Great Prime based commercial loan product
* The payment will be fixed for 12 months and adjust only once per
year on the anniversary of the loan.
* The interest rate assessed on the loan will be adjusted with
each change in the Lenders Prime Rate.
* Any over or under payment of accrued interest resulting from the
change in rate, will be applied to the borrower's principal balance.
* Each year, the payment will be reamortized using the remaining
term, current balance and Lenders Prime Rate then in effect.
* The loan can be converted to a fixed rate loan on the
anniversary date each year. The conversion fee is only $500 - no need
to reapply.
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