How does the line of credit work?
The Line of Credit is a daily borrowing. The rate of interest applicable to each individual draw is established at the time of each funding request. The minimum amount of each line of credit draw is $100,000. At the beginning of each business day, all outstanding balances from the previous day are combined and re-priced to an interest rate based on our cost of funds. Line of Credit draws remain outstanding until a pay down is requested and are pre-payable anytime without fee. Repayments are not accepted if funds have been drawn on the same day.
