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11-03-2017, 04:21 PM #1
- Join Date
- May 2017
- Posts
- 350
Equipment deal
Construction company.
Merchant has two tractors.
He has two loans on them with a credit union at a 4.8% interest rate, and is fine with a higher rate, if he can pay it off to get it into his companies name (on his business).
Tractors worth $27,000 each.
Can anyone look at a small deal like this? Credit is 620 +.
Thanks
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11-03-2017, 04:57 PM #2
- Join Date
- Jul 2014
- Posts
- 1,746
He's going to pay a substantially higher rate on used equipment and most equipment lenders aren't going to entertain a private party sale from him to his company. It has to be an arm's length transaction. Save yourself the time. Either this guy will walk when he sees the interest rate or it will die in underwriting.
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11-03-2017, 09:27 PM #3
- Join Date
- May 2017
- Posts
- 350
He is fine with a high rate.
Who would get it done?
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11-05-2017, 01:55 PM #4
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- Jul 2014
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- 1,746
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11-06-2017, 08:43 AM #5
give me a call we may be able to help
Jim Plummer
Quality Leasing Co., Inc.
A Tom Wood Automotive Company
Office: 317-253-4415
Direct: 317-845-8768
Fax: 317-688-6420
Cell: 317-512-9618
www.qualityleasingco.com
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11-06-2017, 09:06 AM #6
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- May 2017
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11-06-2017, 09:09 AM #7
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- Jun 2017
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11-06-2017, 04:21 PM #8
- Join Date
- Jul 2014
- Posts
- 1,746
Lol, I get that all you care about is funding them, but all the lender cares about is protecting their investment. These are elementary questions any competent underwriter will ask. There is no reason I can think of for someone to give up a smokin' rate on a loan just to get equipment financed under a different entity. Makes zero sense. Ask questions dude. You'll save a lot of time.
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11-06-2017, 04:36 PM #9
We wouldn't be a 4% rate however we would be a 1.49 factor either. rates usually in the low to mid teens.
Jim Plummer
Quality Leasing Co., Inc.
A Tom Wood Automotive Company
Office: 317-253-4415
Direct: 317-845-8768
Fax: 317-688-6420
Cell: 317-512-9618
www.qualityleasingco.com
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