| Straight
from the owner's mouth...
As a self-employed plastic surgeon with offices in Skokie and Chicago, I had
the opportunity to move into a larger suite at the professional building at Rush
Presbyterian Hospital in Chicago. I needed approximately $200,000 to cover the
cost of leasehold improvements.
For tax reasons, it made more sense to borrow
the money rather than to pay cash. Given the
balances I maintain in my depository accounts,
ColeTaylorBank offered me a rate below the
Prime rate of interest without using the equity
in my house as collateral and without burdening
me with excessive reporting requirements.
Construction work often involves a "catch-22" -
you want to eliminate the risk of paying for
work that doesn't get done and the contractors
do not want to do any work unless they have
been paid. ColeTaylor addressed this dilemma
by issuing a letter of credit with the hospital
as beneficiary. By issuing a letter of credit,
ColeTaylor maintained my control on the construction
monies. In addition, I didn't have to get involved
with the time and the expense associated with
establishing a construction escrow account.
ColeTaylor clearly understood my needs for the move and they provided me with
a financial solution that not only met my needs but also saved me money!
To
learn how ColeTaylor’s professional
practice expertise can make the critical
difference in the growth and prosperity
of your practice, please contact us by
calling 312-442-5130. Or Contact
a banker now for
more information.
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Housing Lender | Copyright
2007 | All
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