New World Loans
$500,000 to $3,000,000.
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%.
No prepayment fees.
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.*
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.
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.