Member Story: Ryan Earle

Plattsburgh business owner, Ryan Earle, has a vision for his real estate company. Up until he met with Adirondack Regional Federal Credit Union’s CEO Russ Cronin, though, Ryan had experienced resistance getting the financial institutions he worked with on commercial real estate loans to see things the same way.

Over the past four years, the company Ryan is co-owner of, Mussen-Earle Holdings LLC, has built a portfolio of 15 rental properties in Plattsburgh, NY; the portfolio is predominantly student housing based. While Ryan intends to continue expanding this venture, he also owns and operates two other businesses simultaneously. Ryan has been a licensed real estate professional since 2012.  In 2019, Ryan launched Ryan Earle Properties LLC—a property management company that currently services approximately 300 beds.  In 2020, he started his own real estate brokerage, Ryan Earle Real Estate LLC.

Lower Commercial Loan Rates Brings More Student Housing to Plattsburgh

While Ryan is itching to invest in more properties in the Plattsburgh region, he’s run into resistance convincing mortgage lenders that student housing is a good risk. Tenants in student housing turn over frequently; banks typically dislike this high rate of turnover.  Instead of putting 20 percent down, most financial institutions want Ryan to make a down payment of 25 or 30 percent.  This expectation ties up a lot of extra money, and Ryan would prefer to reinvest this money back into his rentals to keep the properties appealing.

“The extra 5 percent is often what it costs to make dramatic improvements to these properties,” says Ryan, who owns Mussen-Earle with his fiancée. On a $100,000 property, he says, $5,000 will pay for new flooring, new paint, and a top-to-bottom cleaning.

When Ryan mentioned his banking challenges to Russ, Adirondack Regional FCU got to work and cut through the red tape and inflexible guidelines Ryan had encountered elsewhere.

“Russ really understood my goals and my business,” says Ryan. “I think they take the individual into consideration, far beyond what a spreadsheet says. I’ve proposed these kinds of financing arrangements to other institutions, and I’ve gotten a deer-in-the-headlights response.”

A Fresh Perspective on Small Business Lending

When we rebooted our small business lending program last year, we did it with the special needs of businesses like Mussen-Earle Holdings LLC in mind. We know that even small businesses can have complex financial needs. Asset-based lending means you can use existing inventory as collateral for equipment financing, commercial loans, or operating lines of credit. We’ll work with you to find a solution that works: if you own a seasonal business that brings in more revenue during the summer, for example, we can structure a loan that requires interest-only payments in the winter.

Ryan, who graduated from Peru High School and went to college at Clinton Community College and Plattsburgh State, understands what it means to support the local community. At the same time, he wasn’t expecting a locally owned credit union could be as flexible as Adirondack Regional FCU has proven.

“For a young entrepreneur, or a creative business that may be getting shut down by every other institution, Adirondack Regional may take a second look at you,” he says. “Not every small institution is able to be that responsive. But Adirondack Regional is.”

To learn more about how Adirondack Regional FCU can help your Plattsburgh business financing, stop into our Plattsburgh credit union branch on Rt 3 and talk with one of our expert loan officers. We strive to save you money so you can live your dreams!