How to Qualify For a 2 Million Dollar Loan
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Have you always wondered how to qualify for a 2 million dollar loan? Did you ever get that train of thought of starting a business; maybe purchasing an establishment or a property and investing in it?
If so, then you’re just on the right page! In this article, we’ll be giving you all the information you need on how you can qualify for a $2 million loan!
Why Loan $2 Million?
For many people, they wouldn’t even have a glimpse of thought on borrowing $2 million. It’s just too much, or they just don’t have ideas on what they can do with it to help make it more than just that. However, there are individuals such as entrepreneurs, aspiring businessmen, and even businesses that are looking for these types of loans.
For entrepreneurs, they would need a loan to start their new business; they can even purchase something like a house and make money off of it. On the other hand, businesses might need it in order for them to be able to expand, grow, construct, or even renovate the office or the commercial establishment that they have.
If you’ve thought of this, did you ever think of how you can qualify for this type of loan? Have you ever wondered what requirements a $2 million dollar loan would have?
Qualifications of a 2 Million Dollar Loan
Akin to other types of loans, getting a $2 million dollar loan wouldn’t have the same requirements across all lenders. For instance, a bank would ask for requirements that a private money lender wouldn’t; whereas the Small Business Administration or the SBA might ask for a couple of common requirements that are also asked by banks and private lenders.
There’s really no general rule on what you need to have in order for you to qualify for a 2 million dollar loan. But, there are a couple of things you can ensure so that when the time comes that you need one, you wouldn’t be brambling about how to qualify for a 2 million dollar loan.
Here are a couple of things you can take note of if you plan on applying for a loan of this amount.
To be able to qualify for a $2 million loan, your business needs to be operating for at least more than two (2) years already. Therefore, you should have experienced a ton of sales in varying profits coming in and out of your business. It’s one of the things that most lenders require. However, that doesn’t end there… The next thing you need to make sure of is that you need to have a good-to-excellent personal credit standing. Business standing wouldn’t matter because it’s all going to be on you. So, if you have plans on applying, you need to make sure that you’re paying all of your bills at the right time! One more thing that you need to qualify for a 2 million dollar loan is to have a high monthly revenue stream. What this means is that you need to prove that you really are making money each and every month – and that you’ll be able to suffice the payments of the loan. Unlike regular $1 million unsecured loans, going for a $2 million loan would require you to have collateral. Although, in some cases, there are instances wherein these collaterals could be waived and be diminished by other strong factors in the money lending industry, such as a perfect credit, extremely high annual profit, a well-reputable business, and the like. But, for higher chances of approval, preparing for collateral would be the best way to go.
Business Must Be Operating For More Than 2 Years
Must Have a Strong or Excellent Personal Credit
High Monthly Revenue Stream
Collateral
Interest Rates For a 2 Million Dollar Loan
In case you’re wondering how the interest rates would be, we can set this as an example. Let’s imagine that you’re asking for a $2 million loan at a 20-year repayment term. So, you and your lender agreed at an interest rate of 6%.
This will all break down to you paying $14,328.62 monthly for 20 years. Achieving this would make you pay the principal amount of $2 million, and an interest rate of $1.4 million.
Where to Get a 2 Million Dollar Loan?
We could all say that the banks usually have the lowest interest rates. However, there’s a high chance that you would have to wait for more than a month to have the loan approved. Moreover, if you’re a small business and you’re not that reputable, chances are, the bank wouldn’t give you a chance in it.
You could approach the SBA for this type of loan, too. The problem is, thousands of people send applications to them EVERY SINGLE DAY. So, the chances of your application being noticed? – It’s slim. The best way to approach this dilemma is to ask and approach a private money lender, like us here at Florida Commercial Real Estate Loan Group.
For more than a decade, we have been providing micro, small, and medium enterprises (MSMEs) with many different types and kinds of loans – may they be secured or unsecured. In case you were asking how to qualify for a 2 million dollar loan, you would have to submit a couple of documents to us that would help us have an understanding of what your business is, what your projections are, and how you would plan on paying the loan back.
Get a $2 Million Dollar Loan Fast!
One of the strengths that we have as a real estate loan group is the fact that we’re able to disperse even millions of amounts in just a matter of weeks. Unlike other institutions, where it can take you three (3) months just to get approval, we can have yours approved in under a week!
So, if you ever find yourself asking the question of how to qualify for a 2 million dollar loan, you can easily approach us here at Florida Commercial Real Estate Loan Group. We’ll give you everything you need to know (in private) and we’ll work on ways to finance or funding the business that you’re planning to put up.
Contact us now and get the loans that you’re looking for!
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