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Commercial lenders in Melville, NY
Customers Bank is an excellent partner for businesses in Melville, NY. As lenders, we offer you the opportunity to access commercial loans to expand or acquire equipment and properties, cover business costs, or provide a financial remedy for a short-term issue so you can remain competitive in the current market.
Different kinds of business financing
As businesses develop, their needs become more diverse, so it’s logical that commercial loans are accessible for varied applications. A loan can be advantageous if your company is expanding, purchasing, or consolidating. To determine which commercial loan is right for you, it’s helpful to consider the purpose of the funds.
Term loans: Customers Bank allows businesses to access term loans to cover major expenses. These loans are very flexible, with few restrictions regarding how the money can be used. Repayment is usually made over a set timeline ranging from one to ten years.
SBA government-guaranteed loans: Customers Bank is proud to be an SBA-preferred lender, providing financial assistance to small businesses through government-guaranteed SBA loans. These loans can be used for startup costs, working capital, expansions, and real estate purchases. Our comprehensive options include SBA 7(a), CDC/SBA 504, and USDA Business & Industry loans.
Real estate loans: There are many different loan options to consider when it comes to real estate. The type of loan you require may vary based on whether you’re buying a building, a hotel, an apartment complex, or seeking to develop land.
Equipment loans: A loan can be obtained using the equipment you buy as collateral, whether you need a $100K heavy machinery loan or funds to purchase office and computing equipment.
Business line of credit: Obtaining a credit line could be beneficial if your company only requires occasional financial help. Get approved for a specific sum, use the money as needed, and only pay interest for what you use.
Bridge loan: A loan of a short duration that is taken out to cover a debt until a more permanent solution can be found. This type of loan is usually used when purchasing or selling real estate.
Securing a commercial loan: What to know
Getting a business loan need not be difficult if you take the time to research. Decide how you intend to use the line of credit or loan, and analyze your cash flow carefully to determine how much you can set aside each month for repayment.
To be eligible for a commercial loan, lenders will evaluate your creditworthiness and ability to repay the loan. This is based on several key details, such as:
- Credit score
- Financial history
- Debt-to-Income ratio
- Loan-to-Value ratio
- Total net worth
When it comes to getting a commercial loan, the timeframe depends on the lender and the loan type, but in general, the steps to apply may take multiple weeks or months to complete. Additionally, the funds may not be accessible immediately after approval.
Organizing your records and having all applicable financial paperwork on hand, such as bank statements, tax returns, business plans, and financial reports, will help speed up the application process.
You can count on Customers Bank for financial support
As commercial lenders in Melville, NY, Customers Bank offers attractive business financing options. Reach out to us to stay ahead of the game. Call our experienced financial professionals at 833-595-0618 to discuss your needs.