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Kennebec Savings Bank offers loans for the construction, acquisition, and refinance of commercial real estate. These options can be combined to provide you with a financing solution that carries your project from an initial plan to completion, and beyond. Among the types of properties that may be eligible for financing are apartment buildings, hotels and motels, office buildings, retail stores, warehouses and industrial buildings, and mixed-use properties.
Kennebec Savings Bank offers both fixed and variable interest rate options, along with loan terms and structures that can be modified to meet your diverse needs. There are no application fees, and our closing costs are among the lowest in the market. Please consult our commercial loan officer, Mark
Stebbins, or your branch
loan officer for current interest rates and applicable terms. The Bank’s personal service, local decision making, fast turnaround time, and flexible underwriting are intended to make the entire process as easy as possible.
To apply, please stop by any branch and ask any of our employees for a commercial loan application package.
For small businesses and small business professionals, Kennebec Savings Bank offers term loans and lines of credit. As with our commercial real estate loan products, your loan will be structured to best meet your needs. There are no application fees and closing costs are affordable. And, as always, you benefit from the Bank’s personal service, local decision making, fast turnaround time, and flexible underwriting.
Term loans can be either secured or unsecured, but must have an identified source of repayment. Terms vary depending on the proposed use of the funds, for up to seven years. Term loans can be used for bridge financing (awaiting a future event to occur, such as the sale of a property), to fund the acquisition of fixed assets (such as equipment), and for other business needs, as appropriate. Interest rates on term loans can be fixed or variable.
Lines of credit are often secured, have an annual maturity date, and are subject to renewal. There is no annual fee or renewal fee for lines of credit. Interest rates on lines of credit are variable based on the Prime rate, and change as the Prime rate changes (please consult our commercial loan officer, Mark
Stebbins, or your local branch
loan officer for current interest rates and applicable terms). Funds may be drawn and repaid as many times as needed during the year; however, your balance must generally be paid off for a minimum of 30 consecutive days annually.
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