Our application only, collateral only loans are available for borrowers seeking $300,000 to $30,000,000. Collateral only loans are the perfect solution for business owners looking to secure a loan
based on their equipment value. This type of loan is fast and easy, doesn’t require a credit check and offers superb and flexible loan terms.
How Does a Collateral Only Loan Program Work?
A collateral only loan is a secured loan that is based on the value of your equipment. With only an application, we can determine how much you will qualify for and will set the terms of your loan. You can get up to $30MM without financial statements, deposit information or credit checks. Once your loan has been funded, you can begin paying it back at extremely affordable terms and very competitive interest rates. Collateral only loans are especially useful for businesses with a limited credit history, such as start-ups or businesses that have experienced disruption.
How is the Loan Value Determined?
For new equipment, we’ll loan up to 80 percent of the equipment’s cost, which makes it easy to get
funding for new equipment. For used equipment, we’ll loan up to 75 percent of the forced liquidation value of the equipment. All of your equipment, both new and used, can be used to secure the value of the loan. Not only does this mean that you can successfully leverage most of the equity of your company’s equipment (while also being able to utilize this equipment), but it also means that the program is straightforward and clear. There aren’t any hidden calculations or algorithms.
How Can You Get a Collateral Only Loan?
All you need to do is fill out an application, and we handle the rest. Make sure that all of your equipment is well-documented and furnish us a full equipment list, and we’ll be able to tell you the loan amount that you qualify for. We don’t need to see tax returns, bank statements or other financial documents. All we need is evidence of the equipment that you own and the equity that you hold within this equipment. From there, we can send you your loan paperwork, which you can review, sign and send back. Our loans are financed quickly and easily.
Does your business need to purchase or refinance equipment? The easiest way for a client to get everything that they need is by using a collateral only loan. Through a collateral only loan, businesses can leverage and procure equipment with a loan based on the value of that equipment. To learn more, contact MY Company Funding at 740-917-4960 or visit us at
www.mycompanyfunding.com.
