Business Loans

TerraWorks “This product has been temporarily suspended due to COVID-19 ”

Get a business loan or line of credit at the speed you need, Terrabank’s TerraWorks loan is quick and easy. Apply today and get pre-approved in seconds.

Features & Benefits:

  • For Small Businesses with annual revenues from $100,000 and 2 or more years of operation in Miami, Florida.
  • Loans up to $100,000
  • Online-based application
  • Credit decision within 2 business days of providing required documentation
  • Immediate access to funds with Terrabank online banking (Terrabank Business Checking Account required)
  • Can be used for overdraft protection

Small Business Administration (SBA) Loans (1)

The U.S. Small Business Administration (SBA) is an agency of the U.S. Government whose purpose is to promote the growth of small businesses by facilitating access to credit through flexible loan products.

The SBA is not a lender but guarantees a percentage of the loans made by banks to small businesses thereby encouraging banks to provide credit access to the small business community.

Terrabank has many years of experience in SBA Lending and has a knowledgeable staff of SBA Lending professionals that can help you structure flexible loan programs to assist the growth of your business.

Terrabank has been designated a PLP Lender by the SBA (Preferred Lenders Program). This designation is given only to banks that have demonstrated a proven track record in SBA Lending.

As a PLP Lender the SBA has granted Terrabank delegated authority to issue the SBA Guarantee on behalf of SBA. This means that our loans are processed and approved by Terrabank and not the SBA. Consequently, our SBA Loans are processed rapidly and efficiently.

Whether you are looking for real estate financing, permanent working capital, business acquisition financing or equipment financing please call us to discuss how we can help you with your financing.

Uses of SBA Loans

  • Real Estate Financing (Purchase)
  • Real Estate Financing (Refinancing)
  • Permanent Working Capital
  • Equipment Financing
  • Business Acquisitions & Expansions

SBA Loan Terms

  • Up to 90% Loan to Value
  • Loans from $150,000 to $5 Million
  • Up to 25 Year Term for Real Estate, 15 Year Term for Equipment, 10 Year Term for Working Capital
  • Fully Amortizing Loans
  • Closing Costs can be financed
  • Many property types qualify including: (2)
  • Closing Costs can be financed:
    • Warehouse properties
    • Office building and condos
    • Retail Properties
    • Medical office building and condos
    • Gas stations
    • Hotels
    • Day care centers
    • Mixed Use and Others

Benefits of Our SBA Loans

Higher Loan to Value than Conventional Lending allows your business to contribute a lower down payment and conserve working capital for operational purposes.

Long term financing reduces your loan payments and improves your business’ cash flow

Fully amortizing loans with no Balloon payment avoids the refinancing costs of shorter-term loans with Balloons and ensures the continuity your loan without interruption

More flexible underwriting improves you chances of qualifying for financing

Multiple uses of SBA Loans i.e. Real Estate Financing, Equipment Financing and Permanent Working

Capital gives you greater ability to structure a loan that can help the various financing needs of your business

Financing your closing costs lets you retain more money for your business operation

We retain the servicing of our Portfolio Loans. So, you’ll always be able to talk to us about any issues or questions you may have about your loan.

As a community bank we know the fundamentals of our market and we take into account our knowledge of these factors in making our credit decisions

Commercial Real Estate and Multifamily Financing

Commercial Real Estate is one of the main drivers of the South Florida economy and we are proud of the role we have played and continue to play in helping the growth of our community. Terrabank has a wealth of experience in Real Estate Financing, offering an array of loan programs for Commercial Real Estate.

Most Lenders offer standardized loans that are cost effective and efficient for them but not for their clients. At Terrabank we won’t try to get you into an “all fits loan”. We’ll design a loan to meet your specific needs. Our goal is to provide the type of financing that will help your business thrive.

Flexibility is one of the key ingredients to providing an excellent financial service. At Terrabank we adapt quickly to market conditions and the financing needs of our clients. Our goal is to deliver a loan with terms that will ensure the success of your business. We have a team of lenders with the know-how and willingness to work with you to achieve that goal.

All our decision makers are local and are very familiar with the economic conditions of South Florida. Customers of the larger banks deal with middle management personnel who cannot provide quick responses to their requests. At Terrabank you deal with the decision makers.

Call us today and let us work to attain your financial objectives.

Loan Program Parameters

Loan Purpose

  • Purchase, Refinance Rate and Term and Cash-Out

Property Use

  • Owner Occupied or Income Producing

Property Type

  • Retail, Office, Industrial, Mixed Use, Office/Warehouse, Self-Storage

Term

  • Up to 10 Year Balloon for CRE
  • Up to 15 Year Balloon for Multifamily

Amortization

  • 25 Years for CRE
  • 30 Years for Multifamily

LTV

  • 75% Purchase and Rate and Term Refinance
  • 65% Cash-Out Refinance

Interest Rate

  • Fixed Rate Up to 5 Years

Guarantees

  • Typically Required for both Individuals and Corporate Entities

Benefits of Our Loan Programs

Fast Credit Decisions
Our extensive knowledge of South Florida’s Real Estate markets will assure you of getting the fastest turn around possible on your loan request

Custom Made Loans
We will structure a loan that meets your specific needs and ensures the success of your Real Estate transaction

You Deal with the Decision Makers
Unlike with larger banks you’ll have access to Banking Professionals that will be give you quick and straight answers throughout the loan process

 

NMLS Number 1245403

 

(1) For Profit Companies Only. Non-Profit Entities are not eligible. All loans subject to meeting SBA eligibility criteria.

(2)  Properties must be 51% Owner Occupied.

* This is not an offer to lend. Financing subject to credit evaluations and subject property collateral approval. Other restrictions may apply. The above terms and conditions are subject to change at any time without notice.

For more information, please contact us at (305) 448-8787 or lending@terrabank.com