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Business Line of Credit - best terms?
Posted on 2/24/17 at 4:54 pm
Posted on 2/24/17 at 4:54 pm
I own a business that has a 10 year history of good deposits and good payment on credits. Business is booming and I would like a line of credit to assist with growth. I am having both large national banks as well as community banks give me a proposal for a $750,000 line of credit for the business. Proposals aren't in yet.
Can anyone tell me what the best terms they've seen on these recently? For instance:
- best APR (tied to Prime or tied to LIBOR)?
- best loan origination fee?
Can anyone tell me what the best terms they've seen on these recently? For instance:
- best APR (tied to Prime or tied to LIBOR)?
- best loan origination fee?
3
Posted on 2/24/17 at 5:18 pm to PrisonMike
We have 50 basis over LIBOR, but it's collateralized and a little bigger.
Posted on 2/24/17 at 8:47 pm to PrisonMike
Where are you located?
I am business banker in Baton Rouge. What banks have reached out too? In my experience a line of credit of that size will be Prime based.
I am business banker in Baton Rouge. What banks have reached out too? In my experience a line of credit of that size will be Prime based.
Posted on 2/24/17 at 8:55 pm to soupboy10
Located in Atlanta
Posted on 2/24/17 at 8:55 pm to PrisonMike
What type of business?
Posted on 2/24/17 at 10:09 pm to PrisonMike
I would guess wsjp + 1ish based on the size of the loan. usually dont see origination fees on lines of credit, maybe an unused fee on the portion of the line you dont use.
Posted on 2/24/17 at 10:10 pm to southernelite
quote:
We have 50 basis over LIBOR, but it's collateralized and a little bigger.
unless you work for walmart or coca cola then you dont have libor +50, unless its CD secured.
Posted on 2/25/17 at 11:45 pm to Hermit Crab
Nah, not any of those. We do. No big deal if you won't believe me, but I know our terms.
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