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  1. #1

    Equipment Financing - Merchant adding 5th truck to fleet

    Client owns established trucking company looking to add a 5th truck to his fleet.
    Credit 650
    Rev $50k/mo
    Purchase price $40k and has $10k to put down

    I know trucking is a wasteland right now but does anyone have any recommendations?

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    I've had Tony do 100% financing for 585 Fico....

    Here are some references to lenders:

    Tony Borchello
    First Financial
    (888) 211-2197
    mobile: (949) 800-5767
    tonyb@firstfinancialweb.com

    Evan Sowa
    Senior Account & Finance Manager
    Everlasting Capital Corporations
    603-351-4725 | 401-771-4883
    evan@everlastingcapital.com

    Jeff Brannon
    Slim Capital
    jeff@slimcapital.com
    Office: 949-535-2353
    Cell: 949-981-0431

    Joe Burleson
    Equify Financial LLC- Southeast
    777 Main St. Suite 3900, Ft Worth, Tx 76102
    |C214-673-8575
    joe.burleson@equifyllc.com

    Loans up to 7 years and rates 8% and up.

    Programs for Fico 680 and up
    620 to 680
    Below 620

    Amount of money requested...

    Day cab, sleeper or what
    Long haul, short haul or what?
    How many truck current own
    Type of products hauled
    DOT number
    Fico
    Loan App
    4 months business bank statements
    Most recent business tax return

    Do they require apportioned plate?
    Are they Owner Operator or they have drivers?
    If have drivers how many driver currently work with them?

    If Owner Operator How many years of CDL/ Industry hauling experience?

    Is PG a Homeowner or they are renting?

    Have they financed or leased a truck before?
    How is their current payment history?
    If required can we get loan reference from the other lender(s)?

    Invoice on truck he wants to buy
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  3. #3
    Senior Member Reputation points: 9802
    Join Date
    Nov 2019
    Posts
    638

    Quote Originally Posted by thorn89 View Post
    Client owns established trucking company looking to add a 5th truck to his fleet.
    Credit 650
    Rev $50k/mo
    Purchase price $40k and has $10k to put down

    I know trucking is a wasteland right now but does anyone have any recommendations?
    If he only needs 30k if daily balances are good i should be able to get him 30k mca and his truck is free and clear in 6 months.

  4. #4
    Senior Member Reputation points: 1755
    Join Date
    Oct 2022
    Posts
    258

    Ship it over here. I can help you out. How old is the equipment and what is the mileage?

  5. #5
    Senior Member Reputation points: 17365 jfeinberg's Avatar
    Join Date
    Dec 2013
    Location
    Rochester,NH
    Posts
    166

    Quote Originally Posted by closer129 View Post
    If he only needs 30k if daily balances are good i should be able to get him 30k mca and his truck is free and clear in 6 months.
    If the client needs 30k, and assuming the client can get equipment financing for it, why would you put this client in an MCA for an equipment purchase?

    Of course, if the client isn't approvable for the equipment route, you go to the next product.

    But that is the issue of our industry.

    Not being able to access, or not knowing how to provide equipment financing, and putting clients who are very approvable in the equipment space in an MCA.

    Bad business.

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