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UNDERSTAND COMMERCIAL LOANS FOR BUSINESSES
Commercial Loans in California
When businesses are unable to cover the cost of payroll, new equipment, renovations, new properties, etc. they often resort to obtaining a commercial business loan in CA through Amerifund Corporation & Realty. A commercial loan is funded through a financial institution such as a bank or a private lender and businesses generally are required to provide their financial statements to prove their ability to repay the commercial loan in a timely manner. Commercial loans in CA are often used as "short-term" loans but have the ability to rolled or renewed to extend the life of the overall loan.
WHAT IS A COMMERCIAL LOAN?
A commercial loan is a debt-based mortgage funding arrangement between a financial institution such as a bank or private lender and a business. Commercial loans are often used to fund major capital expenditures or cover costs for operations that the business may not be able to afford without obtaining a commercial loan in CA. Typically, commercial loans are used to purchase a new property, renovations, or other operational costs that the business may not be able to afford.
Commercial loans are granted to businesses that are required short-term funding but often require collateral in return such as property or equipment.
What are the Requirements for Obtaining a Commercial Loan for your Business?
There are quite a few factors that go into obtaining a commercial loan for your business. A few of the requirements that Amerifund Corporation & Realty takes into consideration when securing a loan for a businesses includes but is not limited to the following.
- Good Credit: Commerical loan edibility is based on the applicant's credit score and history so it's crucial for our mortgage lenders at Amerifund Corporation & Realty to take both credit scores, for the applicant and the business, into consideration when applying for a commercial loan in CA.
- Evidence of Revenue: Financial statements are required when applying for a commercial loan so the lender is able to take into account that your business will be able to pay back the loan without complications arising.
- Business Plan: Business plans are usually only required when applying for a commercial loan and usually consist of the business loan plan or business overview and how the loan will be used and allocated.
- Proof of Collateral: Lenders usually require proof of collateral such as property or equipment to ensure that the businesses will be able to repay the full amount in order to secure the full amount of the commercial loan they are requesting.
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