A: Yes, I would certainly say that this customer fits that mold.
A: There were actually multiple aspects of the overall credit package which might cause other lenders to stumble. The customer had lots of industry experience but had only had a business of his own for a limited time. The equipment was very soft collateral. In addition, the equipment is rented out and would be moved around from location to location. Finally, the company had made a lot of investments recently and was thus showing a loss on their books.
A: No, not really. We were able to wrap up an approval in less than a day after receiving the full package, and we moved as fast as the customer and vendor could provide information needed for closing on the financing.
A: We listened to his whole story and were able to get comfortable with his overall situation based on his experience, connections, understanding of the industry, and equipment and the like.
A: When you have an opportunity to grow and expand your business that truly makes sense, find someone who will actually listen to your story and will consider all strengths and weaknesses in an effort to help you overcome any potential roadblocks or shortcomings. Then, share as much detail as you can with them to help them understand why you are a good risk. If you don’t already have a relationship with someone like this, please give us a call!
Next week we will check in with another finance officer to continue to provide you with insight in to our processes. Stay up to date and learn more from our valuable resources at www.AmericanEFS.com/The-Bottom-Line