Finty

Greater Bank Business Line of Credit - Secured by Commercial Property

Line of credit, Commercial propertySecured

Revolving credit facility for business purposes

Written byDavid Boyd
Interest rate a year, from
10.50%
Establishment fee
Not published
Monthly fee
$15
Borrow
From $30,000

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 10.50%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,164
Total repayments
$129,863
Interest and monthly fees
$29,863

Loan details

Rates

Interest rate (a year)
10.50%
Rate type
Variable
Security
Secured
Type of finance
Line of credit, Commercial property

Limits and fees

Loan amount
From $30,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
$15

How it compares

Against the other secured business loans we compare. Typical means the middle half of them.

Monthly fee

$15

A typical monthly fee is $15.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 10.50%, so the rate you see is the rate you get.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $15 monthly fee. That adds $900 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $50 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.