Read each customer scenario and identify a loan product or products to meet the customer's financial needs, and briefly explain your reasoning.
Situation 1
Nancy is the owner and CEO of a manufacturing plant. The company needs new equipment because it is expanding. The average useful life of the equipment would be four years.
Suggested loan product, and why.
Situation 2
Richard and Mary, a retired couple, recently purchased a lot where they plan to build their dream home. They have started talking with an architect about the design and would like to begin building the home within six months. They will need money to pay the architect and contractor. They would like to pay back the money borrowed over 15 years.
Suggested loan product, and why.