Secured Commercial Loans
Do you have lots of equity in your home that could be helping you to grow your business or invest in a new business opportunity? A great many times, using your personal residence to secure a business growth opportunity may be your best alternative. Sometimes, it may be the only real asset that you can use to move your business from the drawing board into a reality. We at First National Bank recognize that mortgaging your home for any reason is both a personal and sometimes emotional issue. However, we would encourage you to talk to us if that’s considered a viable option.
Competitive rates that can be floating or fixed.
Loans are generally based on a percentage of the appraised value or the sales price (whichever is less). Apply now!
In addition to completing a loan application, it is generally recommended that you bring along the following additional financial information to expedite your loan request:
- A business financial statement, and copies of business tax returns covering a 3-year period if possible.
- A personal financial statement and copies of 3 years of personal tax returns if possible.
- A copy of the title opinion used at the time you purchased the home with a legal description.
- A short business plan indicating how you intend to use the loan proceeds to affect growth, cut costs, or improves operations. In short, why you want to use your home to secure the business loan.
- For companies that are brand new or in a start-up mode, a business plan may be your most important piece of banking information.
- An appraisal will be required, as well as an attorney’s opinion or a title policy. These are normally ordered after the borrower’s credit has been approved.
