6 Miss. Code. R. 1-3.5
Current through September 24, 2024
The maximum amount of a loan shall not exceed $2,000,000 while the minimum amount is $250,000. The term of the loan shall be the determined useful life of the asset to be financed or twenty (20) years, whichever is less. The rate of interest on a loan will be at a fixed rate. The base rate will be 200 basis points over the Wall Street Journal Prime Rate with a floor of three percent; however, the rate of interest can be adjusted an additional 200 basis points above or below the base rate depending on the credit risk e.g. (collateral, loan terms, company's financials) associated with each loan.
6 Miss. Code. R. 1-3.5