In this current financing environment, new business start ups and older businesses with credit issues have to be addressed in a different manner not only by the customer but also by the lender. Many good potential business start ups and seasoned businesses have credit issues but have strong cash flows and/or strong contracts that will generate a substantial cash flow. The lender must and can be misled by the personal credit score and can look beyond the basic personal credit score.
This type of lender is a C Type lender and usually will require the following paperwork.
New Businesses, Under Two Years Old
Terms 12-30 months / 15% Minimum Refundable Security Deposit
If a Business has been open for a few months, retrieve bank statements
Older Businesses with Previous Credit Issues:
Terms 12-36 months / 10% Minimum Refundable Security Deposit
The lenders prefer to see seasoned businesses with at least $250,000 annual sales volume, multiple employees, business land line and a commercial business location. Lender likes brick and mortar types. A real business with a real product or service – commonly called essential industries.
Types of industries and equipment include:
Agriculture machinery, construction, automobile, communication equipment, computer systems, machinery equipment, manufacturing and assembly plant equipment, office equipment , material handling equipment, waste and management equipment, wood working equipment, telephone equipment , vending equipment etc
These C Type lenders usually restrict their financing between $10,000 to
$100,000. The leases usually run from 12-36 months with a residual buyout at 10%…This gives the lender and potential an opportunity to achieve financing in an economy with imperfect credit
Happy hunting for your financing…
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