Results 1 to 12 of 12
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06-25-2024, 03:17 PM #1
- Join Date
- May 2024
- Posts
- 30
Who do you use for equipment financing?
Currently looking at on-boarding with Dakota.
Was just wondering what companies other brokers are using
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06-25-2024, 03:36 PM #2
- Join Date
- Feb 2017
- Posts
- 3,473
Trust Capital USA, North Mill (requires minimum quarterly funding)
AFG is one of the largest equipment financing companies in the country, they've been nice to work with as well.
Ascentium Capital is bank-owned (like many), but they'll broker out your files if they can't approve it in-house.
Slim is a nice catch-all, they're on the board here, they can get a lot of funky deals done. Maxim is good for the slightly higher-risk.
There are dozens of equipment lenders, the problem is working equipment files is super annoying, they also take forever.
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06-25-2024, 03:46 PM #3
- Join Date
- Aug 2018
- Posts
- 897
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06-25-2024, 04:22 PM #4
- Join Date
- Dec 2023
- Posts
- 66
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06-25-2024, 04:35 PM #5
Here are some references to lenders:
Tony is a superbroker - he can get deals done that most lender's can't - has no maximum and also can do cannabis.
I am currently doing several $500,000 Master Credit lines.
Don't know if the contacts on these others are current or not....you'll have to check...
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
Hope that helps and is a start...
You'll need loan app, 3 months business bank statements, invoice on the equipment. If over $150,000 business tax return.
Keep in mind that purchases are registered as debt on the balance sheet. Sale leaseback are better for long term, and better financing. There are Operating leases and Capital leases.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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06-25-2024, 04:44 PM #6
- Join Date
- Aug 2018
- Posts
- 897
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06-25-2024, 04:51 PM #7Steve 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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06-25-2024, 08:59 PM #8
If you are talking to a trucking company who needs money, ask
Use of funds - equipment financing, working capital or each/both?
Break it down.
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 - if loan amount over $150,000
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
Mileage on invoice.
year on invoice
NOTE: Over 500,000 miles and over 10 years old makes it a C-D financing.
For a private party equipment transaction we would need the following:
- Complete condition report (showing make, year, model, with current condition and mileage)
- Photos of the unit
Once unit is approved then lender will request;
- Copy of title (front and back)
- Bill of SaleSteve 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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06-26-2024, 12:21 PM #9
- Join Date
- Mar 2024
- Posts
- 261
Select Funding has a decent co brokering option. If you dont have a track record with EQ, dont waste your time. You will not get direct relationships.
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06-26-2024, 12:55 PM #10
- Join Date
- Dec 2023
- Posts
- 66
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06-26-2024, 04:35 PM #11
- Join Date
- May 2024
- Posts
- 30
I've done these kinds of deals before LOL.
My situation is that I was working at pretty good size shop for a while with about 100 guys now im navigating the space on my own figuring out who to partner with because we're newer its harder for us to get onboarded with a lot of the bigger companies.
Got tired pretty quickly of being one of the top selling guys at the company and making **** commissions because the place gave salary. Was making 25% of the commission with a 15$ an hour salary. Kinda blows when you know you're carrying the guys across the room who haven't closed a deal in a month and leave for lunch early.
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06-26-2024, 11:26 PM #12
Last edited by Olderguy; 06-26-2024 at 11:33 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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