For a limited time, Business Real Estate Financing is offering an introductory variable rate of Wells Fargo Prime Rate + 0% on balances for approved Commercial Equity Line of Credit applications received from 07/01/2019 through 09/30/2019. The introductory rate will be applicable for 12 months as long as no default occurs under the Customer Agreement. At the end of the introductory period, the rate will become Wells Fargo Prime Rate + the margin provided at the time of account approval. Prime, which is subject to change, refers to Bank’s announced Prime Rate which is 5.50% as of 05/02/2019. All financing is subject to credit approval.
You will need to pay a deposit of up to $1,000 when accepting the terms of any loan. The deposit is nonrefundable, unless the loan closes or the line of credit opens, in which case the unused portion of the deposit (if any) will be returned or credited to you after closing. If environmental insurance is required, you will be responsible for this one-time fee of $1,866. You will also be responsible for the cost of any mortgage or deed of trust filing fee imposed by a state or other taxing authority. In states that require attorney closings, you will be responsible for title-related costs and attorney title work that exceeds $375. For purchase loans, you will be responsible for title and escrow fees. In addition, for purchase loans you will need to provide proof of funds for any required down payment. All financing is subject to credit approval.
Low closing costs is based upon analysis of application, appraisal, and origination fees for competing U.S. lenders as compiled by an independent third party research firm on a quarterly basis.
The index for the prime-based equity line of credit is the Wells Fargo Prime Rate. Payments during the 5-year draw period are calculated based on 15-year amortization where the monthly payment will adjust whenever there is a change in the prime rate. During the 15-year repayment period, the interest rate will adjust when prime rate changes, but the monthly payment will only adjust annually.
We'll match or beat a competing offer (rate and fee combination), when a competitor's formal written approval is provided to us, or pay you $200.
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