Full service
mortgage brokers in
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At Mortgages247.ca,
we are committed to
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having the best
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Demand Loan,
Line of Credit:
is
a highly flexible
form of interim
financing based on
past performance and
strength of personal
or corporate
covenants.
The line of
credit, in effect,
can provide interim
financing or
complements existing
arrangements.
An
arrangement
typically between a
business customer
and a financial
institution
permitting loans to
a maximum amount of
credit allowed for
that business. An
initial credit level
is established,
based on the credit
worthiness and cash
flow abilities of
the business.
The line is
renewed
automatically,
usually annually,
upon presentation of
financial statements
and the stated
interest rate
generally fluctuates
with the prime rate.
As a rule,
business
should not rely upon
a line of credit for
asset acquisition,
but rather only to
meet short term
operating
requirements.
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