$1 Million Business Loan

Key highlights

• Seven-figure lending typically requires property, equipment or asset security
• Suited to acquisitions, major expansion, refinancing or large equipment purchases
• One application compares 80+ lenders with genuine appetite for larger deals
• Pricing is indicative and driven by security, turnover and credit strength
• Property-secured approvals take longer while valuations and legals complete

What a $1 million facility is for

Borrowing at the million-dollar mark is usually about a significant business move rather than smoothing month-to-month cash flow. Common uses include acquiring another business, buying commercial premises, funding a large equipment or fit-out program, or refinancing and consolidating multiple existing facilities into one structure. At this level, lenders expect the purpose to be clear and the numbers to support it comfortably. Because the amount sits far above the usual unsecured range, security is generally part of the picture. The upside is that a well-secured, well-argued facility of this size can carry longer terms and more competitive indicative pricing than smaller, riskier lending.

Security and structure

Structure matters enormously at $1 million. Property security typically produces the strongest outcomes, unlocking larger amounts, longer terms and lower indicative pricing, while equipment or a general security interest over business assets can also support the facility. Some businesses use a blend, combining a secured core facility with a smaller flexible line for working capital. The right structure depends on what you own, how predictable your revenue is, and whether you value flexibility or the lowest possible cost. There is no universal answer, and small changes to structure can materially affect both approval likelihood and pricing, which is why it pays to plan this before applying.

Qualifying at seven figures

Lenders assessing a $1 million request look closely at serviceability. Expect them to review two years of financials and tax returns, recent BAS and bank statements, aged debtor and creditor reports, and details of any security offered. They want to see consistent revenue, healthy margins and enough surplus cash flow to service the debt alongside existing obligations. Time in business, industry outlook, ATO standing and director credit history all feed in. Because appetite varies sharply between lenders at this size, a deal that stalls with one can proceed smoothly with another. Comparing the market avoids wasted applications and unnecessary credit enquiries on a large request.

Repayments, pricing and timing

Repayments on a $1 million loan are usually principal and interest across a term that often runs one to five years, though property-secured facilities can extend longer to keep instalments manageable. Interest-only periods may be available for eligible applicants during expansion phases. Pricing stays indicative and subject to lender assessment, with strong, well-secured profiles generally at the lower end and higher-risk or shorter facilities higher. Timing depends on complexity. Cash-flow-based approvals can be relatively quick, while property-secured deals take longer as valuations and legal documentation are completed. Preparing your file thoroughly is the single biggest lever on how smoothly the process runs.

If a seven-figure facility is on the table, a short planning conversation before you apply can save weeks. Simon Kendrick at Overdrive Business Loans compares more than 80 lenders on one application and helps structure the request so it lands with the right lender first time. Reach out for an obligation-free discussion about your $1 million goal.