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  • 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 million
  • Borrower must maintain their primary business deposit relationship with North Island

  |  Find a branch  |  Call (800) 293-6494

 

Unsecured Lines of Credit


Rates effective

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   14.000% n/a n/a A W
Business Line Quick App. Standard $1,000 $1,000   16.000% n/a n/a A W
Business Line Quick App. Custom $500 $500   18.000% n/a n/a A W
Business Line - Unsecured $5,000 $50,000 2 yrs. 5.250% 12.500% $100 V M

Secured Lines of Credit


Rates effective

Loan Type Min Loan Max Loan Max Term Risk Based Pricing Range Loan Fees ** Min Adj Period1
Business Line Business Assets $5,000 $3,500,000 2 yrs. 5.250% 18.000% See schedule below V M
Business Line Other Collateral $10,000 $1,500,000 2 yrs. 5.250% 18.000% See schedule below V M
Business Line Gov't Guaranteed $25,000 $2,500,000 2 yrs. 5.250% 8.250% See schedule below V M
Business Line Real Estate (BLOC) $25,000 $1,000,000 10 yrs. 4.750% 18.000% 1 point V Q
Business Line Real Estate (int only BLOC) $25,000 $1,000,000 5 yrs. 4.750% 18.000% 1 point V M
Business Line Personal Residence $25,000 $1,000,000 10 yrs. 4.750% 18.000% 1 point V Q
Business Line Personal Residence (int only) $25,000 $1,000,000 5 yrs. 4.750% 18.000% 1 point V M
Business Line NICU Share $1,000 $5,000,000 2 yrs. 3.250% 9.250% n/a V M
Business Line Construction       6.500% 12.500%   V N

 

Business Loan Fee (for select loans indicated above)
 
** 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 (loans up to $499M; larger loans add $10 per $100M)
  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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This credit union is federally insured by the National Credit Union Administration.
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