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)
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
Actual / 360 day basis
Principal is Paid
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.
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