III. Collateral & Fees

[ I. Financing  |  II. Terms & Rates  |  III. Collateral & Fees ]

Collateral

All IRP asset based loans shall be secured by a first lien on the assets financed. Working capital loans will be secured by a first lien on short-term assets, or other collateral deemed acceptable by USDA and/or ELCDC. Owners and/or key management will be required to personally guarantee all loans on a full recourse basis.

Fees

Loan fees may include, but will not necessarily be limited to:

• Up to a 2% loan origination fee, plus;
• Attorney closing fees as incurred, plus;
• any out of pocket costs associated with the loan, including but not limited to recording fees, lien search fees, appraisal, environmental and survey costs.

All costs may be funded via loan proceeds.