LI bank offers new loan program for small biz
Gold Coast Bank, based in Islandia, has begun offering a new, aggressively priced commercial mortgage loan for small businesses.
Chief loan officer and senior vice president Jeffrey Barber says he believes the loan’s rates, as low as 3.9 percent, represent “a very aggressive program as far as pricing goes.”
Loans offered by Gold Coast prior to the new program ranged from 4.5 percent to 5.5 percent, he said.
Loans offered by Gold Coast prior to the new program ranged from 4.5 percent to 5.5 percent, he said.
Minimum loan amount under the new program is $350,000, the maximum amortization is 20 years, the rate is available only on new loans and the maximum loan to appraised property value is 50 percent.
Borrowers must maintain an operating checking account with Gold Coast Bank.
The program began Nov. 9. Its duration will be based on customer response, the bank said.-
The program began Nov. 9. Its duration will be based on customer response, the bank said.-
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