RUTHERFORD, N.J. – Boiling Springs Savings Bank is now offering a commercial secured line of credit.
The liquidity of a line of credit is the perfect financing solution for one's commercial needs, the bank said in a press release. A commercial equity line of credit can be used for working capital, financial investments, property improvements or to expand a business.
The loan is a revolving line of credit that allows one to draw cash whenever needed, for any purpose. The interest payment is only for the money that's been used. As the payments are made, the money again become available for use.
The line of credit is available for loans up to $1.5 million and can be secured by a multi-family (five units or more) or certain mixed-use properties. It is available with a five-year initial term. The rate is the Prime Rate published in the Wall Street Journal plus 1 percent.
For more information, please call the loan department at 201-507-3200.