Is there a prepayment penalty?
No, there is not a fee for early payoff, but the payoff amount will include the unearned interest through the contract maturity date.
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, etc. terms are available as well.
Will there be a down payment?
It depends on time in business and strength of the obligor. 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.
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?
Yes. There will be a small documentation fee based on loan size and the number of schedules drawn.
When do payments start?
The loan and payments commence once the equipment has been delivered.
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.
How will I receive my documents?
All documents are securely executed via e-signature.