For: Small Businesses, Sole Proprietorships, Independent Contractors and Self-employed within Chester County
Rate: 0% APR*
Maximum Amount: $50,000
Maximum Term: 10 years
Maximum LTV: 100%
First payment Due: January 1, 2021
Debt Protection: Available
Late Fee: $10.00 if payment is made more than 15 days late
Auto Deduction: Must have automatic payment set up from a Benchmark Checking Account
Collateral: Must be Primary Residence
Lien Position: 1st or 2nd lien position, can apply if there is an existing 2nd lien
Portfolio Limit: $1,000,000
Application Fee: $150.00
In order to expedite your Benchmark CARES Loan request, first complete the application then gather the following items** to have available when our Loan Officer contacts you:
- MORTGAGE INFORMATION LETTER – We will need the name, address, and account number of your current mortgage lender.
- HOMEOWNERS INSURANCE LETTER – We will need your homeowner company’s name, address, and your policy number; as well as your agent’s name and phone number.
- TAX RETURNS – We will need copies of your two most recent tax returns. If you are self-employed please include copies of Schedule C.
*APR = Annual Percentage Rate. Rate is for eligible borrowers & current at time of print. This loan program can be withdrawn by Benchmark FCU without prior notice.
**We may request further information after our review.