| Products and Services: Loans |
 |
|
Nowhere does our claim of hometown banking shine more true
than in our loan services. When you want a loan for a car,
a remodeling project, or a personal whim - you are right to
expect immediate service and quick, friendly approval. When
you visit Bank of Granite you've come to the right place.
SBA Low Doc Loan
SBA 504 Loan
SBA Loan 7-A
Farm Service Agency
FHA - B & I Loan
Simple Interest
Commercial
Leasing Program
Personal ReservAccount
Equity Line
|
|
|
| SBA Low Doc Loan |
 |
Loan amount up to $100,000 |
|
80% guarantee |
|
Fee is 2% of the guaranteed portion
|
 |
|
|
|
top
|
| SBA 504 Loans |
|
This loan is funded by 3 sources (10%
is provided by the borrower, 40% is provided by SBA, 50%
is provided by Bank of Granite. |
|
A typical loan would be for the purchase
of a building. Assume the cost is $1,000,000; the borrower
pays down $100,000, S.B.A. sells a debenture (a type of
bond) for their 40% or $400,000 and they take a second
mortgage on the property |
|
SBA fee is 3% |
|
A prepayment penalty generally for the
first 5 years |
|
SBA loan rate is fixed and is generally
prime rate or less |
|
To qualify must have no more than 500
employees |
|
Personal guaranty from owners of 20%
or more ownership in company |
|
Job creation is primary consideration,
creating one job for each $35,000 of the loan. Example:
a $350,000 loan would create 10 new jobs. |
|
|
|
|
top
|
| SBA Loan 7-A |
|
Loan amount from $100,000 to $750,000 |
|
75% guarantee |
|
Fee is 2% of the guaranteed portion |
|
Fee for loan completion is usually less
than $400 |
|
Churches and newspapers do not qualify
|
|
|
|
|
top
|
| Farm Service Agency (Old FHA) |
|
These loans are primarily for farm ownership |
|
Loan maximum is generally $300,000 ($500,000
in some situations) |
|
90% guarantee |
|
Fee is 1.0% of the guaranteed portion
|
|
|
|
|
top
|
| FHA - B&I Loan (Business
and Industry) |
|
Loan maximum is $10 million |
|
80% guarantee |
|
Fee is 2% of the guaranteed portion
|
|
Primary consideration for this loan
guarantee is: job creation or job retention |
|
Only borrowers in rural areas qualify
for this loan. Towns of 25,000 population or less |
|
|
|
|
top
|
|
Simple Interest Installment Loans
Installment loans are customized to meet the customers needs,
with a maximum term of 1O years. Interest rates vary and
a
loan application must be approved by a loan officer. Customers
who have Banclub, Lifestyle 50 or Lifestyle 50 Elite receive
a discount on interest rates for loans over $3500.
Types of Installment Loans:
|
|
Automobile Loans |
|
Mobile Home Loans |
|
Unsecured Personal Loans |
|
Equipment Loans |
|
Real Estate |
|
Consumer Goods |
|
Home Improvements |
|
|
|
|
top
|
Commercial Loans
Commercial loans are those made to businesses for various reasons
such as the purchase of inventory, equipment, machinery and
operating capital. |
|
Loans may be made for any maturity up
to ten years with various terms. |
|
Borrower's deposit relationship weighs
heavily on the terms and interest rate charged. |
|
|
|
|
top
|
Leasing Program
Customers may lease equipment and vehicles which will be used
at least 50% for business purposes. Consult your loan officer
for more information about our leasing program. |
|
top
|
|
Personal ReservAccount
Personal ReservAccount is a convenient line of credit which
can be transferred automatically to your checking account
simply by writing a check. Personal ReservAccount takes away
the worry of accidentally overdrawing your account or the
embarrassment of having a check returned.
We offer:
|
|
Confidential service - only you and
the Bank of Granite know that you are using this credit.
|
|
Fast and easy approval process with
no charge to apply. |
|
Credit of $ 500 and up. Funds are transferred
from your credit line to your checking account in increments
of $ 100 as you use them. You will be notified by mail
each time a transfer is made. |
|
A minimum monthly payment of only 5%
of your outstanding balance or $20, whichever is greater.
You can pay more if you prefer, and, of course, you can
pay your entire balance at any time without pre-payment
penalty. |
|
No interest is charged on the unused portion of your credit line. |
|
Reduced interest rates on funds transferred from your ReservAccount available to Banclub, Lifestyle 50 and Lifestyle 50 Elite customers. |
|
Optional life insurance is available. |
|
|
|
|
top
|
EquityLine
With potential tax advantages, cost savings and convenience.
EquityLine is today's smartest consumer loan alternative. |
|
Borrow against the equity built up
in your home and possibly deduct the interest from your
taxable income. |
|
Obtain a line of credit from as little
as $10,000 to more than $50,000, depending on the equity
you have in your home. |
|
Once approved, use the money however
and whenever you want - just like you would use a checking
account. |
|
Option of paying interest only for the
first five years. |
|
Take advantage of lower interest rates.
Call your local office
to get more information and up-to-date facts. |
|
|
|
| |
| |
Related Sites
Some information and articles contained on this web site are in the PDF
Format. You will need the Adobe Acrobat Reader plug-in to
view these. 
