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12-12-2023, 05:28 PM #1
- Join Date
- Nov 2023
- Posts
- 5
Equipment Finance Funder Partner Needed To Pre-Qual Auction Attendees
We have partnered up with a Heavy Duty Machinery Auction House to provide Equipment Financing. The Auction House would like to set up a program where its attendees can get pre-qualified for equipment financing. Is there a Funder out there that would like to set this program up with me?
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12-12-2023, 06:05 PM #2
Yes, it's possible to set up a Master Credit Line for equipment financing but they pay on invoice so I don't know that will work with an auction. I am doing that for truckers I get SBA 7A loans.
From Tony:
Normally if auctioneer wants a pre-approval for their client to purchase equipment from Auction house there are no upfront fees. Same as vendor generated transactions as in those cases lender know the specific dollar amount they as seeking to finance and Master Credit line may not be necessary. Unless they ask for one
Tony Borchello
Director of Commercial Lending
Tony@financeitforward.com
888-211-2192
949-800-5767Last edited by Olderguy; 12-12-2023 at 07:34 PM.
Steve Benjamin
Professional Business Loans
522 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.
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12-12-2023, 10:24 PM #3
- Join Date
- Oct 2022
- Posts
- 281
You just need to ask the Client what is the budget they are willing to spend and get the brochure prior. I would get them preapproved prior to the auction. Simple...
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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12-14-2023, 04:06 PM #4
- Join Date
- Oct 2023
- Posts
- 12
I would need a package prior to the auction to get them preapproved, as long as credit and banks are healthy shouldn't have an issue getting them approved.
Naisha Hemphill
HIL Financial
www.hilfinancial.com
Office: 425-296-8273
Email: naisha@hilfinancial.com
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03-13-2024, 07:56 PM #5
- Join Date
- Oct 2022
- Posts
- 281
Easy Peasy! There are a thousand ways to approach this! It sounds like you have some familiarity with Equipment financing!
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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03-18-2024, 10:39 AM #6
- Join Date
- Oct 2023
- Posts
- 12
I do indeed! HIL Financial specializes in connecting business owners with equipment financing. As you mentioned, there's a ton of ways to approach this, simple doc package of 3 months banks and an app (SOFT PULL ONLY) is plenty to get an understanding of what they will qualify for and have a preapproval on hand while they shop.
We like to keep it simple
Naisha Hemphill
HIL Financial
www.hilfinancial.com
Office: 425-296-8273
Email: naisha@hilfinancial.com
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