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Article: ShoreBank homes in on single-family loans; Offering alternative to subprime mortgages.(News)
- Article from:
- Crain's Chicago Business
- Article date:
- March 22, 2004
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Copyright informationCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: STEVE DANIELS
ShoreBank doubled its mortgage loan volume last year, offering borrowers in its South Side territory an alternative to high-interest-rate loans from the so-called subprime lenders that operate extensively in the area.
Until last year, the city's largest community bank focused its real estate lending on apartment owners and rehabbers. But it spotted opportunity in data showing that subprime lenders made one in four single-family home loans in the 22 neighborhoods ShoreBank serves. The bank figured that nearly half of those borrowers would have qualified for lower-cost conventional mortgages.
"One of those things where we ...