Business Banking

Commercial Real Estate Loans

Commercial Real Estate Loans

At some point as a business owner, the time may come to expand, relocate, or otherwise acquire new space. When that time comes, look to the experienced, dedicated commercial lenders at The Bank of Elk River.


The Bank of Elk River offers financing for a variety of commercial real estate objectives, including investment, new construction, the purchase or refinancing of an existing building, remodeling or expansion, tenant improvements, and land acquisition and development. We serve a wide variety of industries, from small retailers to large manufacturers.


In addition to conventional loans, we offer SBA 504 loans, in conjunction with the local Community Development Corporation (CDC), from the United States Small Business Administration. This loan requires a minimum down payment as low as 10 percent. The Bank of Elk River is a certified SBA Preferred Lender, which means that we are able to offer a more streamlined, expedited loan process. Our SBA Loan Manager, Madeline Sadler, works with our commercial lenders and the CDC to obtain all required documentation and set up the loan structure. Learn more about SBA loans and questions to ask when considering this financing option.


After a customer contacts us regarding a commercial real estate loan, we take the time to sit down with them to learn more about their business and their goals. Once we have a firm understanding of what they hope to accomplish, we gather and screen the necessary financial information to determine what type of loan makes sense for their situation. We then provide a pre-approval. While the timing for these initial steps varies, in some cases, a pre-approval can be obtained in a matter of hours. The customer can make an offer with the pre-approval, and once we have a purchase agreement, we can order the title work, appraisal, and if necessary, an environmental survey.


Because we are a locally-owned community bank, we are able to develop solid relationships with our customers that at times, span decades. All of our lenders have access to top technology and can do their jobs from any location. The team will respond as soon as they receive communication. In an industry that sees a fair amount of turnover, most of The Bank of Elk River’s commercial lending team has been with the organization for ten or more years.

“We’re known for our longevity,” said commercial lender Neil Gagnon, who has worked for The Bank of Elk River for 18 years. “Many times, if it’s your teller or your lender, we live in the community, go to church in the community, work in the community, and have been at the bank a long time. It’s a great place to work. We truly provide a special kind of service that you won’t see elsewhere.”

To learn more about a commercial real estate loan, contact one of our experienced, dedicated commercial lenders, email [email protected], or apply online through our Commercial Lending Center.

Business Banking SBA Loans Commercial Lenders Commercial Real Estate Loans


Business Banking