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Amortizing loans are available for a variety of purposes, including acquisitions, permanent working capital, and equipment financing. Annually renewable lines of credit are available with the option to convert the outstanding balance at the end of each year to a term loan with an amortization term appropriate to the type of collateral securing the loan.
Commercial Real Estate
Commercial real estate mortgages are available for new construction, acquisition and refinancing purposes. Commercial construction loans typically run from six to twelve months with the option to convert to an amortizing term loan upon completion of the project. Commercial real estate loans generally amortize from fifteen to twenty years.
Commercial Line of Credit
Working capital lines of credit are provided on a revolving basis and are annually renewable.
New Construction Loans
Borrowers can construct a home or garage, while making interest only payments based on the outstanding principal balance on the construction loan. Once the construction is complete, the loan will be converted to the mortgage loan option that is best for you.
The federal government has enacted new requirements under the Bank Secrecy Act for owners of businesses meeting the definition of a legal entity. Effective May 11, 2018, the federal government will ask covered financial institutions, which include but are not limited to insured banks and federally-insured credit unions, to identify the two types of beneficial owners: those who satisfy the “ownership section” and those who satisfy the “control section.”
Ownership section – The term “beneficial owner” includes each individual who, directly or indirectly, owns 25 percent or more of the equity interests of the legal entity customer.
Control section: The term “beneficial owner” means a single individual with significant responsibility to control, manage, or direct the legal entity customer (e.g., a Chief Executive Officer, Vice President, Treasurer, etc.).
Therefore, each time an account is opened, whether a new or existing customer, the bank is required to obtain, verify, and record the identities of the beneficial owners of legal entity customers.
If you have any questions regarding the new requirements, please contact us at 1-877-861-2520.
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ATM/Debit Card: (800) 236-2442
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