Express FACT SHEET
|Product Type||Prime LinePrime LoanEquipment LoanTerm Loan Commitment|
|Interest Rate, >$50,000||Prime
Lines - Prime + 2.25% (5 year term)
Term Loan Products - Prime + 2.25% (Less than 7 years)
Prime + 2.75% (7-10 years)
Wells Fargo Origination Fee: 1% of full line amount
Wells Fargo Annual Fee: ½% of full line amount
SBA Guarantee Fee: $25,000-$100,000-2% of guaranteed amount
Filing Fees: Usually $50
|Monthly Payment||PrimeLines - Interest onlyAll other loan products - Principal + Interest|
|Payment Method||Automatic transfer from a Wells Fargo business checking account|
|SBA Eligibility||Women or Minority owned and businesses in Los-Moderate Income areas|
- $25,000-$100,000 80% of total line amount for five years
PrimeLines - $101,000-$250,000 75% of total line amount for five years
Term Loan Products - $25,000-100,000:80% total loan amount for term of loan
Term Loan Products - $101,000-250,000:75% total loan amt. for term of loan
2 Years Management Experience
Funds Flow: 1.20x current year,interim & projections, 1.00x two full year average for lines of credit
Leverage 10:1 or appropriate for industry
guarantees by min 51% ownership & all owners of 20% or more
Security Agreement in Business Assets
Technical Assistance Action Plan must be prepared by 3rd Party Intermediary approved by Bank and SBA
Periodic credit reviews
Existing WFB Debt can be refinanced if:
The existing BLN, PLN or term loan no longer meets the borrowing needs of the borrower (i.e. the business has grown).
The loan being refinanced is a line of credit or a term loan (for term loans, there must be a minimum of a 20% savings in the payment amount).
The debt to be refinanced has not been more than 29 days past due for the past 2 years.
Express lines/loans can not total more than $250,000.
A borrower should not have more than one Primeline.
A line.loan is not eligible for Community Express if a conventional WFB loan has been granted within the last 90 days.
Standard compensation, expect fees can not be reduced