Conventional Financing for Construction Equipment, Trucking, Medical Equipment, Agriculture Equipme

Conventional financing is still obtainable 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 regimented in its banking requirements and will qualify only applicants that meet their requirements.

This financial institution requires that a business must be established for at least three years. Also, this financial institution will think about unequal payment structures on a case by case basis.

In addition, this financial institution has a number of repo and off lease equipment available to buyers that don’t qualify for their typical banking practices. These off lease and repos will offered out with a smaller amount rigorous credit and lending standards .

Try out the program arrangement, credit and asset guidelines and the asset and industry boundaries as well below.

Happy hunting for your conventional financing 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 parties 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
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

Article Source: http://www.moneyarticlelibrary.com

J.M Luna has over thity years experience in the financial field. This includes accounting and taxes, leasing, hard asset money and commercial lending. U.S Corporate Capital Leasing Group assists the start up and seasoned businesses for financing in all different industries. www.cclgequipmentleasing.com/lease_construction.htm www.cclgequipmentleasing.com/work_trucks.htm

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