Simple lines of credit require that interest only be paid on a monthly basis. Principal is due at maturity, or upon triggering of specific events. Proceeds are generally used at the discretion of the borrower for any legitimate working capital purposes such as supporting payroll, purchasing inventory, paying bills, travel or for any temporary purposes in support of your current operations or sales activities. Proceeds may not be used for purchase of capital equipment or other assets with an anticipated life span of more than one year. Depending upon how you plan to use your line of credit, you may be required to rest the line at a zero dollar ($0.00) balance for a period of thirty consecutive days during each loan term.
Lines of credit are usually granted with a maturity date of no more than one year. At the end of the one year term, the lender will renew the line of credit, or expect repayment in full. Activating the line of credit may be a matter of writing a check, using a corporate credit card, or through another means provided by your lender. Regardless of how you activate your line of credit, the ability to access your funds is generally up to your discretion provided you are not in default on your loan agreement.
To make an application, please provide the following information:
» Purchase Furniture or Fixtures
» Purchase Equipment
» Obtain Inventory Financing
» Obtain Line of Credit
» Commercial Property Development
» Construction Lending
» Investment Property Financing
» Owner Occupied Property Financing