subject: Conventional Medical Equipment Financing and Leasing, Application Only and Full Documentation Programs [print this page] Conventional medical equipment financing and leasing is still available in todays financial markets. In this article, we are going to address some application only programs that are available up to $125,000 and full documentation packages up to $250,000. In todays market, many lenders have either run out of money to lend or must liquidate their off lease inventories to generate working capital. Additionally, some lenders are no longer in business due to these difficult economic times. This economic crisis has affected everyone including banks and lenders. The available programs described here include you locating your own medical equipment and bringing to a conventional lender for financing The requirements for application only programs up to $125,000 are the following: A Credit requires the following: Up to $125,000 5 years TIB (time in business) under current ownership 700+ credit score B Credit requires the following: Up to $75,000 0-3+ years TIB (time in business) under current ownership 650-700 credit score The rates on A and B paper will be slightly different. Additionally, a filled out lease application dated and signed by the owners and summary page of the last three months business bank statements will get the lending process started. A copy of an invoice, purchase order etc would be required from the qualified dealer. Additionally, other information might be required but this is taken on a case by case basis. For financing up to $250,000, these are the following requirements: 5 years TIB (time in business) under current ownership Full Financial Package is required will ALL applications 675+ credit score Low 5 Average bank balance with no NSFs or Overdrafts Additionally, the details of this program is listed below if a Corporation of any kind) 1. 2 current years corporate tax returns (COMPLETE WITH ALL SCHEDULES AND ATTACHMENTS) 2. Last 2 years profit & loss statements 3. Last 2 years balance sheets 4. Year to date profit & loss statements 5. Year to date balance sheets 6. 2 current years personal tax returns for ALL owners (COMPLETE WITH ALL SCHEDULES AND ATTACHMENTS) 7. Current signed and dated personal financial statements for ALL owners 8. COMPLETE application with ALL owners information and signatures (if a Sole. Prop.) 1. 2 current years personal tax returns (COMPLETE WITH ALL SCHEDULES AND ATTACHMENTS) 2. Current signed and dated personal financial statements 3. Last 2 years profit & loss statements 4. Last 2 years balance sheets 5. Year to date profit & loss statements 6. Year to date balance sheets 7. COMPLETE application with ALL owners information and signatures Once again, a signed and dated lease application would be required to get the financing process started. A copy of an invoice, purchase order etc would be required from the qualified dealer. Additionally, other information be might be required but this is taken on a case by case basis. This application only and full documentation program would apply to following types of healthcare professionals: Cardiologists, Radiologists, Dentists, Urologists, Vets, Surgeons, Physical Therapists, Neurosurgeons, OB/Gyns, Oncologists, Physical Therapists, Plastic Surgeons, Oral Surgeons, Proctologists, Oral Surgeons, Family Doctors, All MDs, Cardiovascular Surgeons, etc Additionally, the types of medical equipment that would qualify under this application only and full documentation financing programs would be: X Ray equipment, Bone Imaging, Cat Scans, Cardiac Monitors, MRI and Imaging equipment, Lasers and Monitors, Ultrasound equipment, Radiology equipment, Surgical tables and lights, anesthesia machines and vaporisers, microscopes, medical equipment etc In these difficult economic times, there is still conventional lending available for the qualified applicant Happy hunting for your medical equipment and related financing
Conventional Medical Equipment Financing and Leasing, Application Only and Full Documentation Programs
By: Rick Reed
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