Orange County NC Website
Browse       Search
INTEREST RATE: The following interest rates will be available depending on the Loan <br /> Amount Option and Term selected: <br /> OPTION 1: (1)A fixed rate of 2.65% for 21 years will be assessed. <br /> (2) A fixed rate of 2.40%for 16 years will be assessed. <br /> (3) A fixed rate of 2.10%for 11 years will be assessed. <br /> OPTION 2: (1)A fixed rate of 2,80%for 21 years will be assessed. <br /> (2) A fixed rate of 2.55%for 16 years will be assessed. <br /> (3) A fixed rate of 2.25%for 1.1 years will be assessed. <br /> Interest will be computed on the basis of a 360-day calendar year <br /> LOAN TERM: After the 12 month interim construction period concludes,it will be <br /> followed by a permanent term of 10, 15,or 20 years.The term will be <br /> dependent upon the interest rate option selected above. <br /> REPAYMENT: Beginning approximately 30 days from closing, 12 monthly payments of <br /> interest only will be due and payable.Interest payments will be calculated <br /> based on the average outstanding principal balance of the loan. <br /> Following the 12 month interest only period,240, 180, or 120 monthly <br /> payments of principal and interest payments will be due in an amount <br /> necessary to amortize the loan over the permanent term selected. See <br /> attached amortization schedules for further detail. <br /> GUARANTOR(S): None <br /> LATE CHARGES: We will assess a late payment charge of 4%of the unpaid <br /> balance of any payment which is at least 15 days past due. <br /> COLLATERAL: The Loan shall be secured by a first priority lien on the Premises and all <br /> material and other personal property related to the Borrower, subject to the <br /> Permitted Encumbrances,as evidenced in the definitive Loan Documents. <br /> This shall include: <br /> First priority security interest in the real property and all improvements, <br /> A title insurance policy will be provided reflecting First Horizon Bank's <br /> security position and containing no exceptions not approved by First <br /> Horizon Bank. <br /> An approximately 7,200 square foot ABC retail store located at 7713 US <br /> Highway 70,Mebane,NC 27302. <br /> APPRAISAL A commercial evaluation will be ordered that is in form and content <br /> acceptable and subject to the Bank.You are responsible for paying the <br /> cost of the commercial evaluation. <br />