Commercial Loan Sweep allows “excess” funds to be swept automatically to pay down principal on a revolving line of credit. As checks are presented to the bank for payment, funds are automatically advanced from the revolving note to the checking account. This product is the ultimate cash management tool for commercial customers with revolving debt.
Features
- Product will work with multiple checking accounts.
- Flexibility in setting up the sweep parameters.
- Transfer increments can be set for both advances and payments.
Benefits
- Convenience of automatically advancing and paying down the line of credit.
- Reduced interest expense.
- Advances only the amount needed to fund the checking account daily.
- Makes principal payments to the loan whenever excess collected funds are present in the checking account.
For more information, call (214) 780-2025.