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1) I'm from the US but live abroad. Is it possible for me to get a loan with a US bank online, or would I need to do it in person?
2) I've never taken out a loan before. How likely would I be able to get a loan for $1million?
3)In the current climate, what is the general repay period for the loans?
1. During COVID banks are used to communicating with skype/zoom now, so it's more than possible. Harder if you permanently live remote, HOWEVER banks have associating/affiliate banks in different countries that help them do deals if they don't have a presence in your particular country.
No lie they are called "Affiliate banks": Affiliate
In banking, affiliate banks are popular for underwriting securities and entering foreign markets where other banks do not have direct access.
2. Depends on why you need the money, if you have collateral or not, if you've got funds with the bank or not. If you've got a functioning business that's generating revenue or not. It's not as hard as most people believe.
Remember the bankers will help you draft up the loan request to better the odds of approval for the loan committee. You can ask them for examples of proposals the committee has approved. The reason is the banks HAVE to loan the money (money supply) AND the bankers get BONUSES and their commissions on the size of the loan they give you. So it's in their best interest to give you money, that's where the money supply goes, all banks NEVER hit their lending goal of how much money they want to lend out simply because people are scared of banks.
3. You can get really creative, I've seen no principle payment for 2-3 years, just interest. But again it depends on the bank you call and what you ask for. If you call on 300 banks and have a business that's generating revenue more than 70%-90% will fight to let them be the bank be the borrow. This goes into contrary conventional thinking that stems from people thinking "banks are bad".
As long as you aren't an idiot and have decent credit it's relatively smooth sailing. What's an idiot? Walking in dress liked a beach bum and talking like you have no sense. Dress like a banker and you'll get banker money. Anyone that's ever met me IRL knows I wear a suit and tie, or at the very least business attire even if I'm meeting you for a simple lunch, even on the weekends. If you walk into a bank with a t-shirt and jeans, have no track record, and no real sense of responsibility you aren't going to get the money.
I get emails all day from bridge loan and commercial lenders looking to give money, just from SPAM. If you have no banking contacts try LinkedIn and go from there. Remember they NEED the commission, and when someone needs the commission it's not rocket surgery.