Lease financing approval process
Our approval process begins as soon as possible. After customers tell us what their medical equipment and financial needs are, we develop financing alternatives to meet those requirements. Depending on the type of equipment, our customers often rely on our deep industry experience and expertise to help determine the equipment manufacturer that best meets their needs.
Once the equipment has been selected, we produce a term sheet that outlines the best financing options for the particular request. If the term sheet is accepted, our final approval process begins.
From there, our Credit Department assesses the status of the business and its ability to manage the new liability of a lease obligation. Generally, we require two years of audited financials or two years of federal and state tax returns for the entity that will act as lessee. Depending on the time of year, we also request interim financial statements such as an income statement and balance sheet. If personal guarantees are required, we would need tax returns from each guarantor as well as current personal financial statements.
Through the term of the lease, our Operations Team is dedicated to providing full customer service and is available to answer any questions or resolve any difficulties that may arise. The lease does not commence until you specifically authorize us to pay the vendor, not before.
The information mentioned in these articles is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person’s situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Popular Bank does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.