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Financing is available from ebank for up to 90% of equity with a maximum loan amount of $500,000. The rate is a variable rate based on Prime plus a margin. Loan rates change on the first day of the month following a change in Prime Rate. Checks issued (ATM/Debit cards not available.) The maximum annual rate is 18% (16% in North Carolina). Closing cost will be paid by the bank for lines of credit. These costs generally range from $550.00 to $2000.00. The initial minimum draw against the line must be $10,000.00 and this amount must remain outstanding for 6 months. The line of credit must remain open for a minimum of 24 month. The closing costs pain by ebank will be added tot he loan if these conditions are not met. Homeowner's property insurance is required. Consult your tax advisor regarding tax deductibility of interest.
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