Industrial Loans
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It is not the same as requesting commercial loans for your industry’s needs when you get to know more about industrial loans. First, it is important to focus on finding a credit that focuses on your area, needs, and projects. Commercial loans—in this case—are too generic and tend to be aimed for real estate investments, land developments, or cover different expenses in a business or company as well as maintain cash flow.
Industries, indeed, are not too different from a regular business or company but keep in mind they involve more logistics in terms of the specific place where they perform their processes and how the entire business is handled.
As a result, owners can have a hard time financing new acquisitions, having extra funds for some expenses, and working on other projects with their industries. Especially considering that industries can require more funds or money due to the cost of their processes, projects, and all the details involved regardless of the specific use they will give to the loan.
This is when finding industrial loans becomes so crucial: industries can access larger amounts of money with lower and fixed interest rates, and use the funds for specific needs that tend to take place in those types of businesses only. Also, a big difference lies in the term of the loan: commercial ones tend to last much longer compared to industrial loans.
How do industrial loans work?
They are not any different when it comes to the system and steps followed by an industry in order to request and access the loan. Therefore, you will find the process quite similar to regular loans:
- Meet the requirements established by the specific lender you choose and submit your request.
- When the loan is approved, the lender must establish the interest rate, if the collateral is needed, and the loan term.
- You usually do not get amortization nor full coverage of the total amount you need for a project.
- Conditions and terms vary depending on the lender, including interest rates and LTV ratio.
- Monthly payments are as usual.
- The loan term can go from 1 to 6 years.
As we have mentioned a few times, everything varies according to the bank, private lending company, or lender you choose overall. At Commercial Real Estate Loan Pros of Tampa, for example, we work with loan terms that range from 1 to 8 years, which means we offer more time for repayment than other lenders in Tampa and all over Florida. Our interest rates start at 2% and tend to go up only a bit depending on the loan term.
Finally, we care more about the collateral offered by the industry, not its creditworthiness in particular. We do request a credit score, but a good or excellent one is not mandatory to even consider applying for the loan. Therefore, if you are in need of industrial loans, you can rest assured that our company, Commercial Real Estate Loan Pros of Tampa, can offer the best deals and options in the state.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.