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A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
Warehouse lines of credit are usually priced off 1-month LIBOR plus a spread. [4] Also, warehouse lenders typically apply a 'haircut' to credit line advances meaning that only 98% - 99% of the face amount of loans are being funded by them; the originating lenders have to provide with the remainder from their own capital. [4]
Langley FCU offers the typical types of financial services offered by most financial institutions, including savings, checking, IRA accounts, certificates of deposit, consumer loans, credit cards, mortgages, home equity lines of credit, investment services, and insurance services. Langley FCU also offers products and services for small businesses.
The required credit score of a secured business line of credit varies based on the lender, but businesses may be eligible with a minimum credit score of 500. Show comments Advertisement
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A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage).
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