Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

I want to take out a one million dollar loan is that possible?

Hey i want to take out a 1 million dollar loan is that possible.?

i want to take out this loan to start a businesses i want to start a wedding reception

so.. will the bank loan me this kind of money??

10 points gos to the best answer

10 Answers

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  • 1 decade ago
    Best Answer

    Depends on your other income, how much you are able to put down, what collateral you will have and a description of your business plan to the lenders. The fact that you have to ask the question in this forum leads me to believe you will not have the answers the bank wants to hear so I doubt you will be successful. Good luck.

  • Anonymous
    1 decade ago

    Hell no I would not do this if business fail you are going to lose everything because the bank is going to want this money back and why would you want to take this type of loan out this is why the economy is in the situation it is currently in right now and While it may not be easy to take out a million dollar loan from your bank, it becomes easier when you seek out private lenders. With a private lender, it is not only possible to take out large loans, but it's possible to be readily approved for a bridge loan of a million dollars or more.That's not to say that getting a million dollar loan is possible for everyone. But, if you understand your investment strategy, if you've established your reputation as a real estate investor and you work with others who have done the same, it is more likely that you will be eligible for a million dollar bridge loan.In order to be eligible for a million dollar bridge loan, you need not only the reputation of being successful but also the ability to prove that you have a plan for continued success. When you apply for a million dollar loan, you do need to be able to share your vision but like I said before HELL NO I would not do this due to the fact that I currently struggle to pay my mortgage month to month and it is no way near 1million dollars anyway Take Care and Good Luck

  • 4 years ago

    Go to sba.gov and check out a lot of useful information they have on loans, etc. You do need to make sure you think realistic, as I agree with some of the answers here, have a good business plan in place, your personal investment, etc. But at the same time don't let anyone deter you from trying, just do your DO diligence and GO FOR IT!!

  • 1 decade ago

    If you can't start your business for around 10% of that amount, you have just convinced any prospective lenders you need a MUCH better business plan. The cost of what you need is simply nowhere in the neighborhood of $1 million. Actually, the $100,000 I suggested is more then you need, but at least it borders on sane.

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  • Anonymous
    5 years ago

    Do you need an agricultural,student,debt,construction,or consolidation loan,kindly contact Yakubu Afentokhai Loan Companies LTD on the following email (yakubuafentokhai@yahoo.com) or (yakubuafentokhailoans@admin.in.th),

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  • 1 decade ago

    Of course! You'll just need something worth that much to put up as collateral.

  • Derek
    Lv 7
    1 decade ago

    The bank will want to know what kind of returns you expect and also what types of assets you already hold.

  • Anonymous
    3 years ago

    It depends

  • 4 years ago

    well sure with good credit and security to back you up if you default

  • Anonymous
    3 years ago

    Not sure about that

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