Anyone have a source for equipment loans for startups? I frequently get online leads with decent credit and down payment looking for loans on commercial equipment like semi trucks, construction equipment or commercial kitchen equipment.
Thanks!
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Anyone have a source for equipment loans for startups? I frequently get online leads with decent credit and down payment looking for loans on commercial equipment like semi trucks, construction equipment or commercial kitchen equipment.
Thanks!
TimePayment, BSB Leasing, Pawnee will all do startup equipment financing. Startup restaurants notoriously difficult but can still be done if they have prior restaurant experience.
Yesssir
What is your description of "decent credit" - I may have a solution for commercial equipmentQuote:
Originally Posted by FCF Fund
Quote:
Originally Posted by Yankeeman07
650 or better
Need 680 closer to 700 for my resourcesQuote:
Originally Posted by FCF Fund
Pawnee
Startup trucking is going to be tough, you will need to find a lender that specializes in the industry.
Startup restaurants have always been known to be tough, even more so now with COVID. FinPac never funded them, Pawnee has always capped startup restaurants at $15,000 but now I believe restaurants are restricted as a whole.
Construction has been performing well, as have many other industries.
We will consider startups in most industries. Reach out to chat about our programs.
BSB used to cap at $35K and would do another $15K through Pawnee in syndication, unless their internal guidelines changed. What are your industry limits on startup equipment?Quote:
Originally Posted by JParr
Startup restaurants are going to be very cautionary for us right now but we do not have a set funding limit. Down payment and/or additional collateral will very likely be required.
We'd be much more interested in expansion opportunities. For instance an established restaurant pivoting to also have a food truck, etc.
Startups in general also don't have a set funding limit with us. Credit, collateral, use of funds, etc. is in most cases what will limit the amount of funding the borrower will be eligible for.
Last year we funded $2MM for MRI, mammography, etc. equipment for a startup medical imaging center. We offered 100% financing, no additional collateral requirement, 48 month term, and 6 months of skip payments as they ramped up. Applicants of course had strong credit, all PHDs, invested a large amount of their own capital, already had LOI from hospital group to use their services, etc.
All in all, if we like a deal we'll find a way fund it.
I have an excellent source for equipment financing. 650 credit score and 3 months bank statements required
SLIM is a good lender to have for EQ.Quote:
Originally Posted by JParr
Hi,
We would be interested in funding some start ups depending on the equipment, industry and credit. I have included the details of a recent internal approval here in IL.
-Start up (Been driving for 9 months)
- Rents home, no comparable business credit
- 2020 Semi Tractor
- $155K Capitalized Cost
- 25% down
- 10% Security Deposit applied to the residual
- Rate in the high teens
- 48 month term
We gladly welcome broker business. Please reach out with any transactions. CalFalkenhyan@elgallc.com
Thanks for the recommendation Jon!Quote:
Originally Posted by DiamondBL
Those that are new to equipment finance or the industry in general, keep in mind that we also operate the Commercial Finance Academy. It's a 5 day program designed to teach you the ins and outs of a variety of products including startup funding. At the end of the course you will be onboarded with at least a dozen lenders, including SLIM Capital, so you can start making money day one.
We are now accepting applications for the November class. www.commercialfinanceacademy.com
Do you need finance for Investments or start a business for 3% ? if so, please contact us through our company for funding!
Send me a message, let's talk today. Email: cashflowllc@consultant.com
Anthony Auriemma
Phone : 848-480-1814
Fax: 888-440-1760
Cell: 732-552-5010
Email: anthony@BilderbergBusinessLenders.com
www.BilderbergBusinessLenders.com
BSB is a broker/syndicate, if you are getting a few equipment deals here and there then they would be a good place to start until you have a good enough flow and experience to work with some direct.Quote:
Originally Posted by FCF Fund
If you're able to go direct then (Not mentioned above):
- Quality Leasing: Love trucks, but financials (if any) / Credit will need to be "decent" (650) and they have fleet requirements, if he's not purchasing his 4th truck he'll need a day cab.
- SLS Financial: They fly under the radar but are solid. For start-ups credit needs to be 585+, but require 5+ TIB for long-haul so he'll need to be local.