CHICAGO, IL--(Marketwired - May 14, 2015) - With the sale of $17 million in a collateral trust note to 11 financial institutions, Midwest nonprofit lender IFF welcomes its first religious partner to its Investor Consortium. Mission Investment Fund, part of the Evangelical Lutheran Church in America, joins two other new investors, Byline Bank and Town Bank, in pledging $7.5 million for the note.

"As we deepen our Midwest expansion, forging new partnerships while maintaining relationships with longtime partner banks remains key to our success," IFF CEO Joe Neri said. "Since opening our Detroit office last year, we have approved 40 loans in Michigan totaling over $21 million, including in Flint, Grand Rapids, and Muskegon. Our Investor Consortium makes that growth possible, and we appreciate all of our partners' support."

In addition to the three new partner banks, investors in the 2015 Consortium are Evergreen Bank Group; First Midwest Bank; First Savings Bank of Hegewisch; RBS Citizens; The PrivateBank; PNC; TIAA-CREF Trust Company, FSB; and US Bank.

This year marks the first time banks are buying notes that include loans to Ohio nonprofits. Through proceeds from the note sale, IFF will finance facilities projects in Ohio and the rest of its region: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, and Wisconsin.

The Consortium helps banks comply with the Community Reinvestment Act, a federal law that encourages them to offer credit in all the communities in which they do business. IFF packages existing loans as collateral in note sales to investors and uses the long-term funds from the Consortium to provide financing to other nonprofits.

Since 2004, 28 financial institutions have supported IFF's lending through the Consortium by investing nearly $175 million to help nonprofits build the right facilities for delivering critical services in low-income communities.

About IFF
IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive by creating opportunities for low-income populations and individuals with disabilities. From child care to senior housing, IFF works closely with clients from every sector, offering affordable, flexible financing; full-scale real estate consulting; and community development services. Since 1988, we have made over $506 million in loans, leveraged $1.6 billion in community investments, and grown our total managed assets to $308 million.

Contact Information:

CONTACT:
Jose Cerda III
jcerda@iff.org
312-629-0060