Commercial Mortgages
Commercial mortgage loans are available to fund construction, acquisition and refinancing of owner occupied or investment real estate. Financing, including construction or construction to permanent varieties, is offered for a wide range of properties, including office buildings, retail stores, industrial buildings, professional offices, apartments (5 or more units) and residential subdivisions.  Various rate and term structure combinations are available.

Term Loans
Funding used to finance the purchase of equipment and machinery, acquisition or expansion of business, leasehold improvements and permanent working capital. Fixed amortization schedule with repayment term of up to 7 years. Collateral is usually business assets and/or real estate. Fixed and floating interest rates apply with primary repayment source from operating profits.

Revolving Lines of Credit
Flexible funding is offered for seasonal and other short-term working capital needs. Credit line availability is at a fixed amount and structured to permit the borrowing, repayment and re-borrowing of funds as required during the term of the credit.  Direct deposit of funds can be to a business checking account.  Interest-only payments are due monthly on the outstanding principal balance. The credit term is typically 1 to 2 years. Security is generally business assets and the primary repayment source is cash flow from operations.

Short Term Loans
Short term loans are a source of funds designed to provide interim financing for a specific transaction. Collateral may include business assets and/or real estate.  The primary repayment source is cash flow, sale of an asset or permanent financing. Interest payments are due monthly, while the principal is paid at maturity. The term is generally up to 1 year.

 

Letters of Credit     
Letters of credit are standby financing where the bank guarantees the payment of a customer’s obligation up to a particular amount for a specified period.  Primarily used in transactions which require a bid bond or performance bond, it is typically used instead of a cash deposit.

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Bob is a Senior Vice President who joined Chelsea Groton Bank in 1993 and has 35 years of banking experience.  A native of Southeastern Connecticut, Bob brings a wealth of knowledge of local businesses and the local economy.  Bob is a graduate of Purdue University, The Connecticut School of Finance and Management and the National School of Banking.  He is located in our Groton office and is responsible for managing the Commercial Loan Department.  Bob has experience in all types of commercial lending.  Bob is committed to the business people located within Chelsea Groton Bank's market area and helping them to realize their financial goals.

 

Darlene joined Chelsea Groton Bank in 1996 and has more than 20 years of banking experience in commercial lending.  She is a graduate of Eastern CT State University, the CT School of Finance & Management, and the National School of Banking.  Darlene is located in our Groton office and is responsible for commercial lending and business development in the Groton, Mystic, New London and Waterford areas.  Darlene has experience in all types of commercial financing, including real estate mortgages, working capital loans, and equipment loans.

Bill has over 36 years of commercial lending experience. A graduate of the University of Connecticut and the Williams College School of Banking, he worked for a number of regional banks before coming to Chelsea Groton Bank in 1998. Bill is located in our Norwich main office, and is responsible for commercial lending and business development in the greater Norwich area. He is a strong advocate of Chelsea Groton’s commitment to community banking and the personalized approach to commercial lending.

If you are interested in any of our commercial lending services, please call one of the team members listed above, or our Commercial Lending main number in Groton at (860) 448-4122.