Term Loans
Term loans are typically used to purchase assets such as equipment, vehicles, furniture and fixtures. They are also available for business expansion and debt consolidation purposes. Competitive fixed rates are available for terms up to 7 years.
Business purpose: Purchase equipment, capital improvements, refinance existing debt.
Loan amount: $25,000 to $1,000,000
Terms/Maturity: Up to seven years.
Interest rate: Variable based on the Prime Rate as published in the Wall Street Journal plus a margin. Fixed rate available as determined at time of approval.
Access to funding: Funds available at closing.
Monthly payment: Principal and interest payments to amortize entire balance over the term of the loan.
Collateral: A first lien on all business assets and/or liquid collateral such as CDs or securities.
Guaranties: Required from each borrower/owner.
Costs: Closing costs vary by complexity of transaction, annual facility fee 1%.
Features/benefits: Automatic payment feature, fixed rate available.
For more information please call 781-646-3900 or email: bbo@leaderbank.com.
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