Benchmark CARES Loan

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  This loan program can be withdrawn by Benchmark FCU without prior notice.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.

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