Thoughts on these business LOC terms

[Jim Brozny]

Hi everyone.  I'm looking for a little advice.  I've spoken to a regional bank about a business line of credit.  This is what they offered:

• Amount: $450,000
• Rate: Prime + .75% (floor of 5.25%)
• Term: 12 months
• Amortization: Interest only monthly
• Payment: Interest only monthly
• Loan Fee: 1%

I've only spoken to this bank so far.  Can you tell me if this is a competitive offer?  I'm in the western suburbs of Illinois.