Best Real Estate Agent Loans - Full Overview
Real estate agent loans can come to the rescue when your business needs a kick-start in order to soar to success. Let's dive into each of the loan types outlined above to better understand their use cases.
Biz2Credit long-term loans have repayment terms of up to 36 months. Borrowing of $25,000 to $250,000 allows for business growth and expansion over time. Requirements for term loan applicants are a credit score of 660 or higher, $250,000 or more in annual revenue, and at least 18 months in business.
Working capital financing is also available from Biz2Credit for small businesses with immediate cash needs. These loans are typically used to cover one-time expenses, pay operational costs, add to staff, or expand a workspace. Working capital loan requirements are a credit score of 575 or higher, $250,000 or more in annual revenue, and at least 6 months in business.
A short application for pre-approval connects a small business applicant to a funding specialist for structuring an ideal financing arrangement. Loans are approved within 24 hours and funded in 72 hours.
Read the full Biz2Credit review for more details.
This loan is most useful if you need to buy real estate and long-term machines. The CDC stands for the Certified Development Company program. The CDC pays for half of the loan, letting the bank take responsibility for the other half. You will need to make a down payment of 10-20% and the loan will take a few weeks before it is approved.
This loan is ideal for real estate companies that boast a good credit standing and substantial tax return. These funds can help you boost your business, acquire new properties, and help with expansion.
With no monthly fees, minimums, and collateral, Fundbox is a friendly option for your SBA loan needs. Fundbox offers short-term loans (12 and 24 weeks) ranging between $1,000 and $100,000. Visit the lender's website to ensure that you meet their requirements.
Read the full Fundbox review for more details.
Credibly has term loans of up to $250,000 available for business expansion, including equipment purchases and adding locations. Among the borrowing possibilities are SBA guaranteed loans.
Also available at Credibly are working capital loans of up to $400,000 that help businesses meet operational costs. These loans are generally available to experienced businesses that simply need to stabilize cash flow. In addition, Credibly provides alternative financing options such as merchant cash advance financing.
Lending decisions are made using a data scoring model with a human touch. Businesses applying for loans at Credibly provide basic information for prequalification. Credibly assesses an applicant’s credit history, business cash flow, and bank statements, among other factors addressed in a simple 10-minute online application. A team member with Credibly then helps determine the best funding option for meeting short-term needs as well as long-term goals.
Read the full Credibly review for more details.
National Funding offers a variety of financing solutions for small businesses, including loans for bad credit situations and first-time borrowers. A lending specialist communicates with the applicants for tailoring financing to the specific circumstances. National Funding has provided over $3 billion to more than 50,000 businesses since 1999.
Funds are available for paying vendors, expanding facilities, and adding staff. National Funding offers direct loans as well as alternative lending programs, such as merchant cash advance financing. Repayment terms are structured to meet the operational needs of a specific borrower.
Loans for equipment purchases are also offered to entrepreneurs in business for at least six months and credit scores of more than 575.
Read more in the full National Funding review.
Bridge loans are short-term, small loans used to cover your expenses before you receive your principal loan. These are popular with larger purchases like hotels and buildings. As easy as they're to get, they do come with relatively high interest rates.
Real estate bridge loans can be useful if you want to renovate a property and aren’t able to qualify for a mortgage. The down payment is around 10-20%, compared to the higher, 20-35%, that come with traditional commercial loans.
If you need to invest some money in the property you are working on before you sell, a bridge loan may work for you. A bridge loan is also useful if you are waiting for longer-term financing to arrive.
BlueVine is one of our recommended options for bridge loans and short-term small business funding agreements in general. They review your application online and take you through the process as soon as you're approved. You need a credit score of 600 and a turnover of at least $10,000 a month to qualify for a loan with BlueVine.
Read the full BlueVine review for more details.
A line of credit from Headway Capital allows drawing on funds when needed. Interest is owed only on the money that’s been used. Payments are based on flexible terms of either 12, 18, or 24 months.
As the principal is repaid, the revolving credit line is available for future use up to the loan limit. A new repayment term is selected each time funds are drawn on the line of credit.
Headway Capital evaluates more than an applicant’s credit score. Also assessed in the credit decision is the length of time in business, annual revenue, and purpose of the financing requested. Borrowers must have been in business for at least one year and have greater than $50,000 of annual revenue. Pre-approval of loans happens within one day. Three months of bank statements are provided for the final approval of borrowers.
Read the full Headway Capital review for more details.