TIAA Bank offers a broad selection of banking, lending and investing products to consumers and businesses nationwide. Headquartered in Jacksonville, Florida, TIAA Bank has approximately $18 billion in assets and $13 billion in deposits and is currently the largest bank headquartered in Florida.
As a stable and rapidly growing national bank, TIAA Bank (formerly EverBank) offers 40 years of lending expertise and a full range of loan products at competitive rates.
--Variety of mortgage products to meet multiple needs.
--National direct lender.
-- Simple loan process for purchases and refinances.
-- Equal Housing Lender and member of the FDIC.
Exceptional Service. Competitive Rates. No Surprise Closings.
NMLS # 399805
TIAA Bank purchased my mortgage. They then forced and insurance escrow on to the loan. I did not authorize this and DO NOT want an escrow on my mortgage, as I invest that portion myself to earn interest. They did not care, and would not remove their escrow. I had to refinance my loan for the sole purpose of GETTING AWAY FROM TIAA Bank. And, i got a better interest rate doing it.
I’ve had such a poor experience with TIAA bank that I would recommend selling an organ on the black market rather than trust them with your mortgage/loan.
A body snatcher will not cause you to miss your surgery date multiple times because they need to keep retesting your blood. TIAA will cause you to delay your closing date again and again because they continually ask for the same documents, resulting in a lot of “per my last email”s.
A body snatcher will not sell your PII to third parties who will come to your home and leave “Final Notices” on your front door or leave you frightening voicemails about an urgent matter regarding your organ and its protection. TIAA will sell your PII to third parties and when you call to ask about how these third parties got your information, TIAA will inform you that there is an opt-out option available. Though this was never shared with your previously.
A body snatcher will not routinely send you promotional mailings marked as “Urgent Information Regarding Your Organ.” TIAA will send you letter after letter that make you think there is a legitimate issue with a payment, but are just marketing material.
10 months after selling your organ(s), a body snatcher will not break into your home while you’re sleeping and take $600 worth of blood from you without your knowledge. TIAA will withdraw an additional $600 out of your checking account the day your payment is due; the notification from your bank that your account has dropped below $0 will be the only communication you get regarding the additional withdrawal.
A body snatcher will not surprise you with $400 a month of organ association fees. TIAA will neglect to mention $400 of HOA fees during the entire closing process and it will come as a great surprise three months after closing that the association will be hiring a lawyer to collect these missed payments from you, even though nobody told you A- the amount, B- how/where to pay them, or C- whom to contact.
A body snatcher will not redirect all your calls to a call center bouncing you from department to department. TIAA will provide you with one phone number for customer service and your wait time will average thirty minutes, regardless of the severity of your issue. If there’s a hurricane in Florida, expect to get in touch days later.
TIAA miscalculated my escrow ($1,350 error!) I received a letter in the mail stating that they would be prorating the $1,350 difference across "01 months." What?
The escrow amount was determined by TIAA, not me. How can they expect me to come up with this money immediately to cover their mistake?
When talking to Michael Mayland, make sure you get everything in writing. I was promised TIAA could meet and beat everyone else’s interest rate and even told Mike I was shopping around. I told him what other lenders offered me without having to buy points and he told me over the phone that he could beat that. After talking with Mike on the phone a few times about locking in the rate, he kept suggesting to wait because the rate kept going down. Come a few days before closing my interest rate was higher than promised including having to buy points. I kept asking Mike why it was higher than promised and why I was having to buy points and he kept telling me not to worry about it, that I would see a few of the closing disclosures until day of closing and at that point they would get it right. The day before closing he tells me there is nothing he can do and knew it was too late for me to back out and go with another lender. I would not recommend TIAA to anyone else.
Ever Bank's exceptional service has set me above and beyond my competitors. I was able to increase productivity ten fold! I applaud the service team at ever bank.
TIAA Bank is the rebranding and combination of EverBank Financial Corp and TIAA Direct. TIAA completed its year-long acquisition of EverBank in 2017. The official name change was announced in June 2018.
Founded more than 20 years ago, EverBank reported $27.8 billion in total assets and $19.3 billion in total deposits in March 2017. TIAA, which celebrates its 100th anniversary in 2018, currently has nearly $1 trillion assets under management in more than 50 countries.
TIAA Bank, a division of TIAA and FSB, offers residential and commercial lending and other banking products and services throughout the US. TIAA Bank is headquartered in Jacksonville, Fla.
TIAA Bank offers lines of credit, revolving lines of credit and term loans through its working capital management program. It also offers capital equipment financing, commercial real estate loans and vendor equipment financing.
Working capital management. Under this program, TIAA Bank provides revolving lines of credit with terms from three to five years and advance rates up to 85% of eligible accounts receivable and up to 65% of eligible inventory.
The program’s stretch cash flow loan is amortized for up to three years and can’t exceed 20% of the total facility. It’s available to borrowers with adequate cash flow.
The term loans offer amortizations for up to seven years for machinery and equipment and up to 15 years for real estate. This option offers advance rates up to 85% of the liquidation value of machinery and equipment, plus up to 60% of fair market value of real estate.
These loans or lines of credit can be used for an array of purposes such as growth opportunities, acquisitions or refinances, seasonal cash flow shortfalls, recapitalizations and restructurings.
Capital equipment financing. Under this program, the bank offers equipment loans, tax, finance/synthetic & TRAC leases, early buyouts, fixed purchase price options and early termination options. The minimum transaction price is $3 million with terms up to 15 years and 100% financing. Interest rates can be fixed or variable and locks are available.
Vendor equipment financing. Under this program, TIAA Bank provides financing to your customers who then can use those funds to buy your inventory or services. TIAA Bank will finance transactions up to $20 million and specializes in office technology, health care, industrial and capital markets.
Commercial real estate loans. TIAA Bank provides acquisition, bridge, refinance and construction real estate loans from $2 million up to $50 million. The maximum loan-to-value ratio is 75% for single-tenant properties; 80% for owner-occupied ones; and 85% for credit tenants. TIAA will finance the following types of properties:
TIAA Bank did not list any eligibility requirements on its website and a company representative declined to disclose this information.
To find out more about these financing solutions and to apply, you must call a TIAA customer service representative or fill out an online form. For equipment financing, call 1-866-650-8795. For commercial real estate loans, you can call 1-800-638-2278. For working capital management information, try calling the banking solutions line at 1-866-371-3831, option 5.
The following industries listed on the TIAA Bank website can benefit from the working capitals program:
TIAA Bank’s website has very little information about its business lending products available on its site. The little that is available isn’t organized in a way that’s easy for the average borrower to follow. Lending information for other TIAA Bank’s products are included on the site but it’s unclear whether these products are available to small business owners. There also isn’t any information on how to apply for lending or a link directing you to an application.
It is difficult to accurately sum up TIAA Bank’s small business lending options when the little information that is available on its site lacks detail and clarity. Its capital equipment financing, commercial real estate loans and vendor equipment financing options all have minimum transaction amounts that may be too high for all but the most established small businesses. Business owners may have an easier time taking advantage of the small business loans and lines of credit under the working capital program. The only way to find out if TIAA Bank is a good match for you is to call the bank and find out what options are available. As always, compare these with other financing options offered by other lenders, so you find the best deal for your business.