Can I obtain a “Pre-Approval,” for a loan?
Eastern Funding generally does not give “pre-approvals,” as we evaluate more than a potential borrower’s credit history. We are equally interested in the location of the business, its current or projected financial performance, the size of the project, and the equipment to be financed.
Do you have a preferred equipment manufacturer?
No. We finance equipment from all major manufacturers.
Do you do 100% financing?
In most cases, Eastern Funding will require a minimum investment toward the purchase. Eastern Funding may also consider financing a small portion of the construction/soft costs for an established borrower. We may also accommodate requests for full invoice financing to established operators seeking less than $100,000 to replace equipment.
Do you do lines of credit?
Yes.
Do you provide financing for start-ups?
Yes, we do provide financing for start-up businesses. However, we do require an investor seeking start-up capital to have adequate experience running a business, a minimum credit score of 640, and a sufficient investment in the project.
What are your rates?
While Eastern Funding does not publish rates, we do offer competitive financing options and can usually match terms for special financing promotions offered by equipment manufacturers. We offer both fixed and variable rates.
How long does it take to get funding?
For equipment transactions below $100,000 Eastern Funding will generally render a credit decision within 24 hours of receiving all required information. For larger, more complex transactions, approval often depends on how long it takes to obtain all of the required information.
What kinds of financing terms are available?
We offer a range of terms that are customized to your business needs and creditworthiness. We offer repayment terms from 12 months to 120 months.
Can I pre-pay or pay-off early?
Yes. We give you the flexibility to pay off your loan at any time.
Will you check my personal credit?
Yes, but we look beyond your credit in making a decision. Your credit score is only one of the factors we consider.
Have more questions? Contact Us.
