An equipment financing specialist is part broker and part financing consultant and has the primary objective of helping you find the equipment financing you’re looking for as quickly as possible.
In order to accomplish this, a financing specialist needs to have a certain amount of experience to be able to quickly qualify your requirements against the available lending sources in the market place, and then help work with you to put an application package together that will properly represent the financing and credit profile for your business.
The key is making sure that once your information has been conveyed and reviewed, that only relevant equipment lending and leasing companies are contacted, otherwise the process can get bogged down with too many applications that may or may not even be able to deliver against your requirements.
This is where time and money can become significant.
In many cases, the business needs to close on a transaction quickly, either from a successful bid at an auction, or a great deal that a seller will not hold for very long until they can get paid.
In either case, a fast turnaround time with the right type of financing terms and conditions is going to be important to complete the transaction.
This is where the higher level of customer service from an equipment financing specialist can pay big dividends by getting things done in the time period required without taking on a financing commitment that is at the higher price range in the market.
With any type of business financing transaction, the devil is in the details, so its very important to make sure that an lending situation is fully qualified and properly documented to make sure that the process can progress as seamlessly as possible.
And if there are any snags along the way, the focus is to iron them out as quickly as possible and staying on top of all parties involved to complete a funding transaction.
If you lose out on a great opportunity because equipment financing could not be arranged fast enough, or was insufficient for your requirements, a true equipment financing specialist understands that may cost you money in terms of business you may have to turn down, or other costs you were trying to eliminate.
As as result, they work in a very diligent manner to try and achieve the desired result in the least amount of time.