Commercial Lending

Business Loans

We show our commitment to our communities by supporting the businesses that create jobs, economic diversity and opportunity for the people who live here. As part of that commitment, we offer Business Loans that you could use to:

  • make a specific purchase
  • fund an improvement project
  • create working capital
  • follow through on expansion strategy

Union Bay CU Business Loans:

  • come with 1-10 year terms
  • offer flexible repayment options to match income streams
  • come with fixed rate terms from 1 to 5 years
  • have rates starting at prime
  • require an annual review

Our Business Loans are designed to turn your business goals into a reality. When your business succeeds, we all win.  

Business Lines of Credit

For every business owner, not having money on hand right when you need it can mean a missed opportunity. Whether it’s to fund an expansion, take advantage of a great investment, meet the occasional payroll or simply to pad your cash flow for a time, a Business Line of Credit makes sure you have money, when you need it, whatever you may need it for.

With a Union Bay Business Line of Credit, you can access funds up to your approved limit at your convenience. You pay interest only on the amount you borrow, and you only have to apply once. When you pay it off, it automatically renews itself, so the money's there when you need it.

Our Business Line of Credit:

  • offers rates as low as prime
  • comes with flexible repayment options to match income streams
  • requires an annual review

At Union Bay CU, we understand that cash flow can make or break a business. We’re here to help you succeed with our Business Line of Credit.

Commercial Mortgages

As a local business, we can appreciate that operating out of the right office space can mean the difference between good and great. As part of our commitment to helping you be the best business you can be, we offer a Commercial Mortgage that flexes to meet your needs.

Our Commercial Mortgages can be customized to help you:

  • buy a building
  • construct a new building
  • modify your existing space
  • expand your facilities

Our Commercial Mortgages:

  • are available as a conventional mortgage
  • provide financing up to 75% of the established values
  • come with flexible repayment and prepayment options to match income streams
  • offer 1-25 year amortization
  • offer terms from 6 months and 1-5 years
  • can come with the added security of insurance

People who understand the challenges you face as a business owner will handle your application locally. With flexible terms and competitive rates, we can tailor a commercial mortgage to fit your needs.

Letters of Credit

If you find yourself in a situation where another company requires a guarantee regarding your account, we can help by issuing you a Letter of Credit. This is an assurance from Union Bay Credit Union to the company or party in question that:

  • funds are available
  • payment of a specified amount will be made to them on your behalf

To get a Letter of Credit from us, you simply deposit the amount needed into your Union Bay CU business account.We will provide you with a letter confirming that we will pay the third party, should you default.

We can assist you with both domestic and international letters of credit.

Our Letters of Credit:

  • offer 1–365 day terms
  • require a 1% issuance fee

Lending services and Fees

  • automatic transfer payment options: weekly, bi-weekly, bi-monthly and monthly
  • application fee $50
  • CreditMaster new advance $250 min. - this includes the title search fee
  • commercial loans 1% of value
  • letters of credit 1% of value
  • annual commercial credit review $150
  • 1 year PPSA registration $85 min.
  • 2 year PPSA registration $95 min.
  • 3 year PPSA registration $105 min.
  • 4 year PPSA registration $115 min.
  • 5 year PPSA registration $125 min.
  • over 5 year PPSA registration $135 min. 
  • title search $50
  • insurance cancellation $25
  • VIN search $25

Real Estate Mortgage Fees

  • appraisal at cost
  • site survey insurance $100
  • credit union inspection fee $75
  • member requested mortgage modification $250
  • mortgage renewal $85
  • duplicate certificate of title $100 plus cost of certificate of title requested from land title office
  • solicitor fees at cost
  • mortgage discharge $75 plus cost
  • mortgage discharge completed by UBCU $125 plus cost
  • construction mortgage administration fee $500
  • mortgage re-advance $200

Delinquent Loan and Mortgage Fees

  • late fee $25
  • first late payment notice or phone call $10
  • second late payment notice $20
  • third late payment notice $30
  • payment alteration $25
  • manual payment on delinquent loan $15