$1 million Dollar Unsecured loan
Expanding your small business or planning to start a business requires plenty of time and money. Taking your large or small business to the next level for growth requires larger working capital which a normal individual can’t afford. More than 41 percent of businesses cannot grow because of a lack of availability of capital. However, a $1 million dollar unsecured loan can help you to grow instead of preventing your growth due to a lack of cash flow.
These loans cover the costs of purchasing new equipment, paying off outstanding bills, investing in the latest software, and working capital requirements. These loans are generally provided by commercial banks, private or independent investors, or credit unions. These are long-term loans, normally between 10 – 25 years, with lower rates but high monthly charges due to high principal amounts.
Can you get a $1 million dollar unsecured loan?
Jumbo loan lenders have their own specific guidelines and requirements. So, if you want easy approval, our company will help you find the country’s best lenders.
Down payment: These loans require a larger down payment than other conventional loans and usually involve higher risk. The down payment is usually high on jumbo loans, but some lenders even offer financing at a 10 percent down payment due to the competitive market.
Excellent credit score: All lenders set their credit score requirements, so one must make sure to make the choice after finding out what the lender is looking for in a borrower. Generally, lenders look for excellent and high credit scores due to the high value of jumbo loans. The credit score required for other conventional loans is mostly 680, but these loans require a credit score of 780 or higher for easy approval.
High-income requirements: The higher the amount, the higher is the income requirements. Lenders, most of the time, pay attention to the debt–to–income ratio to make sure that you can pay monthly payments and clear your indebtedness to other debtors. The lenders also make sure that your company or business is making a great profit margin rather than just breaking even. The debt–to–income ratio generally investors require is 43% or less if your down payment is 20 %.
Personal Security: Investors require the owner’s personal guarantee to back the amount they are borrowing on behalf of their assets. You and your business’s assets, homes, and other investments together should likely need to make at least 1 million dollars. For the approval of your loan, you need documents that include proof of your annual income, liquid, and non-liquid assets.
Why choose Commercial Real Estate Loan Pros of Fort Myers?
Our company is the team of one of the best-known financial consultants in Lee County. We will help you with the best lenders in Fort Myers, Florida (FL). Our company compares business lenders and then finds the best suitable lenders according to your conditions and requirements.
We will help you fulfill the documentation requirements like bank statements, tax documents, and annual revenue projection to get easy approval without any inconvenience. Our company has the best financial advisors and consultants who will ensure potential loan terms and develop a plan on how you can repay the loan amount. So, if you want to find lenders without any headaches, contact us now.
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.