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Renovation Loan FAQ

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Renovation Loan FAQ

What time does it take to get a business renovation loan?

Lenders in the business renovation loan segment tend to be too slow although some can work quickly to approve your loan. The approval time for the loan will be dependent on the type of lender you approach. For example, banks take anything between two weeks and several months whereas alternative lenders fast track the process to a few days. Some online lenders will have the money in your bank account in a single day.

Is it possible to get a business renovation loan with bad credit?

Yes, it is possible. Bad credit business renovation loans are approved with more stringent requirements and worse rates compared to other business loans.

What is the maximum limit for a business renovation loan?

The size limits for a business renovation loan are dependent on 

  • Choice of lender
  • Your credit score
  • Recent business financial history

The type of loan applied for

There are business loan lenders who will avail hundreds of thousands of dollars within a few days after approving that you are an ideal borrower. 

Which projects are ideal for a renovation loan?

Business renovation loans are ideal for all renovations that will typically cost huge amounts of money such as:

  • Building expansions
  • Decorations
  • HVAC repairs or upgrades
  • Insulation
  • New furniture
  • New interior walls
  • Office repairs
  • Paint jobs
  • Roofing