CONSUMER COMMERCIAL MUNICIPAL · 2020-02-25 · • 660+ Paynet • Comparable business borrowing...

3580 Anthem Village Drive, Suite B | Henderson, NV | 89052 | 888-464-5256 3580 Anthem Village Drive, Suite B | Henderson, NV | 89052 | 888-464-5256

Terri Hayes 888-464-6256 x [email protected]

Alex Hayes 888-464-6256 x [email protected]

Bob Zinn 954-522-3773

[email protected]

John Papadopoulos 954-636-8571

[email protected]

CONSUMER COMMERCIAL MUNICIPAL

Mower Finance is the fastest, easiest, most powerful way to secure fair equipment financing for all of your customers. One application gives access to our multi-lender platform which finds them the best solution based on their credit profile and needs. Because Mower Finance represents a range of lenders, we can offer a variety of financing solutions to a full spectrum of customers with fewer turn-downs.

WE HAVE PAYMENT SOLUTIONS FOR EVERYONE

MORE APPROVALS!

3580 Anthem Village Drive, Suite B | Henderson, NV | 89052 | 888-464-5256 3580 Anthem Village Drive, Suite B | Henderson, NV | 89052 | 888-464-5256


Minimum Requirements• Photo ID showing that you are at least 18 years

old• Minimum Annual Gross Income of $12,000• Valid Social Security Number (SSN) or Taxpayer

ID Number (ITIN)• Valid Email Address & Phone Number• Electronic Payment Method• Ability to make first payment at lease creation

and set up ongoing payments

No Credit Needed Lease• Transactions of $200 to $5,000• Instant Approvals• No Credit Needed• Bundles of items eligible• 5-month minimum term• Early purchase options• Bi-weekly and monthly payment options

Low Payments Lease• Transactions of $200 to $15,000• $1 first payment to take product home• Term length structured to keep payments

low• Skip-A-Payment Option available• 30 Days Same as Cash Option• No early pay-off charges• Bundles of items eligible

May Be Required• 12 months as a W-9 contractor or 6 Months on

the job at a W-2 employee• Monthly net income of $1300 or more• Checking account for at least 1 month where

income is deposited• Credit score of 550 or higher

Terri Hayes 888-464-6256 x [email protected]

Alex Hayes 888-464-6256 x [email protected]

1 2 3

CONSUMER FINANCINGTRANSACTIONS FROM $200-$15,000

Easy Lease-to-Own Financing

The customer fills out one easy online application using your

unique store link*.

The Terrace Finance intelligent decision engine finds the customer’s

best lender match based on their credit score and needs.

The dealer submits the invoice and awaits the lender’s notification of funding. The dealer then releases

the goods to the customer!

* Call Terri to be onboarded and receive your unique store link if you haven’t gotten one yet.

Mo

we

r F

ina

nc

e C

ON

SU

ME

R P

RO

GR

AM

S

2

3580 Anthem Village Drive, Suite B | Henderson, NV | 89052 | 888-464-5256


CREDIT SCORES OF 580 & UP CONSIDERED

NEW & ESTABLISHED BUSINESSES CONSIDERED

MULTI-LENDER, MULTI-PROGRAM

PLATFORM

MANY PROGRAMS & PAYBACK

OPTIONS

BUNDLE MULTIPLE ITEMS INTO ONE TRANSACTION

Bob Zinn 954-522-3773

[email protected]


[email protected]

A financing solution for transactions under $250,000 that allows customers to apply, receive approvals, sign documentation and the dealer is paid while they are still in the vendor’s showroom!

• Approval to Funding In Less Than 4 Hours!

• Electronic Documents (can be signed on cell)

• 100% Prefunding!

• Application-Only to $250,000!

• No Verbal Verifications Required!

• No Advance Payments Needed under $35,000!

• Valid Driver’s License Required!

• No Insurance Required at Funding!

• New Business Program Available!

• Competitive Rates!

• 2nd Chance Financing!

COMMERCIAL FINANCINGTRANSACTIONS FROM $5,000 to $250,000

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

3


4

1

2

3

4

How The MowerFinance.com Program Works

Step One: Apply Online (2 minutes)

In order to speed the approval process, all applications musty be entered online. MowerFinance.com does not accept fax or email scanned applications. Our simplified online application only takes 2 minutes to fill out!

Step Two: Credit Approval (2 Hours)

MowerFinance.com processes your application and issues a credit decision (usually within 2 hours) by email.

Step Three: Electronic Documents and Electronic Signature (1 Hour)

MowerFinance.com emails legally binding documents for electronic signature. Customer signs his documents on his computer or cell phone. The transaction is now considered closed. No checks are needed to close as 4 Hour will ACH the customer’s bank account at closing time.

