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Discover the Credit union Difference

 


Do you have big plans for your business? Florida Hospital Credit Union may be able to help. Offering financial services that your business needs to reach its full potential, and fulfill your personal goals.

One of the keys to a flourishing business is a good relationship with a financial partner you trust. As a member of Florida Hospital Credit Union, you already know the benefits of the credit union difference -service, personal attention, ownership. Now you can put the benefits of membership to work for your business.


Specific MBL Product Types:

 

Owner Occupied Commercial Real Estate

Non-Owner Occupied Commercial Real Estate (Including 1-4 family residential real estate)

Owner Occupied Commercial Real Estate Construction Loan

Church Loan

Business Vehicles - New (auto, truck, van) and durable equipment

Business Vehicles - Used (auto, truck, van) and non-durable equipment

Secured Lines of Credit

Unsecured Lines of Credit

Unsecured Term Loan

 

What information is needed for all loan requests:

 

Required Documents

“X” = Required

Complete Business Loan Application

X

Business Debt Schedule

 

Company Tax Returns: 3 years

X

Interim Financial Statement: if fiscal date was more than 180 days prior

X

# of Guarantors:

All entities with more than 20% ownership in the borrower

 

X

Guarantor Financial Statements *

X

Guarantor Tax Returns (3 years)

X

IRS Form 4506-T Request for Transcript

X

* PFS form MUST be signed and dated. If a PFS received is not on the CU form, then the received form must be signed and a CU form must be signed, dated and attached to it.

 

Along with the above required information for all loan requests, each product type may require additional information.  This information will be listed below with each product type. Credit Union forms will be located at the bottom of this page or can be found by clicking here.

 

 

 

Owner Occupied Commercial Real Estate

 

An Owner Occupied Commercial Real Estate loan is used by the member as the primary place of business.

 

a.     First Mortgage Only

b.     Maximum Term = 15 years (Up to 30 year amortization, balloon in year 15)

 

The property must be 50% owner occupied.

 

Required Documents

“X” = Required

Copy of most recent property tax assessment

X

For Purchase Transactions – Copy of the purchase agreement and warranty deed

X

Copy of the survey

X

Copy of an existing appraisal (if available)

X

Environmental Questionnaire

X

 

 

Apply Now!

 

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Non-Owner Occupied Commercial Real Estate (Including 1-4 family residential real estate)

 

A Non-Owner Occupied Commercial Real Estate loan is a classification used in mortgage origination, risk-based pricing and housing statistics for one to four-unit investment properties.

 

a.     First Mortgage Only

b.     Maximum Term = 10 years (Up to 20 year amortization, balloon in year 10)

 

All documents needed for “Owner-Occupied” plus:

Required Documents

“X” = Required

Copies of leases

X

A rent roll

X

Income/Expense data (3 years)

X

 

 

Apply Now!

 

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Owner Occupied Commercial Real Estate Construction Loan

 

An Owner Occupied Commercial Real Estate Construction loan is used by the member to finance construction of some kind for the primary place of business.

 

a.     First Mortgage Only

b.     Owner-borrower must occupy at least 51% of the building and it must be the primary place of business

c.     Maximum Length of construction period = up to 12 months

d.    Maximum Term = 15 years (Up to 30 year amortization, balloon in year 15) upon conversion to permanent loan

e.    Owner-borrower must have a minimum of 25% equity interest in the project being financed

 f.     Advances will only be released after onsite, written inspection performed by an independent licensed architect, appraiser or construction engineer, in accordance with a pre-approval draw schedule and any other conditions in the loan documentation

g.     If owner-borrower is leasing any portion of the building to third parties and repayment of the loan is contingent upon that rental income, pre-leases are to be obtained and reviewed by the credit union

 

Required Documents

“X” = Required

For Purchase Transactions – Copy of the purchase agreement and warranty deed

X

Budget/Cost Estimates

X

Projections/Timeline

X

Copy of survey

X

Copy of an existing appraisal (if available)

X

Environmental Questionnaire

X

GC background

X

Developer’s background

X

Pre-sales/Pre-Leases

X

 

 

Apply Now!

 

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Church Loan

 

A Church loan is used to cover renovations or expansions of the real estate property.

 

a.     First Mortgage only on improved real property owned by the church

b.    Church must be classified as a not-for-profit organization under IRS (26 USC ss501) rules

c.     Maximum Term = 15 years (Up to 30 year amortization, balloon in year 15)

 

Required Documents

“X” = Required

Completed Not-for-Profit or Religious Organizations Application

X

Copy of By-Laws

X

Copy of the minutes authoring the credit request

X

Organization audits, tax returns or internal financial reports (3 years)

X

Interim financial results if fiscal date was more than 60 days prior

X

Current year’s budget

X

Project/purchase description

X

 

 

Apply Now!

 

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Business Vehicles - New (auto, truck, van) and durable equipment

 

a.     Maximum Term = 60 months

 

Required Documents

“X” = Required

Copy of the invoice/title

X

Proof of Insurance

X

 

 

Apply Now!

 

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Business Vehicles - Used (auto, truck, van) and non-durable equipment

 

a.     Maximum Term = 36 months

 

Required Documents

“X” = Required

Copy of invoice/title

X

Proof of Insurance

X

 

 

Apply Now!

 

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Secured Lines of Credit

 

a.     Maturities of this type of loan should match maturity of collateral or payable on demand

b.    Acceptable Collateral - Properly margined stock, marketable securities, CD’s, CSV Life Insurance, or owner occupied real estate.

 

Required Documents

“X” = Required

Accounts Receivable Aging dated within the past 180 days

X

Accounts Payable Aging dated within the past

180 days

X

 

 

Apply Now!

 

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Unsecured Lines of Credit

 

Exteneded only to most creditworthy member businesses.

 

a.     Guidelines to assist in determining creditworthiness:

                      i.        Extensive time in business (5+ years)

                     ii.        Sufficient personal and business liquidity

                    iii.        Excellent personal and business credit (700+ BEACON score)

b.    All unsecured LOC’s will be payable on demand

c.     All LOC’s secured by collateral other than listed in Secured Lines of Credit will be classified as unsecured for regulatory purposes. (Examples include: equipment, business assets, accounts receivable/inventory, blanket liens).

d.    Activity – Revolving (balance must be paid down to 5% or less of the available line for at least 30 consecutive days during the 12 months following the first advance or by the maturity of the line whichever is first)

e.     Failure to Revolve – will be considered stagnant and term repayment should be negotiated.

 

 

Apply Now!

 

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Unsecured Term Loan

 

a.     All factors in determining creditworthiness for Unsecured Lines of Credit are the same for this type of MBL

b.    Maximum Term = 48 months

 

 

Apply Now!

 

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