|
Application
Information for
Loans Over $100,000
In addition to a completed Lease
Application, loan applications over $100,000 must be accompanied by a complete
financial statement package, which is defined as follows:
Lessee's Fiscal Year End Statements:
- The balance sheet
- Income statement
- Statements of changes in financial condition and cash flow
- All notes to the financial statements
- If the lessee is a publicly traded corporation, the last
2 annual reports along with the applicable SEC Form 10-K reports must be included
- If the financial statements are not audited, please include 2 years of the business' signed and dated tax returns
Lessee's Interim Financial Statements
Quarterly interim financial statements not more than 120 days old are also required. The interim statements should contain the comparative interim results
covering the same period as the prior year. For publicly traded corporations, the SEC Form 10-Q report for the latest quarter and the 10-Q for the same quarter a year prior will be required. For private companies, the interim financial statements must be signed and dated by an officer, partner or the owner of the company.
Additional Information on Closely Held Corporations, Partnerships or Sole Proprietorships
Signed and dated copies of the last 2 years of federal tax returns, including all schedules and attachments, for each owner or general partner must be provided, as well as a signed and dated personal balance sheet, not more than 90 days old. For closely held corporations this information needs to be provided for each common stock shareholder.
Guarantors
The information outlined above will be required on all guarantors.
For transactions of $100,00 to $250,000, turnaround time will be 2 days after receipt of a complete package. For transactions over $250,000, turnaround time will be
4 days after receipt of a complete package.
All transactions of $100,000 or greater require an outline of the use of the funds.
All approvals are good for 90 days.
Sale/Leaseback and Working Capital Loans
On transactions of this type, in addition to complete financial packages,
Thielking Leasing, Inc. requires an outline of the use of funds. The minimum size for one of these transactions is $75,000. In addition, they are subject to appraisal and lien searches.
Restricted Industries
Equipment Rental Firms
Thielking Leasing, Inc. will consider a request to lease to an equipment rental firm only under the following conditions:
- In business at least 5 years
- Leveraged not more than 3:1
- Current ratio not less than 1:1
Trucking Firms/Owner Operators
Thielking Leasing, Inc. will consider applications from trucking firms only under the following conditions:
- Owner(s) must be manager(s)
- The firm must have a fleet of at least 3 tractor units
- Office must not be in the owner's home
- Owner(s) must be homeowner(s)
|
