What are the Equipment Leasing Credit Guidelines?
General Guidelines
- Application only up to $150K; up to $250K for stronger verticals and credit profiles; upon Credit Officer’s discretion.
- Comparable credit >= 50% of request.
- Lack of Comparable Credit or other perceived profile weaknesses mitigated with Bank Statements to $100K, Tax Returns or CPA prepared Audited/Reviewed Financial Statements to $150K.
- Personal Guarantees are required for all business <10 years Time in Business or <25 employees or upon Credit Officer’s discretion.
- Bankruptcies, both on personal and entity must be greater than 7 years since occurrence.
- All deemed significant Suits, Liens and Judgments must be mitigated.
- Startups considered; < 1 year Time in Business $25,000; < 2 years Time in Business $35,000.
- Personal Guarantees are required with a FICO score >700 .
- 30% Soft Cost Maximum.
General Transportation Guidelines
Class 8 OTR / Interstate
- 5+ Years Time in Business / +5+ Trucks Registered with the DOT • Must have own Authority under Borrower name, cannot be leased with another company.
- Residential based entities must present CDL on owner and provide a commercial garaging location
- FICO scores of 690+, 5+ open tradelines, 8+ total tradelines and 5+ years trade depth established.
Light Duty and Medium Duty
- FICO 640+ considered
Used Equipment Guidelines
- <10 years old. May consider older equipment if there is evidence of satisfactory condition useful life and current fair market value.
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"Total Merchant Resources is a game changer in the sense that it can help you get capital to fund inventory, receivables, whatever you need regardless of what business you are in."
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