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Commercial Lending Products

Metuchen Savings Bank offers loans for both owner-occupied and investor commercial properties.

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Metuchen Savings Bank Lending Requirements for Commercial Real Estate Loans:

  • Both owner-occupied and investor commercial properties. Preferred property types include office buildings, apartments, including five units and over, retail and mixed use. Special purpose properties may also be considered.
  • Personal Guarantees Required
  • Pre-payment Penalties Apply
  • Non-Assumable
  • Real Estate Tax Escrows Required
  • Business operating account required to be opened and maintained at Metuchen Savings Bank
  • Application Fee Plus Cost of Appraisal
  • Evidence of No Asbestos Related Risk and/or Lead Paint Risk (residential units only)
  • Transaction Screen Analysis or Phase I Environmental Assessment May Be Required
  • No Secondary Financing Permitted without Written Consent of Metuchen Savings Bank
  • Attorney Review Fee
  • Origination Fee due upon Acceptance of Commitment
  • Additional Terms and Conditions may be required on a case by case basis

5/20, 5/25, 10/20 or 10/25 Adjustable Rate

Advantage: Lower Monthly Payments and Increased Purchasing Power

Features:

  • Borrowers obtain lower mortgage payments with a longer amortization period
  • Competitive Rates
  • More Cash Flow due to longer amortization period

Construction Loan

Advantage: Interest only during construction period

Features:

  • 1% Origination Fee due upon acceptance of Commitment
  • Commercial properties
  • Personal Guarantees required

Term Loan

Advantage: Short term financing to acquire fixed assets, other than real estate

Features:

  • Various terms and rates based on the individual needs of the customer
  • Personal guarantees required
  • Secured loans

Business Line of Credit

Advantage: Provides a source of short term capital & cash flow allowing a business flexibility on a day-to-day basis

Features:

  • Checks allow customer easy access to funds
  • Two year term with a variable interest rate
  • Bi-annual 30-day clean-up required
  • Personal Guarantees required

 

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