Million-Dollar Business Loan

On the other hand, the SBA—Small Business Association—allows most small companies to apply for a million-dollar business loan based on different requirements that are usually accessible and reasonable. But the option of going for private lenders that are reliable and trustworthy is a great option for both small and large businesses that either require the money in no time or need to meet fewer requirements for it. 

At Commercial Real Estate Loan Pros of West Palm Beach, we offer the million-dollar credit for your business in order to give you the required funds based on your needs and situation. We do have conditions, terms, and requirements to ensure the borrower will repay in any possible way the loan. But we’re less strict than banks and the process of applying for one in other institutions with a third-party will be behind when you come directly to us and spend your time in planning where you will start with the funds.

How to qualify for a million-dollar business loan?

Since the sum of money is much larger than usual loans, the requirements will be more difficult to fulfill. It is hard, but not impossible to apply and have your loan approved if you exceed the lender’s minimum requirements or, at least, fulfill all of them. Usually, this depends a lot on the lender you are thinking to apply to for your credit, which is why the wise decision would be to compare the lenders you have in mind and see where you can put your options. 

If you’re making the decision to apply for this loan with us, we do our best to help as many businesses as possible to access it based on our capabilities. Therefore, we keep it simple but we do have considerations for more details. You can have a look at our list of main requirements below to see how you can qualify for our million-dollar business loan:

• Good or excellent credit score. 
• At least a year or two in businesses.
• High annual revenue amount to compete with the amount of the loan. 
• There’s a large profit margin. 

We understand not everyone can meet the requirements since they are considered for those that can actually guarantee to repay the loan. However, we will do our best to consider your application even if you don’t apply each one of the main requirements and extra ones. 

As we mentioned before, you won’t have a hard time applying and access the million-dollar credit if you meet the basic requirements. But this doesn’t mean you cannot apply if you’re just a bit far from them or want our team to consider your situation and needs. 

How much will it cost to pay back the loan? 

Since it is a large amount of money, you can rest assured there’s a longer loan term and the interest rates are lower than usual credits. 

In our case, we work with the 10 to 30 years repayment options in order to give enough time for repayment. This type of loan works as a long-term one, so there’s no need to focus on repaying it in a year or two but rather just think about the monthly payments and stick to them for at least the next decade. 

As for the interest rates, we work on it depending on how long the loan term will be and your business’s situation. We usually have fixed rates for other credits, but this one, in particular, can be flexible and affordable for most borrowers since the interest rates—as mentioned before—are lower.

We can work out from 5% to 12% rates and will evaluate other terms depending on the final agreement of the loan. Most of the time, businesses deal with around $5,000 to $8,000 monthly to repay the debt. However, our team at Commercial Real Estate Loan Pros of West Palm Beach will work it out based on you and no one else. 

Thanks to this, you will have the most flexible repayment schedule and we’ll make sure you’re comfortable with the final amount you pay monthly and as a total when the debt is finally covered.