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What interest rate on your business line of credit.? |
This question is for the business owners. What is the interest rate on your business line of credit? And how much is your line of credit? I just want to get a feel for what people are paying and what credit lines business owners are working with. Thanks! Well, I'm not a business owner, but I work in commercial lending for a bank. Most of our lines of credit are currently around Prime plus .5% for an average middle market company. There would also likely be an origniation fee (but not a renewal fee) and possibly a non-use fee. To mitigate these (historically) low rates, we often require guarantees or compliance with certain covenants and restrictions (minimum debt service coverage, etc.). To be honest, banks are having to make multiple exceptions to policy on many loans these days. Competition is fierce, and the spread is being squeezed big time. The company definitly has the negotiating advantage. Many banks will waive requirements for a guarantee, non-use fee, and covenant restrictions. We don't even profit on many of our loans; we're just making them to try to establish or maintain a relationship with a company. |
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