115
Seventh Street Rockford, Illinois 61104 (815) 968 0891 |
 |
History of Commercial Mortgage & Finance Co.
|
 | ||
|
The roots of our company date back to 1929 when we were an affiliate of the Commercial National Bank, known as Commercial Associated Mortgage Company. In March, 1932 the Commercial National Bank merged with the Third National Bank (later known as the First National, now Bank One). However, the mortgage company did not merge and continued on its own. In 1932 the outlook was dark. The country was in the midst of a depression. The company had no cash on hand and $50,000 invested in frozen mortgages. The years that followed were characterized by long hours of work and frugality of operations. |
|
Learning that the bank building
might be sold, in 1934, the mortgage company made an offer that was
accepted. Our new quarters were obviously conducive to the introduction
of new functions, and a departmental operation began to unfold. Being
now separated from the bank, the name was changed to COMMERCIAL MORTGAGE
FINANCE CO. Solidly backed by experience, the management of Commercial Mortgage & Finance Co. is pledged to render service to our clients with the same prudence and integrity characterized since 1929. |
||
|
At the inception, we were primarily a mortgage company, selling participations in mortgages to local individuals; this function has been maintained over the years. The money thus generated helps us fund loans and in return we share the interest with our customers. Interest rates paid to participants usually exceed money market rates. Give us a call. Negotiable Promissory Notes We also offer "Negotiable Promissory Notes" to our customers who are Illinois residents providing them with interest rates generally higher than interest earned by money market certificates. Terms of six months and nine months are available; a minimum of $1000 applies. Monthly interest is payable on amounts of $5000 or more. Call for current rates. THESE "NEGOTIABLE PROMISSORY NOTES" ARE NEITHER GUARANTEED, NOR IS THE ISSUANCE THEREOF REGULATED BY ANY AGENCY OR DEPARTMENT OF THE STATE OF ILLINOIS OR THE UNITED STATES. THESE INSTRUMENTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("FEDERAL ACT"), OR THE ILLINOIS SECURITIES LAW OF 1953, AS AMENDED ("ILLINOIS ACT"), IN RELIANCE UPON SECTION 3(A)(3) OF THE FEDERAL ACT, RULE 147 OF REGULATION C PROMULGATED UNDER THE FEDERAL ACT AND SECTION 3L OF THE ILLINOIS ACT, ACCORDINGLY, THESE INSTRUMENTS MUST NOT BE RESOLD TO ANYONE WHO IS NOT A RESIDENT OF THE STATE OF ILLINOIS WITHIN THE MEANING OF RULE 147(D) AND THE MAKER OF THESE INSTRUMENTS IS NOT OBLIGATED TO RECOGNIZE ANY SUCH RESALE. rockAFFORD DEVELOPMENT A natural offspring of our mortgage operation is the development of land into residential subdivisions Our developments include:
An initial venture was that of our safe deposit department. Our vault can accommodate 2,700 renters. Now, with one of the most modern alarm systems available, it is undoubtedly one of the most secure vaults in this area . A box large enough for most purposes rents for only $12.50 per year, the lowest rental rate in town! |
Copyright @ 2000 - 2001Commercial Mortgage & Finance Co.