I was curious if anyone has had problems or heard of any funding disruptions or if anyone has heard any info on when Tiaa Bank will open back up for new lease applications?
We use LEAF and DLL here; was using TIAA before covid but stopped using them for other reasons when before everything started happening.
LEAF seems to be requiring ACH payments and some PGs here and there, but not too bad yet. DLL has seemed to be normal as usual.
I received this email today, hoping it can help others
I wanted to send you a quick reminder about our business financing programs with fast funding and some of the most competitive rates in the industry.
Equipment Financing: Equipment loans or leases for new and used items up to $500,000 with a single-page application. You may automatically qualify for an additional unsecured loan with your equipment purchase. 90-day deferrals are also available for qualified customers.
Working Capital: Unsecured business loans for up to 18 months. Cover any business needs from inventory & marketing to hiring & training with convenient weekly payments.
Are you planning any business purchases in the next few months?
Connie Schmidt│Alliance Funding Group
Vice President of Originations
Cell: (248) 330-8075
I had an interesting call with Great America yesterday about one of my retail clients. They are expanding and opening new stores but they also asked for payment deferral for three months. Great America told us that because they gave them a 3 month deferral due to the virus they would not lease them any more equipment until three months from now. The problem is they are still opening stores during the virus and it is becoming very difficult to get leases done not because of credit, but because they got the deferral
@Art Post posted:
I guess that called "the fine print" or the devil is in the details. It really sucks when companies "surprise" us like that. We work with Great America also and this is good to know. I need to forward to my team since many reps have been using the 90 day thing
Let me make sure I clarify my post - 90 days deferred lease are good. This is in reference to accounts who have asked for payment deferral on their accounts due to coronavirus. We have still done some 90 day deals that have been fine and just like normal.
Just received an email from TIAA Bank today re: financing for office products. Looks like they've dropped the program moving forward. Any recommendations on other financing solutions? We haven't been very satisfied with Wells Fargo.
We are in the same boat. TIAA was great, very good rates and things like add ons and smaller deals were still easy to do.
Great America seems to charge an arm and a leg, we will looking into other options as well.
I was told by our TIAA rep today Marlin has been shaky too laying off alot of people, it will be interesting to see what players are left and who picks up the slack.
We’re using US Bank more and more, picked up the slack from TIAA, plus they will do a true Bakers Dozen lease which is great to offer in these times