Million-Dollar Business Loan
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How much money do you need for your business and projects? When you determine this, you can start thinking about the type of loan you need but one thing is for sure, if you are going for big numbers like $1 million, then you need to focus on finding lenders with a million-dollar business loan available.
Regular commercial and business loans focus on specific amounts based on the project and need in your hands. If you think about commercial mortgages, it is true you might access more than a million to afford the purchase and even renovation of a premise or new property.
However, what happens with other expenses and needs? Like cash flow, starting new projects, covering regular expenses, and many others.
A commercial mortgage—for example—will not cover them and this is when you move to other types of loans that do not allow you to request a large sum of money most of the time. Loans for these expenses usually range from $100,000 to $500,000, which is already a lot of money for either small or large companies. The problem starts when your projects, problems, needs, and objectives take you to need a million and, sometimes, even more.
Companies in Florida can have the funds to finance them but the process can take them to lose their savings, putting the business in a bad spot, and not be prepared for other expenses. This is when loans take part again, but how can you access a million-dollar business loan? Do banks, pension funds, insurances, financial groups, and traditional lending institutions offer them? Yes, but under very tough requirements and conditions.
Since the sum of money is quite large, companies and businesses requesting it need to have:
- An excellent credit score.
- Financial records that prove their capacity of repayment.
- A good reason to request the 1 million dollars.
- Over 5 years in businesses or operating.
- Great annual revenue.
- Large profit margin.
- The collateral is worth the same as the loan.
This can vary depending on the lending institution you choose or rely on for the loan since you must be confident about meeting the requirements for the initial application. At Commercial Real Estate Loan Pros of Tampa, we are more flexible with companies and businesses that require the money for their expenses.
This is why we have reduced or made the previous requirements more accessible for companies that can prove themselves but not to a point where they need to be perfect. Therefore, expect us to request a good credit score or, depending on what you offer in the rest of the requirements, even an average one. Your financial records continue to be important but you can also support the request with your personal ones and not only those from your company.
Good revenue is still needed but your company can be new when you applying for the loan (between 1 to 3 years in businesses). Finally, we want to know about you and the reasons behind requesting the million-dollar business loan but do not feel pressured because of it. Our team at Commercial Real Estate Loan Pros of Tampa will assess your request, determine what we can do for you, and see if the approval goes your way.
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.