A revolving line of credit provides a source of extra cash to meet short term business needs.

Typical borrowings on the line of credit might peak during slow months when cash inflows are low and then be paid down in busy months when cash inflows are high. As you borrow on the line, you’ll only be billed for the interest that accrues, with the expectation that you’ll make principal payments as cash comes into the business. When the balance goes down, the availability goes back up. That’s why it’s ‘revolving.’

• Terms: Up to 24 months
• Fee*: $300-$500
  

Term loan to purchase a new piece of equipment.

Send us an invoice with the loan application and, if approved, we’ll cover up to 100% of the cost. The term of the loan will be tied to the useful life of the asset, so that it can help your business generate the cash needed to pay back the loan.

• Terms: Up to 84 months
• Fee*: Up to 0.75% of loan amount or $300 minimum

This line of credit allows the business to make a number of fixed asset purchases via multiple disbursements with just one loan application. It has two distinct phases: a draw period and a repayment period. 

During the draw period, you will send us invoices for purchases and we’ll advance funds to cover up to 100% of the cost. You’ll only be billed for the interest accrued. 

During the repayment period, you will no longer make purchases and the line of credit will convert to a term loan. You’ll start making monthly principal and interest payments on the loan and begin building equity in the assets.

• Terms: 
  • Draw Period: 12 months; 
  • Repayment Period: Up to 60 months
• Fee*: Up to 0.75% of loan amount or $300 minimum

A term loan to purchase or refinance owner-occupied real estate.

After appraising the subject property, HomeStreet will finance up to 80% of the appraised value of the property, if approved. Note that additional third party fees related to appraisal, title, and escrow costs may apply.

• Terms: Up to 120 months
• Amortization: Up to 360 months**
• Fee*: Up to 0.50% of loan amount