Fee paid at each loan closing. Revolving Committed Construction Line of Credit Bank United commits to fund loans on a continuing revolving basis as long as borrower achieves agreed upon financial covenants.
Loans are within the terms of the approved line.
Fee paid at issuance of commitment for line of credit. Same as Revolving Committed Construction Line of Credit with loan secured by a pool of assets as reported monthly or bi-monthly by borrower. Loan advances made against the pool of assets rather than against an individual asset. Loan Loan to finance the acquisition of land and costs to improve the land as a platted subdivision with streets, sewer and water system, etc.