Syndicated Leasing serves new and established businesses with lease amounts from $5,000-$75,000. Credit is based on personal credit of guarantor, time in business, industry, equipment needs and location. Additional collateral, security deposits, or guarantors may be required. How to qualify
Browse the categories below to learn more about our criteria for approval:
- Bureau/FICO Scores
Syndicated Leasing will obtain Equifax BEACON(r) Scores for each guarantor. Scores of at least 600 for the best guarantor are necessary for most approvals.
- Depth of Credit
A longer credit history with multiple credit lines and types helps us see how you manage debt. Applicants with more than 5 years of credit history and 5 open lines of credit are desirable.
- Credit Inquiries
Credit inquiries can indicate your risk as a borrower. Syndicated Leasing has no limits on inquiries; however a lower number is better.
- Major Derogatories
These 90-180 day delinquencies may include collections, repossessions, open tax liens, and charge-offs. They must be limited and explained by the applicant. Chances of approval are low for individuals receiving credit counseling.
- Number of Guarantors
More guarantors on the lease increase the likelihood of approval and may strengthen deficient areas of the contract. Guarantees of spouses are encouraged, especially when directly involved with business operations. In Vermont, all guarantors must give signed consent for application processing.
Syndicated Leasing requires guarantees from all owners with 15% ownership or greater. 100% of ownership must be reported. No corp-only transactions will be considered. Guarantees from owners with 15% ownership or less may be required.
- Prior Bankruptcies
Syndicated Leasing will consider owners with prior bankruptcies with re-established adequate credit. These applications may require financial statements.
- Revolving Debt Burden and
Total Revolving Debt
Lower percentage rates are better, with less than 30% available credit desirable. Higher amounts of open revolving debt indicate a higher risk, where risk depends on borrower capacity to repay. Tax and financial reports may be required.