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Commercial Loans |
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Commercial Real Estate Loans Rockland Savings and Loan Association offers commercial real estate loans for the acquisition or refinance of commercial properties, for terms up to twenty (20) years. Among the types of properties that may be eligible for financing are apartment buildings, motels/hotels, office buildings and condominiums, restaurants, warehouses, retail stores and manufacturing/commercial properties.The interest rate on Rockland Savings and Loan Association’s commercial real estate loans is based on the prime rate. Some are variable and change annually. We also offer some loans on a fixed rate basis. You should consult with a loan officer, who will help you to structure a commercial real estate loan to best meet your needs. There are no application fees, and closing costs are affordable. In addition, the Bank’s personal service, local decisions, fast turnaround time and flexible underwriting are intended to make the entire process as easy as possible for the hard-working business person. Commercial Loans For Rockland Savings and Loan Association’s small business customers, the Bank offers commercial loans, including short-term loans, lines of credit and term loans. As with our commercial real estate loan services, your loan will be structured to best meet your needs. There are no application fees, and closing costs are affordable. And, as always, you benefit from the Bank’s personal service, local decisions, fast turnaround time and flexible underwriting.Short-term loans may be unsecured or secured by specific assets, but have a planned source of repayment and a term of up to 180 days. Lines of credit are normally secured and have an annual maturity date; there is no annual or renewal fee for lines of credit. Both short-term loans and line of credit have interest rates based on the prime rate. Some have a fixed rate, while some rates are variable and can change monthly as the prime rate changes. Interest is paid monthly on lines of credit and can be paid either monthly, or at maturity, on short-term loans. Principal on lines of credit may be repaid at any time (your balance generally must be paid off for at least 30 consecutive days each year); once the line of credit is established, funds can be used and repaid, then used again, for the term of the line. Term loans fund the acquisition of fixed assets used in your business and have terms of up to ten (10) years; interest rates are based on the prime rate. Some interest rates are fixed, while others are variable and change monthly as the prime rate changes. The assets being purchased generally secure term loans. |
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