The Rise & Rise of New Equipment Lenders

There has been an explosion of new lenders hitting the market over the past year or two, and we thought it would be a good time to let you in on a few that we are now using.

Below is a montage of some of the new companies vying for your business. Some of these new lenders have peak borrowings, i.e. up to $50,000 maximum lend, per asset.

When a new lender comes along, we put them through a pretty extensive test before we accept them as a lending ‘partner’ on our panel. Some of the things that we search for are;

  • Appetite for business                                 Transport/Earthmoving sectors)
  • Loan Portfolio Offering                              Chattel Mortgage, Asset Purchase, Op Lease, etc.
  • Pricing                                                          It may not be a cheap as the Banks, but is it fair.
  • Security for the loan                                   What are they seeking, equipment &/or property?
  • Documentation & Terms                             Is there any hidden ‘gems’ that lock parties in.
  • Early Termination Fees/Payouts               What fees/penalties are charged when loan paid out

 

If we as a company are not satisfied that what is being offered to our clients is reasonable and fair in the current environment, Transport Finance will not deal with these companies.  There are plenty of approaches that have been made from new players in the lending space that we have decided not to add to our panel of lenders and simply will not entertain.

You can be rest assured that if we add a new lender to our panel of available lenders, we have done so after conducting due diligence on them, we consider their offering fit for our clients’ needs and are confident that, if recommended, will be a good fit for your business.

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