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Hanmi Professional Loans

Made simple for the busy professionals

Hanmi Professional Loans

Are you a licensed professional with satisfactory credit*? With loan amounts up to $300,000, our simple and easy professional loan could be the solution to enhance your career!

Qualified Professionals

  • Medical Professionals
  • Certified Public Accountants
  • Attorney

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Quick and easy application process, typically under 15 minutes

Simple Credit Decision

Loan approval is primarily based on your professional license and satisfactory credit*

No Out of Pocket Expenses

Fee as little as $500, taken out from the loan proceeds

Competitive Rate

Affordable loan rates compared to other professional loan programs

*We require minimum FICO score of 680, No bankruptcy, foreclosure, short sale, minimum availability of at least 30%

Product Offerings

Employed Professionals

Individual

Key Features

  • Term: 7 years for commercial purpose1
  • Amount: $20,000 to $50,000
  • Fixed Rate: 8.50% interest rate2
  • Fee: $500 standard fee (fee taken out from the loan proceed; no out of pocket expense)

Eligibility

  • Must have active professional license
  • Minimum FICO score of 680
  • No bankruptcy, foreclosure, short sale, minimum availability of at least 30%
  • Must be practicing in the respective profession to qualify5

Documentation Needed

  • Copy of valid government-issued photo ID (i.e. Driver’s License)
  • Copy of professional license
  • Copy of paystub for employee verification (within 30 days of application)

Professional Owned Practice

Business

Key Features

  • Term: 7 years for a business purchase and 5 years for all other business purposes
  • Amount:
    Business Purpose: $50,000 – $150,000
    Business Purchase: $100,000 – $300,0003
  • Rate: 8.50% interest rate fixed4
  • Fee: 1% of the loan amount (fee taken out from the loan proceed; no out of pocket expense)
  • Prepayment Penalty: A percentage of the loan is assessed if the loan is paid off within:
    – 1 Year: 3% of the outstanding balance
    – 2 Year: 2% of the outstanding balance
    – 3 Year: 1% of the outstanding balance

Eligibility

  • Must have active professional license
  • Licensed and active for at least 2 years
  • Minimum FICO score of 680
  • No bankruptcy, foreclosure, short sale, minimum availability of at least 30%
  • Business cannot operate from a residential location6

Documentation Needed

  • Copy of valid government-issued photo ID (i.e. Driver’s License)
  • Legal documents with verification of ownership
  • Copy of professional license


1Loan proceeds must not be used for education expense, personal, family, or household purpose.

2 Subject to credit approval. Rates as of 8/7/2024. Rates subject to change without notice.

3Up to 70% Loan to Purchase Price. Professional can qualify up to $300,000 if funds used for business purchase and purchase contract and Escrow info uploaded to Portal. Funds will be sent directly to Escrow upon verification of at least 30% down payment.

4Subject to credit approval. Rates as of 8/7/2024. Rates subject to change without notice.

5Borrower will attest that they are working in their profession.

6Applicants with a home office will be considered an employed professional and can only apply for the Employed Professionals Loan for individuals.

FAQ

How do I start the online application process?

To begin your application process, you will need a username and password. If you are an existing customer, a username and password will be provided for you. If you do not already have a username and password issued to you, please contact our local branch for assistance.

How do I know if I’m qualified to apply for the Professional Loan?

If you are a medical professional, certified public account, or an attorney with active license and minimum credit score of 680, you meet our basic eligibility criteria to apply.

I don’t know my exact credit score. Do I need to pull a credit report in order to apply?

Don’t worry. When you submit your application, we’ll be pulling the most updated credit report to get the necessary credit information.