Commercial Real Estate Loans
Rental homes, commercial buildings, office buildings, restaurants, and investment properties
Financing the Property
Finance up to 80% of the appraised value or purchase price whatever is lower
Refinancing is available for up to 80% of the appraised value
Up to 20-year amortization on a 5-year balloon
Financing Costs
Processing fees depend on type of transaction, loan amount, and property location
Appraisal and environmental assessment fees are collected at the time the work is ordered. All other fees are collected at closing
Other fees may include: title insurance, title company closing fees, document preparation and recording fees, flood plain determination fees, etc. Applicable closing costs will apply
What You Need When You Apply
Business description form or current business plan
Personal tax returns and financial statement
Business tax returns and financial statement
Business documents: Articles of Incorporation, Resolutions, etc.
Signed real estate documents: Purchase Agreement, Listing Sheet, etc.
Applicable closing costs will apply.
Secured Closed-End Loan
For the Purchase of Business-Related Vehicles & Equipment
May require a 20% down payment
Terms up to 84 months or longer with a balloon option available
Balloon financing also available
Applicable processing costs may apply.
Secured Line of Credit
For Larger Business-Related Acquisitions or Purchases, Secured by Real Estate
Line of credit $20,000 or higher
Variable interest rate
Convenience of Credit Card Access
Applicable processing costs will apply.
Commercial Credit Card
For Everyday or Unexpected Business Expenses
Credit limits of $1,000 to $20,000
Variable interest rate
Free transaction history in online banking
Applicable processing costs will apply.
Business Loan Rates
Effective Date: January 5, 202
| Term | Rate |
|---|---|
| Up to 60 Months | as low as 7.50% APR |
| 61 to 66 Months | as low as 7.60% APR |
| 67 to 72 Months | as low as 7.90% APR |
Up to 100% financing available to qualified applicants provided the vehicle is a car, van, pick-up truck, or sports utility vehicle and not part of a fleet. Up to 80% financing available for heavy trucks, fleet vehicles, or other titled vehicles. A documentation fee may apply. A higher rate or shorter term may apply if applicant does not qualify. Credit is subject to approval. Rates based on credit score. Rates, terms, and conditions are subject to change at any time.
Loan Payment Example: The monthly payment per $1,000 borrowed at 7.50% APR for a term of 60 months would require 60 monthly payments of $20.04 based on 30 days to first payment.
Effective Date: January 5, 2024
Up to 5 model years old
| Term | APR* |
|---|---|
| Up to 60 Months | as low as 8.50% |
Up to 100% financing available to qualified applicants provided the vehicle is a car, van, pick-up truck, or sports utility vehicle and not part of a fleet. Up to 80% financing available for heavy trucks, fleet vehicles, or other titled vehicles. A documentation fee may apply. A higher rate or shorter term may apply if applicant does not qualify. Credit is subject to approval. Rates based on credit score. Rates, terms, and conditions are subject to change at any time.
Loan Payment Example: The monthly payment per $1,000 borrowed at 8.50% APR for a term of 60 months would require 60 monthly payments of $20.52 based on 30 days to first payment.
Effective Date: January 5, 202
Equipment and Vehicles over 5 model years old
| Term | APR* |
|---|---|
| Up to 60 Months | as low as 12.55% APR |
| 61 to 84 Months | as low as 13.00% APR |
Up to 100% financing available to qualified applicants provided the vehicle is a car, van, pick-up truck, or sports utility vehicle and not part of a fleet. Up to 80% financing available for heavy trucks, fleet vehicles, or other titled vehicles. A documentation fee may apply. A higher rate or shorter term may apply if applicant does not qualify. Credit is subject to approval. Rates based on credit score. Rates, terms, and conditions are subject to change at any time.
Loan Payment Example: The monthly payment per $1,000 borrowed at 12.55% APR for a term of 60 months would require 60 monthly payments of $22.52 based on 30 days to first payment.
Effective Date: January 5, 2024
| Loan Type | Amount | APR* |
|---|---|---|
| Commercial Credit Card | $1,000 to $20,000 | Variable Rate based on Prime Rate |
| Real Estate Secured Line of Credit | $20,000 and Up | Variable Rate based on Prime Rate |
$50.00 application fee at closing (currently waived). $175.00 Documentation Fee to be collected at closing. Variable rate is subject to change on the 1st of each month. Rate is based on the Wall Street Journal (WSJ) Prime Rate, plus 5.00%. Floor rate is 7.00% with a ceiling rate of 18.00%. Credit is subject to approval. Rates, terms, and conditions are subject to change at any time. ICCU will not automatically increase your interest rate except in cases of severe delinquency (60 days past due). Current WSJ Prime Rate - 7.50%
Effective Date: January 5, 2024
| Loan Type | Amount | APR* |
|---|---|---|
| Real Estate Secured Line of Credit | $20,000 and up | Variable Rate based on Prime rate |
$50.00 application fee at closing (currently waived). Variable rate is subject to change on the 1st of each month. Rate is based on the Wall Street Journal (WSJ) Prime Rate +5.00%. Floor rate is 7.00% with a ceiling rate of 18.00%. Credit is subject to approval. Rates, terms, and conditions are subject to change at any time. Current WSJ Prime Rate - 7.50%
Effective Date: January 5, 2024
| Loan Type | Amount | APR* |
|---|---|---|
| Business Real Estate | 5-year balloon | 20-year amortization | Based on risk- not locked in until closing |
Up to 80% financing available to qualified applicants for purchase or refinance transactions. Interest rate is not locked in until closing. Credit is subject to approval. Rates, terms, and conditions are subject to change at any time. ICCU NMLS# 400086