Step Four: Funding

MowerFinance.com sends 100% of invoice to the vendor. Unlike many funding companies, we pay 100% of invoice prior to any delivery of equipment. All fundings are paid by ACH so you receive your money fast!

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

Bob Zinn 954-522-3773

[email protected]


[email protected]


5

Bob Zinn 954-522-3773

[email protected]


[email protected]

Commercial Rate OverviewM

ow

er

Fin

an

ce

CO

MM

ER

CIA

L P

RO

GR

AM

S

A RatesAs Low As

0.0%

• 5+ years time in business required• term 24 months to 72 months• 750+ Credit Score• 660+ Paynet• Comparable business borrowing• No Bankruptcy

Application-Only up to

$250,000 B RatesAs Low As

7.5%

• 2+ years time in business required• term 24 months to 60 months• 660+ Credit Score• 650+ Paynet• Comparable business borrowing• No Bankruptcy


$75,000C RatesAs Low As

15.5%

• 2+ years time in business required• term 24 months to 48 months• 580+ Credit Score• 640+ Paynet• Comparable business borrowing• Credit re-established after BK


$39,000


6

Bob Zinn 954-522-3773

[email protected]


[email protected]

Application-Only Credit Requirements

The above criteria is an excellent overview of general Mower Finance credit criteria, but we recognize that there are exceptions. Unlike many firms, Mower Finance takes into consideration non-credit bureau information to approve deals.

Criteria $5,000 to $25,000 $25,001-$35,000 $35,001-$$50,000 $50,001-$100,000 $100,001-$150,000 $150,001-$250,000

Minimum Time in Business

0+ 2+ 2+ 3+ 6+ Speak to a representative for an assessment and more

informationMinimum CBR Score (Equifax)

2+ yrs TIB: 690+ Under 2ys: 625+

615+ 625+ 635+ 690+

Minimum CBR Tradelines 6 (at least 24 mo. old) 6 (at least 24 mo. old) 6 (at least 24 mo. old) 7 (at least 24 mo. old) 8 (at least 24 mo. old)

Installment History on CBR

Not Required Not Required At least 1 over 20K At least 1 over 20K At least 2 over 20K

Homeownership on CBR Not Required Not Required Not Required Required Required

Paynet History Not Required Not Required Not required Required over 75K Required

Bank Statements Only required for firms under 2 yrs in business

Only required for firms under 2 yrs in business

Required Required Required

Minimum Bank Balances (if bank required)

Low 4 Med 4 Med 4 High 4 Med 5

Own Business Real Estate

Not Required Not Required Not Required Not Required Required over $125K

Bankruptcy History None in last 5 years None in last 5 years None in last 5 years None in last 7 years None

Suits/Liens/Judgements Each Suit/Lien/Judgement will be reviewd and a credit judgement will be made as to its potential impact on the customer.

Commercial Rate Factors

Multiply rate factor by purchase price to calculate monthly payment.

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S


7

Bob Zinn 954-522-3773

[email protected]


[email protected]

Fleet Lease ProgramTake advantage of the residual value at the end of your lease term.By avoiding heavy upfront costs, you can keep your cash in your business while you upgrade to the newest equipment, all with less hassle.

At the end of your lease you have 3 options:1.Return your mower(s) and get brand new equipment on a similar program.2. Continue to use and lease your equipment at a reduced payment.3. Buy the equipment for the agreed residual amount.

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

End of Lease- Residual ValueTerm 24 mo. 36 mo. 48 mo.

Fleet Residual 30% 25% 20%

10% FMV Residual 10% 10% 10%

$1.00 Residual $1.00 $1.00 $1.00

9 month/3 month $1.00 $1.00 $1.00

Rate FactorsTerm 24 mo. 36 mo. 48 mo.

Fleet Rate Factor 0.035823 0.025660 0.022316

10% FMV Residual Rate Factor 0.043838 0.030781 0.024280

$1.00 Rate Factor 0.047614 0.033181 0.025995

9 month/3 month 0.065577 0.044251 0.033634

Sample Lease Payments for $10,000 PurchaseTerm 24 mo. 36 mo. 48 mo.

Fleet Payments $358.23 $256.60 $223.16

10% FMV Payments $438.38 $307.81 $242.80

$1.00 Payment $476.14 $331.81 $259.95

9 month/3 month $593.47 $403.39 $308.93


8

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

Start-up Program

Mower Finance is happy to announce our new business program for companies under 2 years in business. This program involves additional credit disclosure versus firms over 2 years in business. Please review the program procedures below.

