Equipment Loan / Mortgage America - Hard-to-Place Residential/Commercial/Business Loans Specialist

First BizCapital

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Industry Specialties

Security Guard Co.

The business equipment loan is an amortizing term loan for financing specific business equipment purchase with the security of knowing a fixed payment amount and repayment term. This loan is secured by the equipment financed and lender pays the loan proceeds directly to seller on behalf of equipment user.

The business equipment loan is easier than other forms of business loans and lines of credit because the asset to be acquired becomes collateral. This is even more favorable to the borrower particularly when the equipment is for general purpose with limited obsolescence.

Loan Amounts

Loan amounts $10,000 - $250,000

Some limitations apply based on size and type of business, age of equipment and down payment.

Terms

Up to 5 years
Term depends on age of equipment and amount of down payment
The life expectancy for computer equipment is monitored. By payoff time, the computers may become obsolete with limited liquidation values.
Longer terms available with SBA Express guarantee

Interest Rate

Adjustable rates floating with Prime index
Rate to be determined based on overall risk factors of the applicant

Other Criteria

Business must be profitable
Acceptable credit history
No business and personal financial information required for credit requests less than $50,000
For credit requests between $50,000-$150,000, last 2 years' business and personal tax returns are required
For credit requests greater than $150,000, last 3 years' business and personal tax returns are required. In addition, a current business financial statement (balance sheet and income statement) including accounts receivable and accounts payable aging reports, and business debt schedule. Business projections for 3 to 5 years may also be required.
A personal guaranty may or may not be required depending on the amount and financial strength of the business. If a personal guaranty is required, then all principals with 20% or more ownership in the business are required to submit personal statements and tax returns.
Collateral required for all equipment loans
Other limitations apply

Maximum Advance

New Equipment: 100%
Used Equipment: 75%

To submit a proposal and request for program information, click Equipment Finance Quote.

Commercial Real Estate Loans | Apartment Loans | Construction & Land Loans | Hard Money Loans | Real Estate Notes

The material on this web site is for informational purposes only. This information

may change without notice, and does not contain all of the applicable terms,

conditions, limitations and exclusions of the products and services described herein.