FAQ's
A restaurant loan is very similiar to traditional business loans, however, it is catereed specifically for the hospitalitiy industry. Certain lenders will provide loans to restaurant owners – loans to cover things such as equipment purchases or expansion capital.
This depends on what the loan is for. For example, if you are looking to borrow money for new or used restaurant equipment – certain lenders will loan up to $1,000,000. If you are seeking working capital, the amount can range from as little as $10,000 to a few hundred thousand.
These are terms that would be definded in your loan Agreement. Countless lenders do not have any pre-penalty penalty.
Any fees or costs with a loan would be disclosed prior. However, there is no cost to apply for a loan and most loans carry simple interest.
As long as you live in the United States, we can assist with you with obtatining a restaurant loan.
If you are looking to get a loan for restaurant equipment, typically that is your collateral against the loan. Certain institutions may require you to be a personal guarantee on a loan – some do not.
Yes, your interest rate would be fixed. Futher, many lenders do not require any down payment.
Restaurant Loans work like most traditional loans. Typically, the loans are for a specific period of time and have an interest rate on the money that has been borrowed.
There are a few variables that go into what your interest rate could be. The size of the loan, business/personal credit score and the term of the loan.
The first step is to contact us to arrage a free consultation to discuss your capital needs. Once we have assessed your requirements, we can then go to the next step of connecting you with the right direct lender. This no only saves time, but increases your chances on getting the right loan for the best rates.
The process to receive an approval is relatively fast. Typically 24 hours or less (1 business day). At times you can have an answer the same business day.
We know the importance of security and privacy. Part of our free consultation is we offer to provide you with a Non-Disclosure Agreement (NDA) to ensure what you tell us is kept confidential. Further, your financial information would be provided by you directly to the Lender and not to us.
There are many lenders who do provide loans to start-ups and new restaurants that are just opening.
Many Lenders will allow soft costs to be financed, including incidentals, software and services.