MikeLanding on this page means you are interested in the commercial loan truerate services. If so, keep reading.
When you’re a small business owner, you need every advantage you can get. You want to keep overhead costs as low as possible, which means avoiding the large fees many other lenders charge.
The commercial loan TrueRate services have emerged to fill that need. These lenders offer rates considerably lower than the big banks, and they don’t have hidden fees or prepayment penalties. If your small business needs capital for expansion or refinancing, check out these three options for TrueRate commercial loan services:
What is a commercial loan TrueRate Service?
TrueRate works with other lending partners to better understand your spending preferences so that you can receive the right financing offers.
A TrueRate commercial loan is a loan that’s offered at a fixed (or true) rate. You won’t have to worry about fluctuating interest rates, rising rates, or the other aspects that make small business loan financing so difficult. Bank of Ireland is a good example of financial institution that offers commercial loan truerate service.
TrueRate commercial loan services have emerged in the past few years to provide small businesses with affordable financing. These lenders focus on providing low rates and low fees. They’re not as concerned about collateral or credit scores, so they can offer rates that are much lower than the big banks.
TrueRate commercial loan services also have flexible terms. You can often refinance at any time, even if you’ve never missed a payment. You’ll also have no prepayment penalty. You can refinance to lower the rate or pay off the loan early at any time.
The minimum loan amount is $5,000, and the maximum loan amount is $5 million. The term can be from 12 to 60 months period. TrueRate offers a flexible financing process, and there are no complex application processes or huge origination fees.
The Flex Rate Loan lets you make interest-only payments for the first 12 months, and then you can choose between a fixed or variable rate for the remainder of the term. The Interest Saver Loan lets you make interest-only payments for the first 24 months, and then you can choose between a fixed or variable rate for the remainder of the term.
How to Find the Best TrueRate Commercial Loan Service for You
You can start your loan search by entering your business details into TrueRate’s online loan application.
You’ll be matched with lenders who can provide the right amount and terms for your business. You can then compare rates and terms through our online loan comparison tool. If you’re refinancing an existing TrueRate loan, you can use our online rate lock tool to lock in your new rate.
The lock means you agree to the new rate before your current loan is refinanced. After you’ve applied for a loan, you can use the TrueRate Dashboard to track the progress of your loan application. You’ll be able to see which lenders are interested in your application, as well as their rates and terms.
The Benefits of Commercial Loan True Rate Service
The low rates and flexible terms of TrueRate commercial loan services make them a great choice for almost any business.
Here are some of the specific benefits of commercial loans from TrueRate: There are no pre-qualification or credit score requirements. All kinds of businesses can apply for a loan, including startups, franchises, and existing businesses with a proven track record.
You don’t have to be bothered about interest rates changing. Interest rates are fixed, so you know exactly how much you’ll have to pay each month. You don’t have to pay points. Lenders typically charge points when you get a loan. Points are one percent or more (depending on the lender) of the total loan amount. You pay points with a small business loan when the lender has a higher risk of not getting paid back.
TrueRate Commercial Real Estate Loans
If you’re looking for financing to buy or refinance a commercial real estate property, a TrueRate commercial real estate loan is the right choice. This type of loan is designed for businesses that are purchasing or refinancing a property with a mortgage.
A commercial real estate loan is an unsecured loan that doesn’t have collateral attached to it. You’ll need to have good credit to get a commercial real estate loan.
TrueRate offers commercial real estate loans with interest rates that range from 3.99 to 8.99 percent. The rates vary based on your business details, the amount of the loan, the term of the loan, and your business credit score.
TrueRate Small Business Loans
TrueRate provides small business loans for all kinds of businesses. This includes startups with no collateral, franchises with existing revenue, and established businesses with positive cash flow.
True Rate offers small business loans with interest rates that range from 6.50 to 17.50 percent. The rates vary based on your business details, the amount of the loan, the term of the loan, and your business credit score.
You can apply for a truerate small business loan online. You’ll need to fill out a form that details the purpose of the loan and how you plan to use the funds. Additionally, you’ll likely need to upload financial statements from the past few years to prove that your business is viable.
TrueRate Equipment Loans
If you’re purchasing equipment for your business, a TrueRate equipment loan might be the best option for you. You can use an equipment loan to finance the purchase of new or used equipment.
You can also use it to refinance an existing loan that has a high-interest rate. Depending on the amount of the loan and your business details, you can get an equipment loan with interest rates that range from 7.99 to 15.99 percent. The rates vary based on your business details, the amount of the loan, the term of the loan, and your business credit score.
Mergers and Acquisitions Loans
If you’re buying or merging with another business, you might want to take out a loan. A merger and acquisition (M&A) loan can help you finance the transaction. You can use an M&A loan to refinance an outstanding loan.
You can also use it to finance a cash offer. Depending on the amount of the loan and your business details, you can get an M&A loan with interest rates that range from 6.50 to 12.50 percent.
The rates vary based on your business details, the amount of the loan, the term of the loan, and your business credit score.
30-day refinancing with no point or fees
If you’re refinancing your TrueRate loan, you can save money with no points, no fees, and a 30-day close. A 30-day refinancing can help you lock in a lower rate before the Federal Reserve raises interest rates.
You can refinance your TrueRate commercial loan at any time at the same rate you get today. All you have to do is call the TrueRate team and tell them you want to refinance. If you’re refinancing your loan, you don’t have to make any payments until the new loan amount is due. At that time, you can pay off the new loan with a single payment.
60-day refinancing with a small point
If you want to lock in a lower interest rate before the Federal Reserve raises rates, you can take advantage of a 60-day refinance with a small point.
While most lenders charge a point of 1 percent, TrueRate only charges a half-point on 60-day refinances. That’s because the interest rates on 60-day refinances are significantly higher. You can expect a 60-day refinance to cost about 0.25 percent more than your current rate.
You can also refinance your loan at any time. All you have to do is call the TrueRate team and tell them you want to refinance.
90-day refinancing with no point but with a small fee
If you want to refinance your loan but you don’t want to wait 60 days, you can do a 90-day refinance with no point but with a small fee.
A 90-day refinance with a fee is significantly more expensive than a 60-day refinance with no fee. The fee for a 90-day refinances ranges from 0.50 to 1.00 percent of the total loan amount. You can expect the fee to be higher for smaller loans and lower for larger loans.
Tips for Using TrueRate Commercial Loan Services
Here are some tips for getting the best rate and terms when you use TrueRate commercial loan services: Find multiple lenders and apply for loans at the same time. You’ll be able to compare rates and terms from multiple lenders. You can then select the lender who offers the best rate and terms for your business. You can use the truerate loan comparison tool to do this.
Use the TrueRate loan calculator to estimate your monthly payment and compare it to the payments you will make with your current financing. If you think a new loan will be less expensive, you can use the calculator to determine how much money you might save by refinancing.
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