Conventional financing is still obtainable for credit myriad higher than 680 for construction equipment, trucking, medical equipment, agriculture equipment and franchises. There are application onliest programs up to $75, 000 with full ticket packages up to $250, 000. This lender is very disciplined in its financing. requirements and will qualify matchless applicants that applicable their requirements.
This financial configuration requires that a business must be established for at aboriginal three years. Also, this financial making will catch into account unequal payment structures on a case by circumstances basis.
In addition, this bank has selected repo and off lease equipment accessible to applicants that dont qualify for their regular banking practices. These off rent and repos will presented out with a lower amount of virtuous credit and leasing requirements.
Check out the program structure, credit and asset guidelines and the asset and industry restrictions as well below. If you have department questions, convey us a call at 800 - 760 - 6863..
Happy hunting for your conventional leasing for construction equipment, trucking, medical equipment, agriculture equipment and franchises.
Program Structure
1. Application - only transactions from $5, 000 to $75, 000
2. Transactions from $75, 000 to $250, 000 require a full financial package:
a. Two years tax returns or business financial statements
b. Interim financial statements
c. Personal financial statements for all owners
d. Two years personal tax returns for all owners
3. Discounting available for approved lessors and with approved documents
4. Terms 12 to 60 months
5. Approvals are good for 20 days. Approvals may be extended upon request.
6. Irregular payment structures ( semi - annual, deferred, seasonal, balloon payments ) are considered and will require up front credit approval
7. Sale / leasebacks are will not be considered
Credit Guidelines
1. Minimum personal guarantor credit score of 680.
2. Minimum time in business of 3 years
3. Minimum Equifax business credit score of 480 and minimum D & B Paydex score of 65.
4. Corporation - only transactions considered for publicly traded companies only; however established companies may be considered with good financial statements and business credit scores.
5. All individuals with at least 10 % ownership are required to personally guarantee.
6. A signed credit release is required in order to pull credit.
Asset Guidelines
1.. Trucks and trailers ( model year 2001 and newer )
2. Construction Equipment - includes cranes, wheel loaders, crawlers, dozers, backhoes, skid steer loaders, excavators, etc.
3. Agricultural Equipment
4. Vocational Equipment
5. Limos ( 48 month term max. )
6. Furniture
7. Tow Trucks
8. Doctors Equipment ( must be licensed physicians )
9. Forklifts
10. Landscape Equipment ( zero turn mowers )
11. Franchises
12. Restaurant Equipment ( serialized )
Assets and Industry Restrictions
1. Generally, only hard assets will be considered
2. No real estate or items permanently attached to real estate
3. Restaurant equipment for established franchises only
4. No airplanes and boats
5. No Computers and software
6. No direct to garment printers
7. No televisions and select audio / visual equipment
8. No hotel FF & E
9. No exercise equipment
10No medical equipment to non - licensed physicians
11No residential contractors or construction companies. Commercial and utility contractors are OK.
12No real estate development companies
13No timber or logging
14No long haul trucking companies
