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September 2014 Watchdog Report

Need a Business Solution? SCCU May have the Answer

September 3, 2014 by Randall Vostrejs

As a business owner, Space Coast Credit Union (SCCU) understands the importance of having a financial partner you can trust.  As a credit union dedicated to watching out for and protecting its members, we offer services that are customized specifically for your business. One of these services is a SCCU Business Loan.

When planning your new business or expansion of your existing business, it’s important to know your lending options. These business loan options include:

Whether you are looking to refinance, make improvements to your current building, construct a new building or purchase a new location, SCCU business loans are the solution to your growing business needs. Commercial Real Estate Loans, are available to businesses based on two different property occupancy classifications.

Owner Occupied Properties

Owner occupied properties are defined as commercial properties which have a building that is owned and occupied by the business owner.  The business/property owner must occupy at least 51% of the total square footage of the available space of the building for this classification.  The primary source of revenue is generated by the owner’s business operation.

Examples of these properties include medical buildings, dental offices, law offices, auto shops, car dealerships, churches, beauty salons, furniture stores, private schools, daycare centers, assisted living facilities, retail shops and other types of properties occupied by your business.

Having a commercial property that is considered “owner occupied” can allow the credit union to advance a loan-to-value (LTV) up to 80% of the appraised value or purchase price, whichever is less.

Investor Owned Properties

Investor owned properties are defined as a commercial property with a building that is owned by the borrower, who occupies less than 50% of the total square footage.  The primary source of revenue in this type of property is rental or lease income generated from the property’s tenants.

Examples of these properties include retail shopping centers, warehouses, mini-storage, office buildings, apartment buildings, hotels, and other properties where the majority of the square footage is leased.

Investor owned loans have a slightly lower LTV advance ratio up to 75% of the appraised value or purchase price, whichever is less.


So why choose SCCU compared to another financial institution? We can save you money!

SCCU is not-for-profit and these savings are passed directly back to our members in various ways, such as reduced closing costs. In addition, SCCU may be able to provide you with a lower interest rate and a lower monthly payment to improve your business’ cash flow.

If you have a business and you’re considering refinancing your commercial mortgage that is at another financial institution, or if you are looking to purchase, build or improve a property and haven’t called SCCU, you may be paying too much.

Space Coast Credit Union employs a team of experienced and dedicated Business Services Managers to help you with all of your business needs.  I encourage you to call today to take advantage of their experience, low interest rates, and the cost savings Space Coast Credit Union can offer your business.

Randall Vostrejs
Director of Business Sales & Services



  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

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Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

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