Million Dollar Business Loan

If you are looking for larger funds for the development of your business or planning to add some assets to expand your business, we can help. Small loans are easier to get, but what if you want to get jumbo loans or large loans for your business. It’s when the million-dollar business loan comes into the picture.

These loans are offered by large banks, national banks, credit unions, private lenders, and small banks. Jumbo loans have a long-term range from 10 – 25 years. However, it’s best to go with the private lenders for a better overall experience. Commercial Real Estate Pros of Key West can help you to find trusted lenders within Monroe County who will provide you million-dollar business loans at lower interest rates with lower requirements. 

How can you qualify for a million-dollar business loan?

If you are concerned that if you will able to qualify for million-dollar business loans, here are some specifications you can refer to:

• High credit score: Because of the high amount of jumbo loans, creditors expect a high credit score. You require a strong credit score to qualify for this loan. Every different lender has a different range for credit score requirements. Normally the credit score should be 680 for small loans, but it should be at least 780 or greater for million-dollar business loans. The higher the amount of loan, the higher is the income requirement.
• A large amount of down payment: Lenders demand big down payment on loans due to increased risk on these loans. Some lenders also allow smaller down payments on loans. Due to increased competition, lenders allow down payment as low as 10 percent. Your mortgage amount on jumbo loans can be lower depending on down payment and interest rates. While taking million-dollar business loans, you must discuss all terms and conditions and requirements with potential lenders.
• The high amount of income: Many lenders check whether the business is actually making money rather than just breaking even. The lender ensures that you have an established business with a high monthly revenue to afford repayments. You need high earning to get approval on jumbo loans. Lenders will pay attention to your debt-to-income ratio to check if you can pay the debts. The lenders require a debt–to–income ratio of 43 percent or less if your down payment is 20 percent. When you file for the loan, the lender will ask you for proof that your loan takes your liquid and non-liquid assets.