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Pay off high interest rate business loans and consolidate into one loan
• Acquisitions include partnership buy-ins and second-location purchases
Loan types that qualify are expansions, practice remodels, relocations and additional locations
Purchase, refinance or expand with qualified conventional or SBA commercial real estate loans from $100,000 +
• Flexible loan terms up to 15 years with a minimum loan amount of $250,000 to improve cash flow of practice
• You’ll also get a competitive rate through maturity and you’ll know the rate up front
• Each promotion is available separately or combined for maximum benefit
• Applications must be received from September 1, 2020 to March 31, 2021, and the loan closed by June 30, 2021
speak to our booth reps or call 800-892-4877 for more details
1 All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. The term, amount, interest rate and repayment schedule for your loan, and any product features, including interest rate locks, may vary depending on your creditworthiness and on the type, amount and collateral for your loan. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account. Repayment structure, prepayment options and early payoff are all subject to product availably and credit approval. Other restrictions may apply. Products are subject to change.
2 For the limited time beginning with applications submitted on September 1, 2020, and ending with applications submitted on or before March 31, 2021, take advantage of a 1.00% interest rate for the first 18 months on qualifying approved Practice Solutions secured term Practice Sales and Acquisitions, Debt Consolidation, Remodels, Relocation, Expansions and Additional Locations closed by or booked by June 30, 2021. Loan approval amounts must total a minimum of $250,000 on eligible product types in order to qualify. Payoff prohibited in the first year of the loan, and a prepayment fee will apply for each of the following four years of the loan term. Excludes Practice Solutions startup loans, lines of credit, refinances of existing Practice Solutions loans, and commercial real estate loans, equipment loans and any product that contains a variable rate. To be eligible for the interest rate offer of 1.00% the borrower before loan closing must have a demand deposit account with Bank of America that is the primary business operating account of the borrower. Promotional rate is not applicable during the project phase of loans for Remodels, Relocations, Expansions and Additional Locations. Subject to credit approval. Other restrictions may apply.
3 For the limited time beginning with applications submitted on September 1, 2020, and ending with applications submitted on or before March 31, 2021, take advantage of a 0% interest rate for the first 6 months on qualifying approved Practice Solutions equipment specific secured or unsecured loans closed by or booked by June 30, 2021. Excludes all other Practice Solutions products and any product that contains a variable rate. Monthly principle payments on the loan are required during the initial 6 month period, with flexible repayment options available for the remaining term. Subject to credit approval. Other restrictions may apply.
4 Depreciation allowances under Section 179 and other provisions of the Internal Revenue Code are available to you regardless of whether you obtain financing from us. You should consult with your tax advisor for your actual tax benefits.
5 For Owner-Occupied Commercial Real Estate loans (OOCRE), terms up to 25 years and 51% occupancy are required. Real Estate financing options are subject to approval and product availability is subject to change. For SBA loans, SBA eligibility and restrictions apply.
6 For the limited time beginning with new credit applications submitted September 1, 2020, through February 28, 2021, take advantage of a promotional interest rate on qualifying approved new and refinanced Small Business conventional and SBA commercial real estate loans. To be eligible for the promotional rate, the loans must close by June 30, 2021. This offer is only for commercial real estate secured loans with a minimum approved amount of $100,000. Approved credit terms, collateral and documentation requirements apply. Small Business Administration (SBA) collateral and documentation requirements are subject to SBA guidelines. SBA financing is subject to approval through the SBA 504 and SBA 7(a) programs. Exclusions include but not limited to, franchisor guaranteed lending programs, Practice Solutions noncommercial real estate loans and/or the refinancing of existing Practice Solutions commercial real estate loans, SBA 504 second lien, and construction loans. All credit terms and repayment structures are subject to credit approval. The promotional rate supersedes other rate discounts during the promotional period. The promotional rate does not apply to variable rate or multi-tiered rate structures. Bank of America credit standards and documentation requirements apply. Other restrictions may apply.
7 Preferred Rewards for Business Overall Program Rules: The Preferred Rewards for Business program is only available to Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i): your average daily balance for a three calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at the end of at least one day within thirty days of opening that account. Refer to your Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Bank of America Private Bank® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your Bank of America Private Bank® relationship. Once you are no longer a client of the Private Bank, your enrollment in Preferred Rewards for Business will end and the benefits from enrollment will no longer be provided. You can continue to receive Preferred Rewards for Business benefits if you are eligible for the program and you take action to enroll. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements.
Practice Solutions Client Interest Rate Discounts: Practice Solutions business line of credit and term loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the program at the time of line of credit or term loan application for a new credit facility (excludes specialty lending products that receive customized pricing). Amount of discount (0.25% for Gold tier, 0.30% for Platinum tier, and 0.35% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. Benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval, which is subject to credit approval. Standard underwriting guidelines and credit policies apply. Bank of America Practice Solutions may prohibit use of an account to pay off or pay down another Bank of America account. Bank of America Practice Solutions is a division of Bank of America, N.A.
Bank of America Practice Solutions product offerings and restrictions are subject to change.
All promotional and marketing materials are Bank of America Practice Solutions property and, as such, cannot be changed, altered or modified, orally or in writing. All questions regarding these materials should be directed or referred to a Bank of America Practice Solutions Sales Associate.
Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Bank of America Practice Solutions is a division of Bank of America, N.A.
©2020 Bank of America Corporation | MAP3360195 | FL-12-20-0218.B | PS-486-FL | 12/2020