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Sign into your account5 Ways a Term Loan Will Unlock Your Next Big Growth Opportunity
January 28 2017
The start of a new year is a great time to think about what you can do to expand your real estate business. Taking stock of where your business has been—and what you'd like to achieve over the next six to 12 months—is one part of the equation. The other involves finding the financial resources necessary to transform your goals into action.
Fortunately, a term loan may be just the solution you need when an opportunity for growth comes knocking. If you're not familiar with what a term loan is or how it can help you widen your business horizons, don't panic. Here's everything you need to know.
What Is a Term Loan Anyway?
Simply put, a term loan is a type of small business financing that features a fixed repayment term. Just like a mortgage, you'd repay a term loan over a set period of time (as little as one year and as long as 10 years).
Term loan limits usually top out at $500,000, which is more than you could borrow compared to a personal loan or a small business credit card. Another advantage of term loans is the convenience factor. If you're borrowing through an online lender, it's possible to get the money you need in as little as two business days. That's a huge plus over a traditional bank or Small Business Administration (SBA) loan, which could take weeks to fund.