New Restaurant Loan
For a loan on a 2nd restaurant location,what is the the typical loan length and interest rate I can expect? I currently own/operate a highly profitable location with annual sales north of 2 million with no debt and want to expand.
The exact length and rate will differ depending on the type of loan you get and from which lender. However, typical commercial loans are between 20 – 25 years and have interest rates currently between 5% – 8%. Of course, interest rates will fluctuate over time.
If you’re a prime borrower you might be able to get a rate around 4%, which it sounds like you might be. Check out our article on commercial real estate loans for more information.