- We want your "A" credits.
- Our transaction sizes range from $3,000 - $50,000 and range from 12 – 60 months.
- We will review your documents for approval – EFA and Lease Documents.
- We will also fund Municipal transactions for city, county and state entities. We do not do Federal financing.
- We bill and collect for all transactions.
- App only to $50,000.00 -- again “A” credits are our market.
- All transactions are reviewed individually.
- Competitive pricing based on our special profit sharing model
- Target Scores: 700 Fico and above; 67 Paydex and above
- No private party sales or sale lease backs
- Minimum Time In Business – 3 years under current ownership
- Personal Guarantees for owners are required on every transaction unless qualifying financials and history are provided.
- ACH is mandatory, using a form that we will provide you to add to your doc package.
Application packets should include:
- Complete credit application signed by the owner(s)/guarantor(s)
- Home and cell phone numbers and email addresses for each guarantor
- Transaction write-up
- CBR on owner(s)/guarantor(s)
- Detailed vendor invoice/quote/sales order
- The three (3) most recent months of complete bank statements are required.
- We may also pull additional business and/or personal credit reports.
Equipment and Location Criteria
- We will consider a wide range of equipment and fund in all 50 states.
- Partial prefunding will be considered with prior vendor qualification and approval.
- We will do new and used titled vehicles, with all titlework handled by a dealer or a 3rd party title service.
- For used equipment, we require an independent condition report or comps.
- No foreign vendors
- Restricted equipment types include: ATMs, Gambling Machines, HVAC, POS Systems, Web Sites, Metal Buildings, Signage, Dry Cleaners, Amusement and Recreation, Gas Pumps and Dispensers, and Furniture.
- Restricted industries include: Agriculture, Restaurants, Chiropractors, Lumber/Logging, Owner/Operator Trucking, Livery, Auto Repair and Body Shops, Beauty and Tanning, and Home based businesses.
Documentation and Funding Requirements
- Broker document packets must be approved prior to initial submission.
- Venue or assignment of venue should read State of Illinois, Cook County.
- Copies of driver’s Licenses for all contract signors/guarantors in lieu of notarization of signatures
- Insurance Certificates with Padco Financial Services, Inc. as Certificate Holder and Loss Payee (as well as Additional Insured for liability for lease contracts)
- Broker Invoice and Assignment Form to Padco Financial Services, Inc.
- Copy of commitment/cover letter or invoice to customer outlining the terms and advance payments
- Copy of the Advance Payment check and/or Security Deposit
- Notice of Assignment Letter to Lessee to be provided on your letterhead and signed by the customer in acknowledgement
- Site inspections may be required – you will be notified upon approval.
- Faxed or emailed copies of executed documents will speed up the funding process, but original documents are required prior to funding.
- We will do verbal verifications with each guarantor prior to funding.
Collections and Defaults
- We make every attempt to process all collection issues internally, but any assistance you can provide is always appreciated.
- We provide monthly status reports to show how your portfolio is performing.
- In the event of a default and repo situation, we will likely expect your involvement and assistance.
Benefits to Funding with Padco Financial Services
- Personalized service
- Flexible rates
- Quick turn-around
We encourage you to contact us with any questions!