A Bank of Montreal Floating Rate Term Loan may be the answer. The Details Terms of up to 7 years are available. An amortization period of up to 15 years is also available. Interest rate is based on BMO's Prime Rate plus an increment which is fixed for the term selected. Principal repayment options are monthly, quarterly, semi-annual and annual.
Interest is paid monthly.
Loan can be switched to a Fixed Rate Term Loan at any time during the term. Loan cannot be called unless in default as stipulated in the loan agreement. Prepayment of principal is permitted without penalty. FirstBank Commercial Loan Insurance is available to qualified borrowers.