If you need financing to grow your business, consider taking out a commercial loan Truerate Services. However, knowing where to start can be challenging with so many lenders and loan products available. Truerate Services is a company that specializes in commercial loans, and in this article, we will provide you with a comprehensive guide to their services.
What is Truerate Services?
It is a company that provides commercial loan services to business owners. They offer various loan products, including term loans, lines of credit, and commercial real estate loans. Their loans range in size from $50,000 to $10 million, and they have a team of experienced loan officers who work with clients to find the right loan product for their needs.
The Benefits of Working with Truerate Services
There are many benefits to working with Truerate Services for your commercial loan needs. Here are just a few:
Expertise
Truerate has a team of experienced loan officers with experience in the commercial lending industry. They have a deep understanding of the lending process and can help guide you through the process from start to finish.
Flexibility
Truerate Services offers a wide range of loan products, which means they can find the right loan for your needs. Whether you need a short-term loan to cover cash flow needs or a long-term loan to finance a significant project, Truerate has options to fit your needs.
Speed
One of the most significant advantages of working with Truerate Services is the speed at which they can provide funding. Unlike traditional banks, which can take weeks or months to approve a loan, Services can provide financing in as little as 24 hours.
Competitive Rates
It is committed to providing competitive rates to its clients. They understand that the cost of borrowing is an essential consideration for business owners, and they work to keep their rates as low as possible.
How to Apply for a Commercial Loan with Truerate Services
The process is simple if you want to apply for a commercial loan with Truerate Services. Here are the steps you need to follow:
Step 1: Contact Truerate Services
The first step is to contact Truerate Services to discuss your financing needs. You can do this by visiting their website or calling their toll-free number. A loan officer will work with you to determine the best loan product for your needs.
Step 2: Submit an Application
Once you have determined the right loan product for your needs, you must apply. Truerate makes the application process easy and can often provide a decision within hours.
Step 3: Provide Documentation
To complete the loan process, you must provide documentation to Truerate Service. This may include financial statements, tax returns, and other documentation related to your business.
Step 4: Receive Funding
Once you have provided all of the necessary documentation, Truerate Service will review your application and give a decision. If your loan is approved, you can receive funding in as little as 24 hours.
Truerate Services Loan Products
This offers a variety of loan products to fit the needs of business owners in various industries. Here are some of the loan products they offer:
Term Loans
Term loans are commercial loans that provide a lump sum of money upfront, which is paid back over a set period. Truerate Service offers term loans with repayment terms ranging from 1 to 10 years.
Lines of Credit
A line of credit is a commercial loan that gives businesses access to a set amount of funds that can be drawn upon as needed. Truerate Service offers lines of credit with limits ranging from $50,000 to $10 million.
Commercial Real Estate Loans
Commercial real estate loans are loans used to purchase or refinance commercial real estate. Truerate Services offers commercial real estate loans with repayment terms ranging from 1 to 25 years.
SBA Loans
Truerate Services also offers Small Business Administration (SBA) loans, partially guaranteed by the SBA. SBA loans are a popular option for small businesses that may not qualify for traditional commercial loans. Truerate Service offers SBA 7(a) loans, SBA 504 loans, and SBA Express loans.
Truerate Services Loan Eligibility
Truerate Service has eligibility requirements that businesses must meet to be considered for a loan. Here are some of the requirements:
Business Type
Truerate Services loans various business types, including corporations, limited liability companies (LLCs), partnerships, and sole proprietorships.
Time in Business
Truerate Service requires that businesses have been in operation for at least two years.
Revenue
Truerate Services requires that businesses have a minimum annual revenue of $200,000.
Credit Score
Truerate Services requires that business owners have a personal credit score of at least 600.
Truerate Services Loan Rates and Fees
Truerate Services offers competitive rates and fees for its loan products. Here are some of the rates and fees you can expect:
Interest Rates
Interest rates for Truerate Services loans vary depending on the loan product, the amount borrowed, and other factors. Rates start at 4.99% for term loans and lines of credit.
Fees
Truerate Services charges fees for their loan products, including origination fees and prepayment penalties. The prices vary depending on the loan product and the borrower’s qualifications.
Conclusion
It is a reputable lender that offers a variety of loan products to meet the financing needs of businesses in various industries. Their expertise, flexibility, speed, and competitive rates make them a top choice for many business owners. We recommend considering Truerate Services as a potential lender if you need financing.
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