Escrow Facilities
An escrow facility is commonly referred to as a "Progressive Draw" lease/chattel mortgage or Equipment Loan. This facility is generally for larger transactions (over $100,000) where the equipment is being constructed and progress payments are required by the manufacturer at various stages during construction. Repayments during this time are interest only on the outstanding balance, charged monthly in arrears. Once construction is complete, the facility is converted to either a lease or equipment loan/chattel mortgage, depending on the borrower's requirements.
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