Equipment leasing program is for revenue generating asset of a company. Lease/Loan request for equipment that is specific for the company’s industry. Start-up programs (<2 years TIB) up to 30K and 24-48 month term leases from 5K- 10M for 3+ years TIB. Deal structures: EFA (equipment Finance Agreement), 10% PUT (end of lease 10% balloon), FMV (fair market value), and $1 buy-out (residual).
- Completed application
- Proof of ownership (tax return, Secretary of State filing minutes, Business Lic etc)
- Proof of TIB (Tax returns, bank rating etc.)
- Detailed Invoice of equipment (cost breakdown, VIN #, Serial #, Vendor info and contact, billed and ship to client’s business etc.)
- If Private seller, will also need pictures of equipment to include data plate.
- To expedite the process we request these documents are separated and in PDF format.
- Example: Dex Small Pony INC truck pic1.pdf Dex Small Pony INC Application.pdf
Once legible and completed documents are received the file is reviewed by a Finance officer and you will be contacted within 24 hours to discuss findings and all options available to client.
Minimum Requirements (non start-ups) for Submission:
- Time in business 3+ years
- 620 FICO
- NO BKs
- Homeowner preferred
- NO Long-Haul trucking (unless it is a fleet 5 or more)
- Equipment must match business industry (no pizza-ovens for a trucking company)
- Asset and vendor goes through a separate approval than client. Example: Client is qualified but the asset he wants is too old, over-priced, etc.
- Companies that have titled equipment owned outright can use as collateral to mitigate risk. Must be less than 10 years old and less than 600K miles (trucking).
- Value of collateral is calculated 80% of auction value based on national auction pricing
- Collateral Required: Existing equipment, or new equipment business wants to purchase
- Loan Amounts: $10,000-$2 million
- Term: 12-48 months
- Rates: 7%-28%
- Credit Requirements: 620 or higher FICO score
- Details: 3 years time-in-business required
- Deal Submission requirements: Application, details on equipment being financed