Looking for financing

[MyLaundry]

Hi guys,
I am frustrated lately because I had been turned down by American Credit Corporation to finance a $300,000 equipment deal. (due to a judgement in 1999 and not so attractive tax returns record). These new equipments are intended for my second store location. My first store is in business for 6 years, and is making some profit. Now, I am stuck with location lease signed but can't get equipment financed. I am desperate to find a way out. Does anybody know any financing or leasing company that will do laundry equipment and will consider my application ? Worst come worst, I may have to sell my first store (which is valued about $310,000) to finance the new location. But it will take a while to sell the store !! :-(

You can post it here or email to me at hopelaundry@hotmail.com

Thanks for any advice.

[JBTcajun]

I found wascomat to be quite accommodating. Did you try them direct?

[BWJR]

Do you have access to a line of credit as a down payment?

BWJR

[fluffy]

I would be amazed if the equipment dealer is not able to find financing for you - if you've actually been in business for 6 years and you're looking to buy that much new equipment. Otherwise you can always try some of the finance firms listed in all the industry mags.

Maybe you're having troubles because your place of residence is "USA":)...which leads me to believe you cooked your books over the past 6 years.

[MyLaundry]

Well, I have not approached the Vikings Financial yet, because I plan to buy the ADC dryers. Those folks at Vikings may not like to see me buying the ADC.

I do not have any line of credit right now, but I have some cash to pay for about 15% of the sale cost as down payment. And I have to dig into home equity to pay for the construction cost and the county's high impact fees.

Frankly, this is my favorite site to look for advice and ideas, and still can keep certain level of privacy. I like that. You guys are wonderful.

[Kitty]

Contact Michael Fanger with Eastern Funding..........mfanger@easternfunding.com

Check out his website. http://www.easternfunding.com/ Ver nice and helpful man. Great luck, tell him I/Coinwash sent you.

[CharlieS]

An unfortunate situation, but not without possible solutions.

First, for newbys, the lesson here is to have an "out" in your initial lease agreement, until all the details of the plan are secured.

Solutions -

1) Have you tried local banks and/or SBA funding? A good relationship with your local banker is worth its weight in gold. I get better rates locally as well. Begin with a well prepared business plan.

2) You may want ADC, but Wasco dryers aren't all that bad. Its a minor accomodation to your overall plan. Give Viking a try.

3) There are lots of leasing companies out there, but you will ultimately pay a much higher price.

Charlie

[BWJR]

Have you applied for a line of credit? It takes less than a week to get approved, as long as your affairs are in order and you have equity in real estate, as you mentioned that you do.

BWJR

[stlbob]

I had a Very good experience with Viking. Very fast, easy and a very attractive interest rate. I did get all Wascomat equipment.

Bob

[mike]

I would go with Viking (Wascomat equipment) financing

I thought american dryer financed in the U.S. (they don't in Canada :-(

But as CharlieS said Wasco's dryers are okay.