets across the country.
The projects are much larger in both size and risk than most traditional community banks handle. Recent deals include a $57 million loan to build condos in Fort Myers, Fla., and $81 million for a Washington, D.C., office building.
This year’s largest loan is $128 million for a 60-story condo complex in Miami. Top markets include Washington, New York City, Los Angeles, Chicago and Miami.
Corus specializes almost exclusively in big projects. It often lends close to its legal limit. The firm’s 76 largest loans, between $20 million and $75 million, make up more than 80% of its commitments. Its current loan pipeline is $4 billion.
For this complete story, please visit Small Bank Has Big Reputation As Commercial Lender.
