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A friend of mine is trying to facilitate the sale of a piece of industrial equiplent (50K-100k range) between two parties. The seller has a price in mind. The buyer appears to be comfortable with the price but wants a "time payment" plan. Assuming the seller is creditworthy and the equipment is as spec'd does anyone know of a source of financing that would speed up the sale process?
Thanks,
Manny
Sincere thanks for the great reply. I have passed it on to my friend.
I've used several lease companies - I've had the best luck with Balboa Capital for terms and rate. ANY time you use a leasing company download a program that calculates your interest rate. They will hit you with 20% plus and tell you it is an interest free transaction - You can negotiate a fair rate if you are keep yourself informed. Also - remember to deduct the first and last payment from the principle when calculating the rate if they require it up front. We've done business with Synovus capital, US Bank, Merrit Leasing, Vanguard and a couple of others over the years. Balboa was by far the cheapest rate and easiest to work with if you fit their model.
Watch out for interim rent if you go with US Bank. They will ask you what you would like your due date to be - then charge you that many days of "interim rent" then not count the payment (there is fine print in the contract that says they can do this.) One of our companies got hit for an additional $3000 on $120000 because of that. I complained enough that they finally gave me credit for it.
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