Medical Equipment Leasing - Full Financial Disclosure
“A” Credit - Financial Disclosure Program
$20,000.00 - $500,000.00
This program is for Medical Professionals that own and operate their own medical practice.
General Information:
Terms of 12, 24, 36, 48 and 60 months are available
$495 administrative fee required on all transactions
Approvals are valid for 30 days
Prefunding is available in most cases. Up to 100% of the cost can be done. The lessee will be charged a $100.00 fee per draw (this is in addition to origination / acquisition fee). The lease will begin with prefund and the customer will be expected to make full lease payments every 30 days until lease / loan is paid in full. Equipment requiring an inspection as a condition of approval will be prefunded a max of 50%.
90 Day Deferred Payments are available. Your clients make contact payments of only $100.00 per month plus applicable sales/use taxes. Must be able to show justification for deferred payment and requested at time of submittal.
Guidelines To What’s Needed:
675 Beacon, Experian, Trans Union credit score required on all PG’s
Home ownership required on all PG’s
40% or more available in revolving debt
Less than $40K in credit card debt
3 years TOCP
70 Paydex
$20,000.00 - $300,000.00
Current year to date interims (within 3 mos.)
2009 Year Ending P&L and Balance Sheet
Most recent Complete 2 years Business Tax Returns
Most recent Complete 2 years Personal Tax Returns
Signed Personal Financial Statement
$300,000.00 - $500,000.00
Current year to date interims (within 3 mos.)
2009 Year Ending P&L and Balance Sheet
Most recent Complete 3 years Business Tax Return
Most recent Complete 2 years Personal Tax Return
Signed Personal Financial Statement
Guidelines To Big No’s:
No business or business owners with prior Bankruptcy will be considered
No significant judgments or collection accounts
No Used Equipment (Older than 10 years)
No leasehold improvements
Corp-Only:
10 years TOCP
$1MM tangible net worth per CPA Audited/Reviewed financals
Positive sales, margins and profit trends
Adequate cash flow to service existing and proposed debt. Debt service coverage of at least 1.5 times. Cash Flow coverage = Net Profit + Depreciation – Dividends / Current Portion of Long Term Debt (CPLTD) + New Payments
Adequate liquidity (as measured by the current and quick ratios)
Moderate leverage (as measured by total debt to tangible net worth – TNW)
Submittal Check List
“A” Credit - Financial Disclosure Program
$20,000.00 - $300,000.00
Signed Credit Application
Detailed write up
Description of Equipment & Reason for Purchase
3 Months Complete Business Bank Statements
Current year to date P&L and Balance Sheet
2009 YTD P&L and Balance Sheet
Most recent complete 2 years Business Tax returns
Most Recent 2 years Personal Tax Returns
Signed Personal Financial Statement
Submittal Check List
“A” Credit - Financial Disclosure Program
$300,000.00 - $500,000.00
Signed Credit Application
Detailed write up
Description of Equipment & Reason for Purchase
3 Months Complete Business Bank Statements
Current year to date P&L and Balance Sheet
Most recent last 3 years P&L and Balance Sheet
Most recent complete 3 years Business Tax returns
Most Recent 2 years Personal Tax Returns
Signed Personal Financial Statement
Most recent last 3 years P&L and Balance Sheet
“B” Credit - Financial Disclosure Program
$50,000.00 - $500,000.00
May require structuring with additional collateral, down payments, and / or security deposit.
Transactions less than $500,000.00 require FMV residual and CPA Audited or Reviewed Financials.
All B credit transactions require full financial disclosure and are priced individually on a deal-by-deal basis.
“C” Credit - Financial Disclosure Program
$10,000.00 - $75,000.00
General Information:
Sub-Brokers must be identified.
Terms of 12, 24, 36, 48 and 60 months are available.
$495 administrative fee required on all transactions.
Approvals are valid for 30 days.
Prefunding is available in most cases. Up to 100% of the cost can be done. The lessee will be charged a $100.00 fee per draw (this is in addition to origination / acquisition fee). The lease will begin with prefund and the customer will be expected to make full lease payments every 30 days until lease / loan is paid in full. Equipment requiring an inspection as a condition of approval will be prefunded a max of 50%.
90 Day Deferred Payments are available. Your clients make contact payments of only $100.00 per month plus applicable sales/use taxes. Must be able to show justification for deferred payment and requested at time of submittal.
Guidelines To What’s Needed:
650 Beacon, Experian, Trans Union credit score required on all PG’s
600 Beacon, Experian, Trans Union credit score required on all additional PG’s
PG’s of all owners with 15% or more ownership
Home ownership required on all PG’s
30% or more available in revolving debt
2 years TOCP < $30,000
6 years TOCP > $30,000
New ownership of an existing practice will be considered s long as the only change is the ownership. Financials will be required on applications over $50K.
Bankruptcies will be considered so long as the applicant has re-established credit
Private party sales will be considered for titled & non-titled transactions.
Digital color photo
Condition report
Title requires front & back for credit review
Non-titled require proof of seller’s ownership
Additional co-signors can be offered so long as they are either related to the principal or have active role in practice.
Guidelines To Big No’s:
No Invasive Medical
No leasehold improvements
Sales – Leasebacks (unless less than 30 days)
Not available in Hawaii and Louisiana. Arizona, Florida, Michigan & Nevada cautionary
Submittal Check List
“C” Credit - Financial Disclosure Program $10,000.00 - $75,000.00
