Terms & Conditions

The quotes above assume a one point loan fee and a 3-3-2-2-1 prepayment penalty. We can also provide customized quotes with terms that align with your pricing priorities. For example we can switch to a 3 year (3-2-1) prepayment penalty with a small increase in the rate or fee, or we could waive the prepayment penalty altogether for a slightly larger increase. We can also negotiate a higher or lower loan fee with corresponding adjustments in the interest rate.
 
Please note that the prepayment penalty cannot be waived on loans with par pricing (0 points) and that an application fee will also apply on par priced loans.
 
The rates above are based on loans over $1,000,000, for smaller loans add 0.50% to the start rate.
 

Special pricing is available for SBA 504 Loans for members that maintain their primary business deposit relationships with North Island. The start rate would be 0.25% lower than the rates listed above. SBA 504 loans do however, include an additional 0.50% loan fee.
 
Generally loans balloon in ten years and are amortized over 25 years (30 for apartments).
 
The maximum LTV for Purchases and Rate & Term Refinances is 70-75% (90% on SBA). For Cash Out Refinances, the percentage is reduced to 65-70%. Other adjustments to the LTV may be made based on the type and condition of the property; such as single purpose properties, which are typically 5-10% lower.
 

The above quoted rates assume solid underwriting factors including adequate loan to value, strong cash flow, acceptable credit scores, and secondary repayment sources.
 
In addition to the loan fee, the following fees may apply (does not include additional fees charged through the escrow or title):

Fees for Appraisal, Escrow, Title Insurance and Environmental (Phase I or II) as quoted.
 
Programs (including but not limited to fees, rates, and features) are subject to change without notice.