Business Loans

•  No Prepayment Penalty.  On conventional loans you may prepay in whole or in part any of the loan’s principal without penalty.  Some lenders have   prepayment penalties as high as 10% of the loan amount.  For example on a $300,000 loan you would face up to $30,000 in prepayment penalties.
• Flexible Terms.  We will do our best to accommodate our terms to your financing needs.
• Competitive Fixed or Variable Rates.  We have very competitive fixed or variable interest rates. We always beat the competition. 
• Variety of Payment Options.  We have a wide variety of repayment options to accommodate your cash flow needs. 
• Decisions Made Locally.  Unlike many other financial institutions, our decision team is local.  This accelerates the approval process.
•  Many Years of Experience.  We offer over 20 years of expertise in business real estate loans.

Typical Terms for Commercial Mortgages

1.       Interest Rate.  The rate may be variable or fixed.  Variable rates may be based on LIBOR or Prime Rate index plus a spread of up to 2% to 2.5%. Fixed rates will be based on a US Treasury Rates Index plus a spread ranging between 2% and 2.5%. 

2.       Loan Fees.  Typically 1% of the loan amount commitment fee for conventional loans, and about 2.75% of the loan amount for SBA 504 loans.

3.       Maturity.  The typical term for conventional commercial mortgages is 15 years, up to 20 years under the SBA 504 program for the SBA portion.

4.       Repayment Terms.  Typically will be based on amortization schedules of up to 30 years depending on the cash flow generated by the property and credit score of guarantor/borrower.  A balloon payment will be due at maturity for all unpaid principal.  Full amortization of principal (in line with term of the loan) is also available.

5.       Loan to Value.  Maximum of 80% of appraised value under conventional loans and up to 90% under the SBA 504 program.  Under the SBA 504 program you may finance build out costs.

6.    Guarantor(s): All principals owning at least 20% of the property or of the real estate holding company shall guarantee 100% of the loan.  All guarantors should have a Beacon Score of at least 650.

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Take advantage of this valuable new program today!

To apply online, click here.

If you would like to fill an application before visiting a branch, please download the following pdf file.

 

		Business Member Credit Application
		Can't read the file? Download Adobe Acrobat Reader

You can also fax your application to Bob Barrocas or Zoraida Rovira, Commercial Lending at 305-595-8244.