What are the terms?
Most common terms are 36, 48, or 60 months. Shorter and longer terms are available based on loan size and collateral. Annual, quarterly, monthly and summer’s off are available as well.
Will there be a Down Payment?
It depends on time in business and strength of the borrower. Typically, only start-ups will have a down payment which will vary based on the financial profile.
Do I have to tell Broad Fit Financial if I relocate the equipment?
Yes. We must know if the equipment is moved from the location we have on file.
My vendor requires a deposit before they will put my order into production. Will you pay it?
Yes. We can release funds in advance and build that into the structure.
Can I include different vendors on my loan?
Yes. Just send us the quotes from all your vendors and we will work with each of them directly throughout the process.
Can I pay off my loan early?
Yes. Payoffs are allowed 12 months after commencement. Payoffs will include unearned interest. Consider shorter terms to reduce interest expense.
Will this debt show on my personal credit?
No. We do not make personal loans so it will not appear on personal credit. We lend to businesses and the loan will appear on your business credit reports.
Will you pull my credit?
If there is a personal guarantor, we will pull a bureau from the PG to validate their credit worthiness.
Are there any fees associated with this transaction?
At Broad Fit, we pride ourselves on transparency. There are no hidden fees. The only additional charge is a documentation fee, which typically ranges from $599 to $699.
When do payments start?
Payment schedules are customized to meet your needs, though with standard terms, the first payment is due 30 days after funds are sent to the vendor(s).
How long does it take to receive approval?
Existing facilities applying under our Application Only program will receive decisions within 24 to 48 hours. Requests requiring a full financial review will typically take 3 days.
