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04-30-2015, 07:29 PM #1
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
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04-30-2015, 08:25 PM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
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
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05-01-2015, 12:48 PM #3
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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