A
bank term loan is a lump sum of money you borrow from a lender, then pay back at fixed intervals — with interest — over a set period of time. Depending on your lender, you'll pay off the loan on a monthly basis. Repayment periods can last from 2, 3 or 5 Years.
Bank Term Loans
Borrower Criteria
| Required | Preferred | |
|---|---|---|
| Time in Business | 8 Months | 3 Years |
| FICO | 680 | 700+ |
| Monthly Revenues | $5,000 | $21,000+ |
| Entity Structure | LLC / Corporate | LLC / Corporate |
Terms
| Amounts | $50,000 to $300,000 |
| Term Length | 2, 3 or 5 Years |
| Payment Frequency | Daily, Weekly, Monthly |
| % of Revenue | 1 - 20% of Annual Revenue |
| Closing Time Frame | Within 2 Weeks |
| Credit Pull | Soft |
Documentation
| 2 Years of Business and Personal Tax Returns |
| Business Debt Schedule |
| Interim Financials: Profit & Loss Statement, Balance Sheet |
| 6 Most Recent Business Bank Statements |
Benefits
| Predictable Payments |
| Longer Payback period |
| No Prepayment Penalties |
| Funding In <2 Week |
Restricted industries include bail bonds, mining, and the cannabis industry, as well as real estate development and brokerage, and mortgage brokerage. Additional restricted industries are gambling, ground-up construction contractors, used car dealers, oil wildcatting, pawn shops, smoke shops, vape shops, liquor stores, and trucking.
PRE-APPROVAL FORM
*** All files are subject to full underwriting & qualifications specified by each bank. There can be no assurance that any applicant will be approved and that credit will be offered.***