Representative example: Mary’s hotel needs an upgrade
Mary has owned and managed a medium-sized, 75-room hotel for a number of years and has decided it’s high time for some much-needed upgrades. She wants to paint the rooms a more modern colour, change the window treatments, upgrade some of the bathroom fixtures and buy new headboards, night stands and armchairs.
To do this in every room, she’ll need around $225,000.00. (This includes sales tax on purchased items as well as the cost of supplies, furnishings, labour and other expenses). Mary applies for a business loan from an online lender and is approved, thanks to her solid credit history. She signs the loan documents, and the funds are soon deposited into her business bank account.
Cost of starting a home health care business (franchise) | $225,000.00 |
Loan type | Business loan (term loan) |
Loan amount | $225,000.00 |
Interest rate (APR) | 7.99% |
Loan term | 4 years |
Additional fees |
|
Monthly payment | $5,491.85 |
Total loan cost | $263,608.80 |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.