LOAN PROGRAMS

BUSINESS TERM LOANS

 

We offer business term loans from 6 months to 3 years terms to help clients finance capital improvements, or purchase of properties, equipment or vehicle.  The payment term is determined based on the life of the underlying asset for which the loan is used. For example, the term of payment for the purchase of a computer may be 2 years, whereas the term of payment for the purchase of a house may 20 to 25 years.

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Term Loan Payments

Term loan payments combine an amortization of the debt. This means that each loan payment you make covers the accrued interest on the loan, and also a portion of the loan balance.  Payments are made monthly.  Late penalties apply for any payments not made by a specified due date.

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Term Loan Interest Rates and Fees

Term loan interest rates are either fixed or variable (also called “floating”), and depend on the following factors:

• The current index rate (Prime Rate, LIBOR or a Treasury Rate, based on the type of loan)

• The perceived credit risk represented by your loan

• The length of the loan term

 

With term loans for real estate, the option of a shorter-term repayment schedule may be available to client case by case.

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Our Term Loans come with fees that are set when you first take out the loan. These fees may be paid up front, or added onto the loan balance, depending on each case of loan.

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Insurance Protection

Generally, we require that clients take out insurance on the assets they are buying with the loan. Should you fail to make payments on the insurance or taxes on the assets, we have the option to advance these payments to protect our collateral, and may add these costs onto your loan balance with interest.

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For more information on obtaining Asset Based Loans or any questions regarding our business funding process, feel free to Contact Us. 

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