Under 2 Years - New Business Program Rates

• Maximum Size - Under 1 year $20,000, 1+ years $30,000.

• Advance Payments - Minimum 1 advance payment is needed for new businesses under 1 year in business.

• Doc Fee - $275 doc fee collected with first scheduled contract payment.

• No Bankruptcy History - We will not consider customers with previous bankruptcy

• Tier Scores - Rate is based on credit bureau and business report information.

• Transactions with multiple owners - Require all owners over 20% to meet mini-mum CBR score of 620 to be considered for approval.

• Early Payoff Calculation - Our Equipment Finance Contracts allow the customer to payoff the contracts early using the following formula: “the unpaid balance of the Agreement, including accrued but unpaid payments, discounted to present value at a discount rate not to exceed 5% per annum”.

• Bank Statements - All New Business applications require the last three banking statements (or opening bank statement). A High 4 bank balance is recommended for new business transactions.


9

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

90 Day Deferred ProgramLooking for a competitive edge to help close a transaction? Your customer may be eligible for the “90 Day Deferral Program”. This program is restricted to customers approved at 2A rates or better

90 Day Deferred Program Buy Rates ($100 to start contract, first 2 payments are $100 contact payments)

Only for amounts $5,000 to $35,000

*Calculation for buy rates based on $35,000 transaction

• Only Tiers 1A, 1B and 2A Approvals are eligible• No High Risk collateral - see ineligible collateral below• No used equipment allowed• $100 to start contract, next 2 payments @$100• Maximum $35,000 contract amount• Doc fee is $275.• Mower Finance waives the interim on this program (no interim)


10

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

No Pre-Payment Penalty Contract is Here!How many times have you found yourself in a battle with a tough negotiator or tough competition? Sometimes the best customers demand something that is currently not available in the equipment financing market. How many times have you heard this request - “I want a no pre-payment penalty payoff for this contract”. Only Mower Finance has the answer - Our Special No Prepayment Penalty Contract!

• Customer Specific Request - You have a customer that specifically asks for this feature.

• Many of the customers who ask for this feature, will pay cash if they cannot get a no pre-payment penalty payoff to their contract.

• Customer Seeking a Short-Term Funding Solution - Some of your customers want a short-term funding solution, but do not want to be locked into a long term contract. This new contract is a great way to offer someone a 36 month contract that can be paid off in only 18 months!

• Competitive Reasons - If you are in a competitive situation with another dealer, offer something your competitor can’t - a no-prepayment penalty contract!

Reasons to Offer This Type of Contract:

How The No-Prepayment Penalty Program Works• You must specifically request for your documents to be a “No

Prepayment Penalty” Contract. This is a special contract, and Mower Finance’s normal documents do not include this feature!!!!

• The “No Prepayment Penalty Contract” is restricted to only customer’s approved under 1A, 1B, and 2A rates (no exceptions).

• The max term for the “No Prepayment Penalty Contract” is 36 months.• Customer will have a special addendum to the contract granting a no

prepayment penalty balloon payment anytime after the 18th month. Their payoff amount for each payment will be listed on the contract.


11

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

6 Month Deferral/Step Program For Amounts of $35,000 to $75,000

(Only Available on 60 Month Terms)

Mower Finance is proud to offer a program that very few companies can offer — a deferral contract beyond 90 days! This new program is only offered for amounts between $35,000 to $75,000 and is restricted to applications approved for credit tiers 1A, 1B or 2A.

• Amount to start the contract is 2% of equipment cost plus normal Doc Fee of $275

• Customer’s next 5 payments are equal to 1% of equipment cost (roughly 40% of a norm payment)

• Customer’s remaining payments will be calculated using the rate chart below

How the Program Works

Please call your representative for more details.


12

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

Correct Invoicing Instructions

1. Dealer name and address must be listed on invoice.

2. Customer name must be listed exactly as on credit approval. Customer must be listed under the “Sold to” and “Ship to”.

3. Must have “Invoice” or “Sales Order” on it.

4. Invoice must have a unique invoice number.

5. Quantity, description, cost, and any serial number must be included.

6. Any sales tax must be listed and a total cost must be indicated.

7. Invoice must have current date (less than 3 weeks old.

In order to document and fund your transaction Mower Finance needs the following:

1. Complete your ACH form with your bank information filled out.2. A Correct Invoice as follows:

Send the completed and signed Vendor Prefund Agreement and the invoice to your document checklist!

Upon receipt of your information, documents will be sent to your customer for signing.


13

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

Used Equipment Condition ReportIf you are financing used equipment, please complete this form and return it to [email protected].

