FlexLine Business Line of Credit Benefits
- Demand revolving line of credit
- Loan amounts range from $20,000 to $3,000,000
- No line access fees
- Two repayment options
- Points are 1% or less, payable at closing
- Security interest required
FlexLine Business Line of Credit
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 Online Banking or Mobile Banking 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%.
- A secured, demand revolving credit facility.
- Loan amounts range from $20,000 to $3,000,000.
- No line access fees
- Points are 1% or less payable at closing.
- Rates generally float at Prime + 1% to Prime + 5% depending on credit worthiness (minimum 4%)*.
- Requires personal guaranty of the business owner(s).
- Repayment: interest-only or interest plus 3% of principal balance per month can be chosen.
- Option for 2 to 3-year revolving line followed by 2 to 3-year amortization.
- 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.
- Must have a DCU Checking Account during the life of your 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.
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, NOI (net operating income), and the type and condition of the property.
Possible to use U.S. Gold Eagles as collateral?
Flexline Business Credit
This question pertains to the FLEXLINE BUSINESS CREDIT loan. Will DCU accept real estate notes as collateral for a Flexline Business Credit line?
Business Loan Collateral
Easy Ways To Apply Today
- Loans of $250,000 or less Complete and submit the QuickApp for Business Loans.
- Loans greater than $250,000 Call the Commercial Loan Department at 508.804.9188
- For business vehicle loans for any titled vehicle 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.