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  1. #1
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Looking to refinance equipment-based loan

    I need to refi a loan against equipment worth $1.5MM for a client of mine. The balance right now is $1,087,000. Equipment was recently appraised. Looking for rates no higher than 7%, and client wants to cash out $185K for purchase of another piece of machinery, if possible. Please send me email:solidmerchantsolutions@yahoo.com

  2. #2
    Banned Reputation points: 4530
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    Looking to refinance equipment-based loan

    Why not just finance the new equipment?
    Please keep in mind that a lender using used equipment as collateral will value the equipment at no more than perhaps 75% of the distressed auction value.
    Bob Shaw

  3. #3
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Looking to refinance equipment-based loan

    thanks Bob. I just need to know of some good direct lenders I can place the refinance thru. financing the new equipment is definitely a good suggestion, but I wonder whether or not the client thought of doing that already...

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