Attach this form and 3 color photos to your invoice.


14

Bob Zinn 954-522-3773

[email protected]


[email protected]

Mo

we

r F

ina

nc

e C

OM

ME

RC

IAL P

RO

GR

AM

S

Request for Credit Card Payment For Initial Amount Only

(Only For Transactions of $5000 to $35,000))

Mower Finance now allows customers to use their credit card for the initial payment to start their contract. This feature is only available for transactions under $35,000 and this form must be attached to your document request to initiate this feature for your customer. Please provide us with the following information to proceed:

Name of Transaction: ___________________________________________

Amount of transaction (must be below $35,000):

Name on Credit Card:___________________________________________ (Must be the first PG listed on your approval)

Cardholder Billing Address: ______________________________________

Credit Card Number: ___________________________________________

Expiration Date: _______________________________________________

Security Code (CVV): ___________________________________________(Located on the back of the card)

PLEASE NOTIFY YOUR CUSTOMER THAT WE WILL ONLY DEBIT THEIR CREDIT CARD FOR THE INITIAL PAYMENT NEEDED TO START THEIR CONTRACT.

WE DO NOT ACCEPT CREDIT CARD PAYMENTS FOR ANY OF THEIR SCHEDULED PAYMENTS ONCE THEIR CONTRACT BEGINS!!!

PLEASE NOTE: THERE IS A $35 EXTRA DOC FEE FOR THIS FEATURE—DOC FEE WILL BE $310



Bob Zinn 954-522-3773

[email protected]


[email protected]

LOW COSTS

NON-APPROPRIATION CLAUSES AVAILABLE

FIXED RATES

FLEXIBLE PROGRAMS

NO PREPAYMENT PENALTIES

MUNICIPAL FINANCINGTRANSACTIONS FROM $15,000 & UP

Key Considerations When Implementing a Lease-Purchase Program:• Establish the legal authority to lease-

purchase and the limits to this authority

• Determine which capital expenditures are appropriate for lease-purchase financing.

• Decide whether to finance each acquisition separately, or to undertake a single financing to fund all of the lease purchasing for a fiscal year

• Monitor all transaction costs.

• Understand the transaction terms

Qualifications for Tax-Exempt Municipal Leases:• A passage of title to the lessee

• A bargain purchase option

• A breakout of principal and interest (amortization)

• The equipment being financed is for public purpose

• Lessee qualifies under section 103 of the Internal Revenue Code of 1986

WHO QUALIFIES?

• Public Schools & Universities

• Municipal Golf Courses

• Local, City, & State Government Entities

Mo

we

r F

ina

nc

e M

UN

ICIP

AL P

RO

GR

AM

S

15



Bob Zinn 954-522-3773

[email protected]


[email protected]

LOAN TERMS 3-18 MONTHS

AUTOMATIC DAILY OR WEEKLY PAYMENTS

EASY, FAST APPLICATION

SUITABLE FOR FLOORPLANNING

At Mower Finance, supporting business owners with simple and convenient alternative financing solutions is at the very core of what we do. In understanding the challenges of obtaining funds through traditional methods, we provide small businesses with flexible, easy-to-implement immediate working capital. We understand the need for business owners to have access to different amounts of funds, at different times and for different purposes. Lines of Credit programs allow you to do just that and more. Get approved for larger amounts of capital, but only incur cost on funds you draw.

WORKING CAPITAL LOAN FEATURESWorking capital loans are a great way for businesses like yours to generate capital and to start being laser focused on business growth. To get anywhere in the world of business, it is extremely important to have capital on hand to cover marketing costs, payroll, and any other financial expenses that occur within the daily operations of your business.

LINE OF CREDIT FEATURESWe understand the need for business owners to have access to different amounts of funds, at different times and for different purposes. Lines of Credit programs allow you to do just that and more. Get approved for larger amounts of capital, but only incur cost on funds you draw. Payments can be made on a daily, weekly or monthly basis

WORKING CAPITALLOANS/LINES OF CREDIT FROM $5,000-$500,000

• Purchase Inventory• Buy out a partner• Pay taxes• Open a new location• Renovations or expansion

USES FOR A WORKING CAPITAL LOAN OR LINE OF CREDIT

Mo

we

r F

ina

nc

e W

OR

KIN

G C

AP

ITA

L

16

CONSUMER COMMERCIAL MUNICIPAL · 2020-02-25 · • 660+ Paynet • Comparable business borrowing...

Documents

Transcript of CONSUMER COMMERCIAL MUNICIPAL · 2020-02-25 · • 660+ Paynet • Comparable business borrowing...