These loans are granted when the request is related to income coming from a business enterprise. Security on these types of loans are by a mortgage, which covers the land and the buildings on the commercial property. The value of the security will not exceed 75% of the purchase price, or the appraisal of the property, whichever is the lesser of.
The benefit to the member is to use an asset over a longer amortization period, which is a maximum of 25 years, and a lower interest rate. Variable and fixed rates are also available.
Examples: to purchase commercial property, or equipment.
For further details, members can contact the lending department.
