- Summary
When you need to expand your facilities or cover large receivables, Sutton Bank can set-up a term loan with a monthly or quarterly repayment schedule and flexible maturities. Annual lines of credit are also available.
- Variable rate loan based on Wall Street Journal prime
- Minimum loan amount of $5,000
- Fixed rate loans offered for 3-5 years.
- Amortization periods are 5-7 years for equipment and 10-20 for real estate
- Repayment can be tailored to customer's need
- Requirements
- Annual personal and business financial statements and copies of federal tax returns required
- Personal guarantees required
- Borrower required to pay all necessary closing costs like recording fee and title search
