Qualifying for a commercial loan follows a different process because, not only will the lender need to take your personal finances into account, but they’ll also need to consider the financial status and potential of your business. Among other considerations, here are the ways our dedicated professional team will assist and consult on how you can demonstrate these qualifications when applying for a commercial loan:
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Successful Business Plan
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Management Experience
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Financially Fitness
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Profitable Business
Loan Programs
Because the needs of business owners vary widely, there are many types of commercial loans that you can apply for depending on your specific situation.
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7(a) Loan
Backed by the U.S. Small Business Administration, these loans are for both newer and established business owners looking to purchase owner-occupied properties, with loan amounts up to $5,000,000. These loans have higher costs but allow for lower down payments and more flexibility for lenders since they are backed by the government, similar to home loans.
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504
This loan is like the SBA 7(a) loan but is designed specifically for the purchase of fixed assets (such as manufacturing facilities or any owner-occupied building). Typically, it requires 10-15% down from the borrower, with the lender providing a first mortgage for 50% of the loan and the SBA covering the remaining portion.
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Multifamilty loans
Multifamily loans are commercial term loans for apartment buildings with five or more units.
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Real estate development loans
Real estate development loans are specialized financing options designed to fund the various stages of real estate development projects.
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