| Conventional medical equipment financing and leasing is | | | | requirements: • 5 years TIB (time in business) under |
| still available in today’s financial markets. In this | | | | current ownership • Full Financial Package is |
| article, we are going to address some application only | | | | required will ALL applications • 675+ credit score |
| programs that are available up to $125,000 and full | | | | • Low 5 Average bank balance with no NSF’s |
| documentation packages up to $250,000. In today’s | | | | or Overdrafts Additionally, the details of this program is |
| market, many lenders have either run out of money to | | | | listed below if a Corporation of any kind) 1. 2 current |
| lend or must liquidate their off lease inventories to | | | | years corporate tax returns (COMPLETE WITH ALL |
| generate working capital. Additionally, some lenders are | | | | SCHEDULES AND ATTACHMENTS) 2. Last 2 years |
| no longer in business due to these difficult economic | | | | profit & loss statements 3. Last 2 years balance |
| times. This economic crisis has affected everyone | | | | sheets 4. Year to date profit & loss statements 5. |
| including banks and lenders. The available programs | | | | Year to date balance sheets 6. 2 current years |
| described here include you locating your own medical | | | | personal tax returns for ALL owners (COMPLETE |
| equipment and bringing to a conventional lender for | | | | WITH ALL SCHEDULES AND ATTACHMENTS) 7. |
| financing The requirements for application only | | | | Current signed and dated personal financial statements |
| programs up to $125,000 are the following: “A” | | | | for ALL owners 8. COMPLETE application with ALL |
| Credit requires the following: Up to $125,000 • 5 | | | | owners information and signatures (if a Sole. Prop.) 1. 2 |
| years TIB (time in business) under current ownership | | | | current years personal tax returns (COMPLETE WITH |
| • 700+ credit score ”B” Credit requires the | | | | ALL SCHEDULES AND ATTACHMENTS) 2. Current |
| following: Up to $75,000 • 0-3+ years TIB (time in | | | | signed and dated personal financial statements 3. Last |
| business) under current ownership • 650-700 credit | | | | 2 years profit & loss statements 4. Last 2 years |
| score The rates on A and B paper will be slightly | | | | balance sheets 5. Year to date profit & loss |
| different. Additionally, a filled out lease application dated | | | | statements 6. Year to date balance sheets 7. |
| and signed by the owners and summary page of the | | | | COMPLETE application with ALL owners information |
| last three months business bank statements will get | | | | and signatures Once again, a signed and dated lease |
| the lending process started. A copy of an invoice, | | | | application would be required to get the financing |
| purchase order etc would be required from the | | | | process started. A copy of an invoice, purchase order |
| qualified dealer. Additionally, other information might be | | | | etc would be required from the qualified dealer. |
| required but this is taken on a case by case basis. For | | | | Additionally, other information be might be required but |
| financing up to $250,000, these are the following | | | | this is taken on a case by case basis. |