GREENMAN
FUNDING
Commercial Mortgages and Equipment Leasing
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Commercial Mortgages and Equipment Leasing
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Construction Permanent Bridge Loans Mezzanine Hard Money Project Fin. SBA 7a SBA 504
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GEMCO LEASING LEASE DOCUMENTATION REQUIREMENTS The following information is required for lease applications greater than $75,000:
1. Lease Application: Please be complete and accurate. The application will be “scored” according to a formula. If references are missing, or the person cannot be reached at the number provided, the application will receive zero points (max of 5) for that reference. The bank reference is very important (average balance, 2-3 years with the same bank, etc.). A legible signature is required to allow us to do a credit check. Time in business, Fed. ID# & Owner SS# (LLCs, etc.) are mandatory. Credit reports will be run on the business (e.g. D&B) and owners/partners even though Personal Guarantees may not be required. Make sure these reports are clean; e.g. no outstanding court judgments, pending lawsuits, etc. Explain potential problems. Suggestion: Provide a copy of your D&B to avoid problems and minimize inquires. 2. Equipment Description: Provide a detailed equipment schedule or purchase order that lists major components. Identify Installation and software costs, particularly for “Fair Market Value” leases. Include a product description and/or brochure. 3. Personal or Cross-Corporate “Guarantees”: Closely held corporations (e.g. Sub-S) and partnerships, or business less than 2 or 3 years old, will often require a personal guarantee from the owners, or a guarantee from another company that has been in business more than 3 years. PGs are required for most “application-only (under $75,000) lease requests”. 4. Company Financial Statements: Provide 2 years audited financial statements or tax returns, plus the current years interim statements. These include the P&L, Balance Sheet and Cash Flow statements if available. Large public companies should provide the latest annual report, 10K and 10Q. The lender is looking for cash flow sufficient to repay the requested lease payment. Explain any problems such as future balloon payments on existing loans, pending litigation, etc. 5. Background Information: Include a brief description of the business (e.g. brochure or WEBSITE address). Explain how the new equipment or project will help the business. Help us feel comfortable with your application.
16209 East Course Drive * Tampa, FL 33624 813-968-6867 FAX 813-963462 Greenman.Funding@verizon.net |