The interest rate that you see on your line of credit offer is the initial rate based on the current Prime Rate plus margin. This rate will change whenever Prime changes.
No fees are charged for advances on your line of credit.
A fee of 2% of the outstanding loan amount will be charged if you refinance your loan with another bank. Otherwise, there is no prepayment fee.
Your monthly payment will be determined by the type of the loan approved. Term loan payments will be based on the annual percentage rate and term you select. Your estimated payment will be displayed on the Offers Page. Lines of Credit require a minimum payment of 2% of the outstanding balance plus interest accrued monthly.
The fees can be paid out of pocket from a divisional business checking account, paid out of the loan proceeds or the line of credit. Please advise the SBX team when processing the loan at [email protected].
An origination fee will be charged equal to 1.50% of the commitment amount, not to exceed $400.00. The fee will be deducted from the proceeds of the loan or advanced as a draw on your line of credit. An annual review fee of $100 will be charged on your line of credit.
FDIC-Insured – Backed by the full faith and credit of the U.S. Government
FDIC-Insured – Backed by the full faith and credit of the U.S. Government
FDIC-Insured – Backed by the full faith and credit of the U.S. Government
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