New World Loans

AMOUNT

$500,000 to $3,000,000.

REPAYMENT TERM

Up to 3 years depending on applicant credit and business history.

INTEREST & FEES

Interest rates are determined based on the estimated credit risk of each unique borrower.

Annual Percentage Rates (APR) range from 10% to 18%.

Underwriting fees 4% to 6%.

PREPAYMENT FEES

No prepayment fees.

AMORTIZATION

Straight line amortization and interest paid weekly, bi-weekly or monthly via ACH.

Late payment fees apply if we are unable to obtain ACH payment within 3 days of payment date.*

COLLATERAL

We do not require a lien on specific assets.

We may require a personal guaranty.

Secured loans require a UCC-1 on business assets (a “blanket lien”).**

Unsecured loans are an option based upon credit and business history.

MINIMUM ELIGIBILITY***

At least 3 years in business.

At least 5 full-time employees.

At least $500,000 of annual revenue.

Personal Credit Score greater than 700.

*Late fee is greater of 5% of unpaid portion of scheduled payment or $35.00.
**We can be subordinated to existing bank, mortgage and SBA loans provided that the existing debt does not exceed the applicant's average operating income over the most recent three year period.

***Meeting minimal eligibility conditions does not guaranty that your firm will be approved for a New World Credit loan.