Secured Term Loan
Provide your business with funds for expansion projects, repairs and/or business debt consolidation with the convenience of predictable repayment terms over a fixed period of time.
- A fixed 5 year repayment term with a 10 year amortization available: A balloon payment of the outstanding balance (if applicable) will be due after 5 years and must be paid off or refinanced at the end of the fixed repayment term.
- A fixed 10 year repayment term with a 20 year amortization available: A balloon payment of the outstanding balance (if applicable) wil be due after 10 years and must be paid off or refinanced at the end of the fixed repayment term.
Types Of Properties:
- Acceptable
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- Owner occupied 1, 2, 3 or 4-unit properties
- Condominiums or townhouses
- Vacation homes that are used primarily by the member
- Doublewide mobile homes built after June 1976, on permanent foundation, title retired
- Residential investment property
- Unacceptable
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- 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.
Collateral is required. This is a closed-end loan. 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 loan amount $5,000. There is a 5-year term maximum for loan amounts of $50,000 and less and 10-year term maximum for loan amounts of $50,001 to $100,000. Business Term Real Estate Equity loans may be refinanced for additional funds of $5,000 or more. At the end of the fixed term, the balance will be due or may be refinanced. In Pennsylvania ONLY, a currently-owned residence or vacation home (used primarily by the member) may be used as collateral. Please seek the advice of a qualified tax professional to determine if the interest is tax deductible.
Unsecured Term Loan
Provide your business with funds for expansion projects, repairs and/or business debt consolidation with the convenience of predictable repayment terms over a fixed period of time.
- A fixed 5 year repayment term with a 10-year amortization available: A balloon payment of the outstanding balance (if applicable) will be due after 5 years and must be paid off or refinanced at the end of the fixed repayment term.
No collateral required. This is a closed-end loan. Minimum loan amount $5,000. Five-year term maximum for a maximum loan amount up to $50,000. At the end of the fixed term, the balance will be due or may be refinanced. Please seek the advice of a qualified tax professional to determine if the interest is tax deductible.
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.