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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: 6.50% interest rate
    6.809% – 7.280% APR2
  • 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 qualify6

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: 6.50% interest rate fixed4 or WSJ Prime + 2.00% (borrower’s option)5
  • 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 location7

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.

2 Subject to credit approval. Rates as of 09-22-2022. Rates subject to change without notice. These examples are estimates only and assume all payments are made on time.

$20,000 Loan$30,000 Loan$40,000 Loan$50,000 Loan
7.280% Fixed APR$7.017% Fixed APR6.887% Fixed APR6.809% Fixed APR
84 monthly payments of $296.99 each 84 monthly payments of $445.48 each 84 monthly payments of $593.97 each 84 monthly payments of $742.47 each

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 09-22-2022. Rates subject to change without notice.

5The interest rate is subject to change from time to time based on changes in an independent index which is the Prime Rate as Published in the Wall Street Journal. The Index currently is 6.25% per annum, as of 09-22-2022. Interest on the unpaid principal balance will be calculated using a rate of 2.00% percentage points over the Index resulting in an initial rate of 8.25%, as of 09-22-2022. NOTICE: Under no circumstances will the interest rate be more than the maximum rate allowed by applicable law.

6Borrower will attest that they are working in their profession.

7Applicants 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.