Prime Rate Based Advance

An adjustable rate advance indexed to the Prime Rate of Interest

  • Serves as an alternative source of funding for adjustable rate assets
  • Can assist in the funding of loans indexed to Prime (e.g., Home Equity loans)

 

Maturity
1, 2 or 3 years
Rate
Adjustable based upon the consensus Prime rate of the top 25 U.S. commercial banks; spread to Prime will remain fixed over the entire term to maturity
Accrual Basis
Actual / 360 day basis
Interest is Paid
Monthly
Principal is Paid
At maturity
Principal Prepayment Policy
Prime Rate Advances are not prepayable
Submission of Application
A Prime Rate Advance Application is required for each borrowing.

To learn more about our Advance products, contact Jeff Berryman or Lisa Wishart at 800-828-4191.

Contact Us To Learn More