10-year fixed rate loan, with a 25-year amortization. Balloon payment is due at maturity.
A security interest of first priority on the owner-user real property; no subordinate liens permitted. Certain types of real property excluded.
The operating business entity occupying the real property (if different from the borrowing entity) must guaranty the loan. A lien on the operating business entity's business assets must secure the guaranty. Additional guaranties may be required.
1 Commercial real property securing the loan must be located in California, Connecticut, Nevada, New Jersey or New York. Loan and maximum loan-to value subject to credit approval. Appraised value of the property to be determined by an appraisal obtained by City National Bank. Additional terms and conditions apply. Certain fees, including appraisal, title insurance, loan closing attorney (if applicable) and a portion of the New York mortgage tax (for properties located in New York) are payable in connection with the loan. Ask us for details.
2Fixed rate loan options require a prepayment penalty.