Credit Challenged Solutions
Credit Challenged Solutions
| Client #1 | |
| Credit Score: 499 | Equipment Cost: $77,323.50 |
| Homeowner: Yes | Security Deposit: NONE |
| Equipment: 1999 Hyundai 450 Excavator | Amount Funded: $77,323.50 |
| Additional Collateral: 2000 Halla HC-290E Loader worth $80,000 | |
| General Comments: This client had a low credit score due to a history of late and slow pays. The client also had a very small amount of cash-on-hand, limiting the ability to put down a security deposit. Due to the strength of the collateral, UCF was able to approve this transaction without requiring any security deposit. | |
| Client #2 | |
| Credit Score: 595 | Equipment Cost: $122,181.90 |
| Homeowner: Yes | Security Deposit: $15,000.00 |
| Equipment: 2003 caterpillar 322 CL Excavator | Amount Funded: $107,181.90 |
| Additional
Collateral: 2000 Link-Belt 3900 Excavator worth $70,000;
1999 Bomag BW-213D-3 Roller worth $50,000 |
|
| General Comments: This client had over $100K in tax liens. Because the tax liens were personal, and the client’s business owned equipment that we could use for collateral, UCF was able to structure the transaction so that the tax liens did not affect the businesses’ ability to obtain the needed equipment. | |
| Client #3 | |
| Credit Score: 579 | Equipment Cost: $24,500.00 |
| Homeowner: Yes | Security Deposit: $3,700.00 |
| Equipment: 2001 Freightliner Classic XL | Amount Funded: $20,800.00 |
| Additional Collateral: NONE | |
| General Comments: This client had a truck that was financed by another leasing company. At the end of the term, the lessee did not have sufficient cash to make the purchase option. UCF was able to structure a deal to purchase the vehicle from the other leasing company. Since the value of the truck was more than double the amount needed for the purchase option, no additional collateral was required. | |
| Client #4 | |
| Credit Score: 477 | Equipment Cost: $15,664.96 |
| Homeowner: Yes | Security Deposit: NONE |
| Equipment: 1981 MCI Crusader Bus | Amount Funded: $15,664.96 |
| Additional Collateral: NONE | |
| General Comments: This client had major credit challenges with multiple collections and no record of having paid even a single bill on time. Fortunately, this client's mother was willing to put up her condo as collateral. The equity in the condo was more than enough to meet UCF’s additional collateral requirement, so a security deposit was not required. The client got the bus he needed with a Sale/Leaseback arrangement from UCF. | |
