These loans will be for:
- Acquisition financing for properties
- Refinance of currently owned properties
- Expansion or renovation of a currently owned properties
- Acquisition and renovation financing for both portfolio and resale properties
- Land purchases including parcels that may be enhanced in value through the development process
For residential properties, the collateral can include multiple approved lots, a single approved lot or a parcel to be improved. Each loan will include the house construction costs.
For commercial use properties, these projects can include:
- Parcels that have completed the development process
- Expansion or renovation of currently owned properties
- Acquisition financing for properties which need renovation funding
- The financial security/escrow (tri-party agreements) for the improvements required by the townships or other government entities, including any Standby Letters of Credit
First Resource Bank will tailor the terms and conditions to fit your business situation.
The line can be tied to your business checking account for an automatically transfer of funds to cover your checks, so long as there is available funds under the line.
We are qualified to offer a variety of loan programs under the Small Business Administration (SBA). First Resource Bank can provide small businesses with:
- Loans for working capital
- Real estate acquisitions
- Anticipated start-up costs
Our experts can also help you create a solid financial framework for achieving your business goals. If you are an entrepreneur who has had trouble qualifying for a conventional commercial loan due to a collateral shortfall or the need for a longer loan term, the SBA programs could be the perfect solution. Talk to a First Resource Bank SBA loan representative and learn how we can help you take the next step in building your business.
First Resource Bank provides loans with principal repayment schedules for:
- Purchase of equipment
- Purchase of vehicles
- Purchase of a business
- Leasehold improvements
We will also set up an equipment line of credit to cover your periodic equipment purchases at pre-arranged terms and interest rates.
Click here to apply online.