Application Only Guidelines
Limits are as follows:
| TIB | APP ONLY
LIMITS | FINANCIAL INFO
REQUIRED |
0-2 Years
2-5 Years
Over 5 Years
|
$5,000 to $20,000
$5,000 to $35,000
$5,000 to $50,000
|
$20,001 to $75,000
$35,001 to $75,000
$50,001 to $75,000
|
Existing Customers
Current customers with more than 18 months or more pay history qualify for expanded application only limits. Customers must have no delinquencies greater than 30 days and limited 0-30 day delinquencies. Expanded application only limits apply to net outstanding balance of current leases plus amount of new request. Limits are:
| 0-2 Years Time in Business |
$35,000 |
| 2-5 Years Time in Business |
$50,000 |
| Over 5 Years Time in Business |
$75,000 |
Financial Statement Requirements Above Application Only Limits
Transactions above application only limits and up to $75,000 must include the following financial statements:
- Personal Financial Statement
Required for all guarantors. Must be no more than 90 days old, detailed and accurate with supporting schedules, signed and dated.
- IRS Tax Returns
Complete personal or business IRS tax returns preferred, with minimum information as outlined below accepted when the transaction or aggregate exposure is less than $50,000:
-Personal IRS Return
Pages 1 & 2 of IRS Form 1040 and schedules A, B, & C
(Business Income of Loss)
-S Corporation Return
Pages 1, 2, & 3 of IRS Form 1120S and schedules D & all schedule K's
(Distribution Schedules)
-US Corporation Return
Pages 1, 2, 3 & 4 of IRS Form 1120 and schedules D & E
(If not completed on page 2 of the return)
-Partnership Return
Pages 1, 2, 3 and 4 of IRS form 1065 and all schedule K's
(Partner's Distribution)
Transactions Over $50,000
Applications with transaction or aggregate exposure more than $50,000 must include the following financial statements and data prior to credit approval:
- Prior two year's complete personal IRS tax return and detailed financial statements, signed and dated, from each principal and/or guarantor
- Prior two year's complete business IRS tax returns or prior two year's personal IRS tax return of sole proprietor
- Current business balance statement and recent year-end/year-to-date income statement
- Complete and detailed equipment list/inventory/description
Start-ups and New
Syndicated Leasing can provide equipment leasing for new and start-up businesses. For most start-up operations, we look at personal credit history and earnings. Additionally, we may examine your business plan and the principals' experience.
Syndicated Leasing has established programs that allow new businesses to acquire the needed equipment to help grow their companies. All businesses were start-ups at one time and in need of equipment to get off the ground. We don't want to exclude new companies with excellent plans and concepts simply because they have not been in business for very long.
