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LOANS
- Commercial
Real Estate Purchase or Refinance
- Monthly principal and interest payments
- Maximum term 15 years
- Finance up to 80 % of purchase price or appraisal
value (whichever is less) - Commercial
Construction Loans
-
To construct commercial Building
- Maximum term 18 months
- Finance up
to 80 % of the appraisal value - Equipment
Loans
- To purchase equipment for business purposes
- Maximum term
up to 84 months = terms to coincide with equipment life and amount financed
- Finance up to 80 % of purchase price new or book value on used
- Monthly or quarterly principal and interest payments
- Working
Capital Lines of Credit
- To provide working capital for cyclical cash
flow needs of the company
- Monthly interest payments
- Term = 12 months back
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APPLICATION
INFORMATION - Application/Credit
Report Fee - $100
- Written
Loan Request:
· Amount
· What will funds be used for?
· Terms of repayment
· Collateral offered as security - Written
Business Plan:
· Identify type of business
· Mission
statement – overview of what you are trying to do
· Marketing
plan – identify your potential customers and how you plan to reach them - If
an existing business:
· Last 3 years financial statements
· Last year’s tax return
· Detailed list of business assets - If
a new business with no past track record:
· Projected income and expense statement for next 2 years - Personal
Financial Statement on all principals
- Last
year’s tax return on all principals
- Resumes
on all principals and key managers
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