Thoughts on these business LOC terms
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.