Loans and Credit Lines
Our Lending Philosophy
Northrim is an Alaska bank with a Customer First Service approach to service; we can offer you three important benefits: quick turnaround on your loan request, flexibility in designing loan packages, and a positive can-do attitude.
We can move quickly to meet your timeline and develop creative solutions based upon your special needs and business situation. We are in business to make loans, and if a loan makes sense, we do everything we can to make it work. And, if we can't make the loan, we will try to give you ideas on actions that can be taken to improve the chances of success in the future.
Market Expertise
Our commercial lending staff is made up of several teams of knowledgeable and experienced lenders. Each has extensive knowledge of the local market and years of experience in business banking.
They analyze the loan application and are an integral part of the review and approval process. You work directly with a decision maker when you apply for your loan at Northrim.
Northrim Business Loans
When you want credit for a specific purpose or one-time purchase, a loan is your best option. We offer a variety of loans:
Short-term Commercial Loans
Short-term loans of one year or less are available to help you manage your business around your cash cycle. This type of loan can include interim construction loans, land development loans and working capital credit lines.
Intermediate-term Commercial Loans
These loans are made for a period of two to seven years and are often used to purchase machinery or equipment, with the term of the loan usually corresponding to the useful life of the asset being purchased. This type of loan is also used to finance permanent working capital needs such as the expansion of your business or the purchase of a new business.
Long-term Commercial Loans
These secured loans offer repayment over an extended period of time, usually from 10-15 years, and are often used to purchase commercial real estate or multi-family housing.
For more information contact us.
Alaska Housing Finance Corporation (AHFC)
Northrim Bank participates with AHFC to provide financing for housing consisting of buildings with at least five units and designed principally for residential use. Individuals, partnerships, joint-ventures, and for-profit or non-profit corporations are eligible to apply.
Loan proceeds can be used to: acquire, refinance, moderately rehabilitate in conjunction with the acquisition or refinance of the property, and extract equity in conjunction with a refinance.
For more information, or to apply for an AHFC loan contact us.
Alaska Industrial Development and Export Authority (AIDEA)
Northrim Bank participates with AIDEA to provide long-term financing to Alaska businesses for new or existing projects, or for the refinancing of existing loans.
Proceeds can be used for the purchase or refinance of commercial real estate and/or equipment. That could include a wide variety of commercial facilities ranging from office buildings, warehouses and retail establishments, to hotels, commercial vessels, and manufacturing facilities.
For more information, or to apply for an AIDEA loan contact us.
Residential Construction Lending
Northrim provides short-term funding to contractors who are licensed to build 1-4 family residences in Alaska. Personal customers may also qualify for a residential construction loan to build their own home.
For more information, or to apply for a construction loan contact us.
Credit Lines
You'll like the convenient and easy access by check. And, in many cases, you can access your credit line using our Business Online service.
The Prime Rate is used as an index for this variable-rate product. The terms, fees, and interest rate are negotiated with you as a part of the lending process.
For more information contact us.
Letters of Credit
We offer a Standby Letter of Credit. This is a letter that facilitates business between buyers and sellers so that transactions can be made that protect both parties. Frequently, Letters of Credit are used when doing business with parties who are located at a long distance.
For more information contact us.
The interest rate on your loan can either be fixed or variable, depending on the loan type and situation. In addition to interest, you will usually be charged one or more fees. The most common is a loan origination fee, which is frequently based upon the amount of the loan. There may also be miscellaneous fees such as appraisal fees (when property is being purchased or used as collateral), credit report fees, filing fees, and any other fees that we are charged as part of your loan package preparation.
