Loans for Refinancing Debt
Community Advantage loans can be used to refinance debt that is currently on unreasonable terms (e.g. high interest rates, balloon payment due). Common requests include refinancing business credit card debt used to start or grow a business and "terming out" bank line of credit debt that is no longer meeting its intended purpose.
Line of credit "term out" transactions are done in participation with a partner bank. Loan maturities are tied to the useful life of the asset originally financed with the debt to be paid off.
Learn More About: