SECURED BUSINESS LOAN TYPES
Explore our guide to various types of Secured Business Loans. Whether you’re considering collateral-based options or seeking insights into secured financing solutions, we’ve got you covered.
Factoring | Small SBA Loans | Financing and Leasing | Large SBA | Commercial Loans |
Credit Score | Credit Score | Credit Score | Credit Score | Credit Score |
Time in Business Any | Time in Business | Time in Business | Time in Business | Time in Business |
Monthly Revenue | Monthly Revenue | Monthly Revenue | Monthly Revenue | Monthly Revenue |
Loan Amount | Loan Amount | Loan Amount | Loan Amount | Loan Amount |
10% - 25% | 7% - 15% | 8% - 36% | <10% | 7% - 18% |
Benefits: Perfect credit not required. | Benefits: Low APR, Fixed or variable rate. Start Up Financing. Commercial property financing. low down payment. | Benefits: Lowest interest rate to buy equipment than MCA ,Tax deductible and depreciation benefits, Own the equipment outright. Monthly payment. | Benefits: Lowest interest rates of all types, Longer terms, Can borrower larger amountSeeking. | Benefits: Investment 4+ Unit Commercial Real Estate is still booming. Earn equity on property, Built in collateral. |
Drawbacks: Customer may rather deal directly with business, Depending on the situation can be a higher cost. | Drawbacks: Longer application process, Require a personal guarantee or collateral and down payment. | Drawbacks: Equipment can become outdated. Higher down payment for bad credit. No early payoff discount. | Drawbacks: Application is time consuming, Long time to approval and funding, Down payment required. | Drawbacks: LTV is never 100%. Must include plans to build a structure. Longer application process. |
Invoice | Full financial package + year-to-date financials | 1-2 years tax returns (only if request is over $75 | 3 years tax returns | Borrower Financial Statement (PFS) |
AR Aging Report | and FICO score | 000) | personal financial statement | Personal Tax Return(s) |
P&L | higher requirements. Net worth is a must. | 3 months business bank statements | year-to-date financials | Business Federal Tax Return(s) |
One (1) year tax return (most recent)'Six (6) months Bank Statements | Invoice or Quote for equipment to be financed | and FICO score. | Business Financial Statement(s) | |
Interim Balance Sheet (Partial Year) | ||||
Notes Payable Schedule | ||||
Projections | ||||
Rent Roll (Investment or Multi-Family Commercial Real Estate) | ||||
Appraisal(s) | ||||
Environmental Site Assessment(s) | ||||
Site Visit / Pictures | ||||
Survey(s) | ||||
Title Policies |