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Conventional financing and leasing, for new and used equipment, is still available for credit scores higher than 680 for construction equipment, trucking, medical equipment, agriculture equipment and franchises. There are application only programs up to $75,000 with full documentation packages up to $250,000. This lender is very disciplined in its lending requirements and will qualify only applicants that meet their standards.

 This lender requires that a business must be established for at least three years.  Additionally, this lender will consider irregular payment structures on a case by case basis.

 Additionally, this lender has some repo and off lease equipment available to applicants that don’t qualify for their normal lending practices. These off lease and repos will offered out with less stringent credit and lending requirements.

 Check out the program structure, credit and asset guidelines and the asset and industry restrictions as well below. There are many financing and leasing programs below a credit score of 680.These are great financing programs as well..

 Happy hunting for your conventional financing for construction equipment, trucking, medical equipment, agriculture equipment and franchises.

             Program Structure

 Application-only transactions from $5,000 to $75,000

Transactions from $75,000 to $250,000 require a full financial package: Two years’ tax returns or business financial statements
Interim financial statements
Personal financial statements for all owners
Two years’ personal tax returns for all owners
Discounting available for approved lessors and with approved documents
Terms 12 to 60 months
Approvals are good for 20 days.  Approvals may be extended upon request.
 Irregular payment structures (semi-annual, deferred, seasonal, balloon payments) are considered and will require up front credit approval
Sale/leasebacks are will not be considered

Credit Guidelines

Minimum personal guarantor credit score of 680. 
Minimum time in business of 3 years
Minimum Equifax business credit score of 480 and minimum D & B Paydex score of 65.
Corporation-only transactions considered for publicly traded companies only; however established companies may be considered with good financial statements and business credit scores.
All individuals with at least 10% ownership are required to personally guarantee.
A signed credit release is required in order to pull credit.

Asset Guidelines

Trucks and trailers ( model year 2001 and newer )
Construction Equipment- includes cranes, wheel loaders, crawlers, dozers, backhoes, skid steer loaders, excavators, etc.
Agricultural Equipment
Vocational Equipment
Limos ( 48 month term max. )
Furniture
Tow Trucks
Doctors Equipment ( must be licensed physicians )
Forklifts

10.  Landscape Equipment ( zero turn mowers )

11.  Franchises

12.  Restaurant Equipment (serialized )

 Assets and Industry Restrictions

Generally, only “hard” assets will be considered
No real estate or items permanently attached to real estate
Restaurant equipment for established franchises only
No airplanes and boats
No Computers and software
No direct to garment printers
No televisions and select audio/visual equipment
No hotel FF & E
No exercise equipment   

10.  No medical equipment to non-licensed physicians

11.  No residential contractors or construction companies.  Commercial and utility contractors are OK.

12.  No real estate development companies

13.  No timber or logging

14.  No long haul trucking companies

Posted in Info | Tags: Agriculture, agriculture equipment, B Paydex, business, Construction, Conventional, Credit, E No, Equipment, Financing, Franchises, Leasing, Medical, Minimal, personal financial statements, personal tax returns, Rick, Trucking, U.S Corporate | No Comments »