The current rate being offered is 3% Interest Only Paid Monthly
The Line has a 10 Year Term
There is no Personal Credit Pull or Credit Check because there is no Personal Guarantee. The Line secures itself in 2 distinct ways. First it will be in 1st Position on all Company Assets. Secondly, the Line requires that a pre-paid interest escrow account, be in place to ensure timely payments over a portion of the 10 year term. This allows there to be no personal guarantee. This escrow account requires that 10% of the Total Line amount be held from the origination of the loan. This escrow account shall make all payments on time and in full each month depending on the amount of the line you're using during that given month. Over time, this same escrow account will simply draw down.
That's right, there is no Pre-Payment Penalty so in the event you wish to close your line down in the future, then you can simply pay it off and close it down..
The Lender is not charging any application fees or underwriting fees at all. All fees are paid at loan out of loan proceeds. The fees total 7% of the total line amount. Zoomeral has a 3% success fee and the lender charges 4% for loan origination.
Because of the unique way that this product secures itself, it is applicable to all types of uses.