Provide your business with ready-cash for short term business funding needs such as increasing inventory, providing seasonal cash flow or taking advantage of unexpected savings opportunities while using your residential real estate as collateral.
- Pay interest only on the outstanding balance each month
- Repay principal at your convenience
- No pre-payment penalties
Types Of Properties:
- Acceptable
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- Owner occupied 1,2,3 or 4-unit properties
- Condominiums or townhouses
- Vacation homes
- Doublewide mobile homes built after June 1976, on permanent foundation, title retired
- Residential Investment property
- Unacceptable
-
- Commercial properties
- Properties with cesspools, cisterns, spring water
- Properties with gravity heat
- Properties located in an industrial or commercially zoned area
- Properties with agricultural use
- Time-share properties
- Singlewide mobile homes
- Properties owned by a trust as identified on the deed
- Properties with gas/oil wll or coal mining
Borrow up to 80% of the appraised value, less any liens on the property being mortgaged. PSECU must be no less than second lien holder. Minimum line amount $5,000. Maximum line amount $100,000. Interest only payment based on ten (10) year repayment term. Open-end loan. Balance at the end of repayment term is due or can be refinanced. Currently owned primary residence or vacation home (used primarily by the member) may be used as collateral if in Pennsylvania ONLY. Multiple owned rental properties may be used as collateral if within Pennsylvania. The interest may be tax deductible; check with a qualified tax advisor.
Business Unsecured Line Of Credit
Provide your business with ready-cash for short term business funding needs such as increasing inventory, providing seasonal cash flow or taking advantage of unexpected savings opportunities.
- Pay interest only on the outstanding balance each month
- Repay principal at your convenience
- No pre-payment penalties
No collateral is required. This is an open-end loan. Minimum line amount $5,000. Maximum line amount $50,000. Interest-only payment based on 10-year repayment term. Balance at the end of repayment term is due or can be refinanced.
Important Information About Business Lines of Credit: Interest rate may vary monthly and will be equal to prime rate or prime rate plus 1/2 percent as published in the last issue of the Wall Street Journal on the last day before the most recent full calendar month for Sole Proprietors and prime rate plus 1/2 to 1.5 percent for LLCs, Corporations and Limited Partnerships. The maximum rate is 21 percent Annual Percentage Rates. The minumum rate is 3 percent Annual percentage Rate.
Business loans are only available in the following states: AL, CA, CO, FL, GA, HI, IL, IN, IA, MA, MI, MN, NY, NC, OH, OR, PA, TN, TX, UT, VA, WA, WI.