Finty

Greater Bank Business Term Loan - Variable Rate secured by Commercial Property

Commercial propertySecured

Business loan secured by commercial property

Written byDavid Boyd
Interest rate a year, from
9.75%
Establishment fee
Not published
Monthly fee
$15
Borrow
From $1,000

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 9.75%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,127
Total repayments
$127,645
Interest and monthly fees
$27,645

Loan details

Rates

Interest rate (a year)
9.75%
Rate type
Variable
Security
Secured
Type of finance
Commercial property

Limits and fees

Loan amount
From $1,000
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.

Cost of $20,000 over 5 years

$6,249

Interest and fees at its starting rate. Typical is $6,249.

Monthly fee

$15

A typical monthly fee is $15.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.75%, so the rate you see is the rate you get.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • 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.