Loan amount available: 30-40% up to $2,000,000 in rural area with secondary collateral position based on appraised value.
Interest rate: 20 year fixed market rate
Term: 10 years for equipment with equal or greater useful life, 20 years for real estate
Primary requirements: 50% Bank participation in first collateral position
Special requirements:
Bonded contractor
Appraisal on plans/specs prior to submitting application
Working capital and inventory ineligible
Special limitations on using for equipment/furniture/fixtures
Special features: 10-20% cash down payment requirement, assuming appraisal doesn’t require additional cash.
