Merchant reaches out to me to see if I can beat an equipment financing quote.
"RITCHIE BROS APPROVED ME FOR 230K AT 9% ON NA 60 MONTH 0 DOWN"
What I was able to offer this merchant:
We are pleased to offer xxxxxxxxxxx a $500,000 equipment Master Credit Line that can fund your current and future equipment acquisitions through separate schedules. You can access the term sheet here:
I understand Steve has already provided the Master Credit Line explanation documentation. This document outlines the many benefits and uses of this program in-depth, and how it can be utilized for both this current schedule, acquiring the Rogue Convex Transfer Truck Box and Trailer, and any future invoices for which you need to allocate funding, up to a total of $500,000.
To utilize this Master Credit Line for your current equipment invoice of $181,331.44, your monthly payment for 72 months on this schedule will be $3,377.29. This is calculated by multiplying the total invoice amount of $181,331.44 by the Lease Rate Factor of 0.018625.
Following the e-signing of the Master Credit Line document, we will provide a separate loan/lease agreement outlining the complete details of this contract.The remaining balance of $318,668.56 ($500,000 - $181,331.44) will be available for subsequent funding needs across other schedules or invoices.
Similar to a revolving line of credit, you only pay for the amount you draw or fund from the credit line. As monthly payments are made, the outstanding loan balance will decrease, and as long as a good payment history is maintained, you will continue to have access to the available credit as payments are processed.
If you are ready to secure your access to the Master Credit Line and proceed with funding the custom-build Air Ride Transfer Unit, please provide the following:
Complete and e-sign the Term Sheet using the provided link.
A copy of your eligible CDL.
Verification of the address where you plan to park and keep these unit(s) at night.
The address you previously providedxxxxxxxxxxx, needs to be verified.
We will send an invoice for the one-time $1,295 closing fee, which can be paid via ACH online from your business checking account.
We will reach out to the vendor directly to obtain the necessary information, along with the updated and final invoice and their payment instructions for the attached invoice.
Meanwhile feel free to contact me with any questions.
We're committed to supporting your company's financial growth.
Merchant is moving forward with this MCL.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
Broker, Underwriter, general business loan expert
949.228.1050
Great info here Steve