FAQ
What Equipment will Eastern Funding finance?
Eastern is an independent owned finance company that specializes in lending to the self-service laundry industry. We are not a Captive lender and can finance washing/drying equipment as well as all accessory store equipment from all Manufacturers who serve the industry. We maintain excellent relationships with top quality distributors for all brands of Commercial laundry equipment across the United States and work closely with you and your Distributor to ensure the best possible level of service for you.
Can I obtain a “Pre-Approval,” for a loan?
Eastern evaluates more than a potential borrower’s credit history. As industry insiders we are equally interested in the location of the laundry, its current or projected financial performance, the size of the project as well as the equipment to be financed. It is important that Eastern obtain a signed sales order from the Distributor of your choice and for new store development, a dealer site survey at the time of application for a loan.
We suggest that you visit the dealer of your choice and determine appropriate equipment mix for your store prior to submitting a request for financing.
Will you do 100% financing?
For Acquisition financing Eastern Funding requires a minimum 35% investment toward the purchase. In some cases Eastern may require a higher % down payment.
For new store development Eastern Funding will require a minimum of 30% investment into the project. The total project costs include store equipment, construction and other soft costs (impact fees, sales tax, delivery & installation fees etc.).
In certain rare cases for well established operators Eastern may consider financing a small portion of the construction/soft costs. We may also accommodate requests for full invoice financing to established operators with excellent credit for replacement equipment transactions. Transaction size must be less than $100,000.
What equipment do you finance?
Eastern finances new equipment purchases, store acquisitions and in certain cases commercial real estate. For new equipment financing the decision on equipment is up to you.
Do you provide financing for start-ups?
Yes however we require an investor have adequate previous experience running a small business, clean credit and sufficient investment in the project to meet our underwriting requirements.
What are your rates?
Eastern does not publish rates. We do offer competitive financing options and top of line service to qualified Borrowers within the industries serve.
Often Eastern can match terms for special financing promotions offered by equipment manufacturers. Be sure to ask your equipment Distributor if there are any ongoing promotions that could apply to you.
How long is the process to receive an Approval?
For smaller “Auto” transactions below $100,000 Eastern will generally render a credit decision within 24 of receiving all required information. Timing to approve larger more complex transactions depends on how soon we quickly we can obtain all required information.