ApplePie Capital is a loan marketplace that specializes in providing business loans to the franchise industry. ApplePie Capital is based in San Francisco, California, and was founded in 2013. All loans are made by Cross River Bank, a New Jersey State Chartered Bank that is an FDIC member.
ApplePie Capital connects investors and entrepreneurs investing in well-established franchises, such as 7-Eleven, Dunkin’ Donuts, and Jersey Mikes. The franchise industry is huge in the United States. In 2015, the franchise industry had $552 Billion GDP. That is 3% of the United States GDP and more than the entire GDP of Argentina or Sweden.
What Interest Rates And Terms Does ApplePie Capital Offer?
ApplePie has interest rates ranging from 8-13.5% APR. It also charges an origination fee of 4.5% the loan amount and a processing fee of 0.5%. These fees are included in the APR but are deducted from the loan amount before it is deposited in the borrower’s account.
Interest rates depend on the credit history of the borrower, the historical performance of the franchise and on whether it is a loan for an established or new unit.
Loan amounts range from $100k to $1 million, and terms vary from 3 to 7 years.
ApplePie Capital also offers borrowers the option of paying only interest on a loan for 6 months.
How Does ApplePie Capital Marketplace Work?
ApplePie Capital loans can be used to start a new franchise or expand an existing one. To get a loan borrowers must complete an online application that takes a few minutes to complete. ApplePie Capital takes five days to approve a loan and 30 days or less to deposit the funds. Although ApplePie Capital is a lending marketplace that uses individual and institutional investors, it also uses its own capital to fund loans. That means borrowers don’t depend on investors deciding to fund (or not) their loans, as with Lending Club and Prosper.
What Are The Benefits Of Financing Your Franchise With ApplePie Capital?
ApplePie Capital does not offer the lowest rates (or origination fee) among business loan providers, but it does come with the following advantages:
- Faster and more efficient application process than traditional lenders
- Fixed payments
- Competitive rates
- Funding in 30 days or less
- Unsecured loans (no collateral required)
- Considers new businesses
- Option of interest-only payments for 6-months
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