A second location, a build-out, a bigger kitchen
Expansion and renovation loans
Larger loans with longer terms for growth you have planned: a new lease, a remodel or a build-out with a contractor's quote in hand.
- Typical amount
- $50,000 to $500,000
- Typical term
- 24 to 48 months
Checking your rate is a soft credit pull and won't affect your credit score.
When this loan makes sense
Growth costs money before it makes money. Deposits, build-out, fixtures and a few months of new rent all land before the first sale at the new location. An expansion loan covers those costs with one payment you can plan around.
Bring the plan. Underwriters look for a signed or negotiated lease, contractor quotes and a cash cushion. For loans over $250,000 we also ask for your two most recent business tax returns.
A good fit for
- A second location with a lease you have negotiated
- A remodel or build-out with written contractor quotes
- Adding square footage, seats or a production line
- Moving to a bigger space before you outgrow the current one
Not the right tool for
- Expanding to fix a first location that is losing money
- Projects without quotes, a lease or a budget
- Speculative property purchases (we do not fund property flips)
Not sure? See when a loan helps, and when it doesn't.
How it works
The details that matter for this job
01
Up to $500,000
Prime profiles can borrow up to $500,000. Strong profiles up to $350,000.
02
Terms up to 48 months
Longer terms spread the cost of a build-out across the months it starts paying back.
03
One payment, no draws
You receive the full amount at funding. No draw fees and no inspections between payments.
The cost, in dollars
A representative example, worked all the way through
Representative example
Example only
- Loan amount
- $150,000
- Term
- 36 months
- APR
- 19.4%
- Monthly payment
- $5,529
- Total interest
- $49,036
- Origination fee (3%)
- $4,500
- You receive
- $145,500
- Total cost of borrowing
- $53,536
- Total repaid
- $199,036
Illustration only, not an offer. Uses the midpoint of the Strong profile's APR range at 36 months. Your APR, payment and total cost depend on your profile, amount and term.
Example APR ranges at 36 months
The same published bands price every loan. Here is where each profile lands at this term.
-
Prime
740+ credit
12.4%–16.4% APR
-
Strong
690–739 credit
16.4%–22.4% APR
-
Established
650–689 credit
Terms up to 24 months
-
Building
620–649 credit
Terms up to 18 months
Fees on this loan
- Origination: 3% one-time, deducted from the funds you receive
- Late payment: $25 after a 10-day grace period
- Returned payment: $15 if an ACH bounces
- No application, maintenance or prepayment fees
A borrower review
Sample review
“The offer letter showed the total dollar cost right under the payment. No factor-rate riddles, no 'call us to discuss.' We signed on a Tuesday and paid the deposit on our second location Wednesday afternoon.”
Elena & Marcus Reyes
Larkspur Bakehouse · Fort Collins, CO
$120,000 · 36 months · expansion
A sample review written for this design demo, not from a real borrower.
Read more borrower reviewsQuestions about expansion and renovation loans
What documents do I need for a larger loan?
Three months of business bank statements, ID and your EIN, like any loan. For loans over $250,000 we also ask for your two most recent business tax returns. A lease and contractor quotes help the review.
Can the loan cover the new location's first months of rent?
Yes. Opening costs like deposits, rent before opening and first inventory are normal uses. Your underwriter will look at whether the existing business can carry the payment while the new one ramps up.
Will you file a lien?
We never take specific collateral. On loans over $150,000 we file a standard blanket UCC-1 financing statement. It is public record and is released when you pay off.
More answers on the full FAQ, including missed payments and personal guarantees.
See your own numbers
The application opens with this loan's example already filled in. Change anything and the total cost updates as you go.