Equipment loans use the assets you’re financing as security, similar to a car loan or a residential mortgage, meaning there is no need for added collateral. Use the equipment as you pay for it while the lender maintains a lien on the machinery. Once you pay the loan back, the lender ...
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A lien is a claim against an asset that empowers a creditor to collect a debt. A lien is generally used as collateral to satisfy a loan.
Some lenders may include charges for legal services, such as preparing loan documents or managing lien requirements. Origination fee. This fee is calculated as a percentage of the loan amount (typically 1% to 3%) and covers the lender’s costs for underwriting and originating the loan. It’s...
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As business owners explore the different ways to obtain funding, the term “blanket lien” may come up with certain lenders. A lien itself is a legal claim against an asset that has been used as collateral. A blanket lien is a lien against multiple assets. ...
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is similar to a credit card in that you can borrow as much or as little as you need and pay it back before borrowing again. Lines of credit can be a good way to finance equipment when you buy from more than one vendor or need to finance less than what an equipment loan would ...
a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one. ...