Leverage the equity in your business or investment property with a Wells Fargo Commercial Equity Line of Credit. Our Commercial Equity Line of Credit (CELOC) has a 60 month draw period for large and/or multiple purchases such as real estate/vehicle/large equipment/capital assets, property improvement, and business expansion. The total balance then converts at month 61 to a Prime-based variable loan with a 15 year amortization schedule and term.
|Ideal For||Business owners and real estate investors who want to borrow against the equity in their property for large business expenditures.|
|How it Works|
|Does it work for you?||Visit a Wells Fargo location near you.|
|Interest Rates||Variable rate tied to Prime Rate.|
|For More Information|
|How to Apply|
1 Most property types are eligible. Environmentally sensitive properties may require an environmental loan insurance policy. Property located in a flood zone may require flood insurance. These expenses if applicable, are the borrowers responsibility. Collateral properties located in rural areas may not be eligible for this offer. Certain residential properties are not eligible. Please contact us for details. Note on Texas properties: Commercial property owners having a personal residence situated on, or adjacent to, the collateral property are not eligible for this offer.
2 You will need to pay a non-refundable deposit of up to $1,000 when accepting the terms of any loan or line of credit. Your deposit will be credited at closing against the origination fee (if any) and environmental insurance fee (if any) payable by borrower in connection with the transaction. If your deposit exceeds the origination and environmental insurance fees due at closing, you will be reimbursed for any overage. If the state or other taxing authority imposes a tax or fee on the filing of a mortgage or a deed of trust, or if the bank determines that environmental or flood insurance is required, any applicable fees are your responsibility. All financing is subject to credit approval.