Business Lines of Credit
Short-term financing to cover seasonal income fluctuations, take advantage of discount purchasing, or handle unexpected expenses.
- Ideal for recurring or seasonal cash flow needs
- Both secured and unsecured options available
- You pay interest on the outstanding principal balance each month
- Fast, easy access to funds via Online Banking, telephone, or branch transfer
- Use as Overdraft Protection for Business Checking
- Lines range from $500 to $5,000,000
- Borrower must maintain their primary business deposit relationship with North Island
| Find a branch | Call (800) 293-6494
Unsecured Lines of Credit
| Rates effective November 17, 2008 |
| Loan Type | Min Loan | Max Loan | Max Term | Risk Based Pricing Range | Loan Fees | ** | Min Adj Period1 | ||
|---|---|---|---|---|---|---|---|---|---|
| Business Line Quick App. Preferred | $2,500 | $5,000 | n/a | 14.000% | n/a | n/a | A | W | |
| Business Line Quick App. Standard | $1,000 | $1,000 | n/a | 16.000% | n/a | n/a | A | W | |
| Business Line Quick App. Custom | $500 | $500 | n/a | 18.000% | n/a | n/a | A | W | |
| Business Line - Unsecured | $5,000 | $500,000 | 2 yrs. | 5.500% | 6.500% | 12.500% | $100 | V | M |
| Priority Line of Credit | $25,001 | $100,000 | 2 yrs. | 5.500% | 6.500% | 12.500% | $100 | V | M |
Secured Lines of Credit
| Rates effective November 17, 2008 |
| Loan Type | Min Loan | Max Loan | Max Term | Risk Based Pricing Range | Loan Fees | ** | Min Adj Period1 | ||
|---|---|---|---|---|---|---|---|---|---|
| Business Line Business Assets | $5,000 | $5,000,000 | 2 yrs. | 5.500% | 5.500% | 18.000% | See schedule below | V | M |
| Business Line Other Collateral | $10,000 | $1,500,000 | 2 yrs. | 5.500% | 5.500% | 18.000% | See schedule below | V | M |
| Business Line Gov't Guaranteed | $75,000 | $2,000,000 | 2 yrs. | 5.500% | 6.000% | 9.000% | See schedule below | V | M |
| Business line Real Estate (BLOC) | $25,000 | $2,500,000 | 10 yrs. | 5.500% | 5.500% | 18.000% | 1/2 point | V | Q |
| Business Line Real Estate (int only BLOC) | $25,000 | $2,500,000 | 5 yrs. | 5.500% | 5.500% | 18.000% | 1/2 point | V | M |
| Business Line Personal Residence | $25,000 | $1,000,000 | 10 yrs. | 5.500% | 5.500% | 18.000% | 1/2 point | V | Q |
| Business Line Personal Residence (int only) | $25,000 | $1,000,000 | 5 yrs. | 5.500% | 5.500% | 18.000% | 1/2 point | V | M |
| Business Line NICU Share | $1,000 | $5,000,000 | 2 yrs. | 3.000% | 4.000% | 10.000% | n/a | V | M |
| Business Line Construction | 5.500% | 6.500% | 12.500% | V | N | ||||
| Business Loan Fee (for select loans indicated above) |
Prime Rate: 4.000% 5yr TCM: 2.410% ** A = Rate adjusted from time to time by North Island V = Rate varies periodically according to index F = Rate is fixed for the term of the loan 1 F = Fixed M = Monthly Q = Quarterly W = Weekly N = N/A Note #1 For loans under $250,000 secured by a Second TD we will order a Limited Policy at an estimated cost of $150. For loans over $250,000 we will order a CLTA Title Policy. For loans secured by First TDs we will order full ALTA Policies. Charges to the borrower will be at our cost. Note #2 For loans under $250,000 that include the refinance of existing mortgages, we will order a sub-escrow at an estimated cost of $125. For loans with refinances over $250,000 we will need a full escrow, charges at our cost. |
||
| Loans up to $50,000 | $100 | ||
| $50,001 to $100,000 |
$150 | ||
| $100,001 to $500,000 | $250 | ||
| $500,001 to $1,000,000 | $500 | ||
| Loans over $1,000,000 | $750 | ||
| Additional Out-of-Pocket Fees may apply for secured loans | |||
| Credit Report | $75 | ||
| Appraisal Fee | at cost | (by an approved appraiser) | |
| Title Insurance | at cost | (see Note #1) | |
| Escrow | at cost | (see Note #2) | |
| Tax Service | $65 | (for loans up to $500,000) | |
| Recording Fees | $55 | (estimate) | |
| UCC Filing/ Search | $17 | (estimate) | |
| Flood Certification | $50 | (per building) | |
| Environmental Report | $450 | (if indicated) | |
| Phase I or II Report | at cost | (if indicated) | |
Terms & Conditions
Programs (including but not limited to fees, rates, and features) are subject to change without notice.
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