FlexLine Business Line of Credit
Convenience of a Credit Card Without High Commercial Loan Rates
A FlexLine Business Line of Credit means you can design your own payment plan by choosing to make interest-only payments, or payments of interest with principal. Access to your funds is easy. Write a check, use PC Branch transfers, use Easy Touch Telephone Teller, or order a wire transfer. Best of all, we offer low line of credit interest rates as low as Prime plus 1%.
- FlexLine of Credit is a secured, demand revolving credit facility
- Loan amounts range from $20,000 to $3,000,000.
- Points are 1% or less payable at closing.
- Rates generally float at Prime + 1% to Prime + 5% depending on credit worthiness (minimum 6%)*.
- Loans will be supported by the personal guaranty of the business owner(s).
- Repayment: interest-only or interest plus 3% of principal balance per month can be chosen.
- Collateral: first position lien on all business assets (except vehicles).
- Collateral Loan to Value: varies based on the nature of the collateral. All loans must be secured.
Federal regulations allows us to loan up to 80% of the value of the collateral.
With DCU's FlexLine Business Line of Credit there are no access fees! You can access your funds via PC Branch and Easy Touch Telephone Teller transfers, checks written by borrower, or wire transfers. FlexLine users must have a DCU Checking Account for the life of the FlexLine.
As with all financial institutions, the borrower will pay all fees and expenses relating to the loan. fees may include, but are not limited to, application fee, appraisal fee, attorney fees, recording fees, and any other fees that are normal to this type of transaction. All fees and expenses will be estimated for you prior to closing.
- Company must have been in business for 18 months or more.
- Business must be located in Massachusetts, New Hampshire, or Rhode Island.
- Personal and Business Credit must be satisfactory.
If your loan request is for $250,000 or less, please complete and submit the QuickApp for Business Loans. If your request is greater than $250,000 please call the Commercial Loan Department at 508.804.9188 (or 800.328.8797, extension 9188).
If you are applying for a vehicle loan (any titled vehicle) please complete and submit the QuickApp for Business Vehicle Loans.
If you have any questions, please consult our Frequently Asked Questions page or, don't hesitate to call us.
The rates, terms, and conditions above are guidelines and may not apply in certain situations. A DCU Representative will discuss any variations with you. Rates, terms, and conditions are subject to change without notice.
*The interest rate is determined by numerous factors including personal credit history, financial strength of the principals, experience of management, LTV (loan to value), NOI (net operating income), and the type and condition of the property.
Please visit our Business Applications and Forms page to access all of our QuickApps and business forms.
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Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
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© 2008. Digital Federal Credit Union