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TEAM Funding Solutions Commercial Truck Financing

Independently operated and free from third parties, TEAM focus on giving an entrepreneurial mentality and a creative mindset to approve credit.

When the TEAM realized that traditional banks were denying many good business owners down, they created TEAM in 1992. TEAM exclusively funds leases for the Broker community across the United States.

Tamara Cohen When the TEAM realized that traditional banks were denying many good business owners down, they created TEAM in 1992. TEAM exclusively funds leases for the Broker community across the United States.
Tamara Cohen
May 9, 2022

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TEAM caters to a niche in the leasing industry by authorizing leases for entrepreneurs with poor credit and other credit issues or those looking to fund new business initiatives with equipment. TEAM aims to provide credit to business owners who can exhibit their natural strengths to own and manage a company. 

They focus on giving an entrepreneurial mentality and a creative mindset to approve credit as TEAM is operated independently and free from third parties. Here are TEAM Funding Solutions' six unique selling points:

TEAM assists customers in realizing their business ambitions at the core of their business value. They have worked with over 1,000 equipment leasing businesses and thousands of business owners across the United States to fund leases. 

TEAM’s mission is to assist business owners in growing and prospering. TEAM Funding Solutions' advisors and experts can help you explore some ideas if you're a business owner looking to finance equipment or a leasing broker looking to expand your business. TEAM Funding Solutions provides a helpful staff who can teach you how to interpret financial statements, format your applications for clearance, develop marketing ideas, and develop creative strategies to build your company. 

Furthermore, they are available to their customers over the phone, so call + (512) 258-6700 to speak with one of their agents.

TEAM C-Credit Policy 

Customer kinds for C-Credit are readily available. It's akin to purchasing a new car. Once you own one, you'll realize how many more automobiles look exactly like yours. Setting reasonable expectations for the lessee is essential to a good C-Credit transaction; the point is to prepare them for a telephone interview. 

The majority of financiers do not speak with the lessee. C-Credit starts during the interview between TEAM and your lessee. Because TEAM does not do credit checks, you can assist your lessees in preparing for acceptance by telling their story to the credit managers at TEAM. The majority of customers are accepted depending on a range of intangible observations and good judgment.

According to TEAM Funding Solutions, there is no doubt that when interest rates are high, and contract terms are brief, some customers cannot afford the payment. They believe that the decision to close a C-Credit customer has nothing to do with the rate. 

Instead, it is about assisting them in recognizing the significance of getting their equipment or the fear of not having their equipment. They claim that as long as you can assist individuals in recognizing the value of acquiring the equipment and producing a positive return on investment, their intention will remain organic. Clients who cannot afford shorter durations, according to TEAM, are not a good fit.

When credit applications are submitted to funders for approval, funders who approve credit solely based on an application require you to find customers who fit within their credit window. This process is generally simple to follow and quite predictable. 

For many years, this has been how the leasing industry has operated. Customers who do not meet the consumer credit scoring model need a little more intuition to comprehend their likelihood of succeeding. 

TEAM understands that many lessees will experience credit issues at a certain juncture in their business venture. They also believe that if allowed to share their story, several people are worthy of being accepted.

TEAM aims to provide credit to business owners who can exhibit their natural strengths to own and manage a company”

Answers To All The Questions You May Have Related To TEAM's Lease Funding And Other Related Components

What are credit scores?

Credit scores inform lenders whether or not the person being offered credit or a loan is creditworthy. The score is calculated using personal and business account statements and is typically generated by credit bureaus. 

These scores can make as much as a decimal place distinction in the applicant's line of credit or loan. TEAM requires the Leasing Broker to submit applications with a recent credit report for each company owner. Upon receipt, TEAM will pull a different credit report as part of our standard credit approval process. 

Can I get my leases approved on an application–only basis?

When communicating with clients who have "standard credit," an application-only procedure can be effective. However, since TEAM does not use credit scores, the chances of a C-Credit customer receiving approval increase dramatically when a complete financial package is evaluated. 

The phone interview is also much more meaningful. The information provided allows us to discover the strengths of your lessee and discover ways of creating an approval with suitable terms and structures appropriate for your lessee.

How long does the credit approval process take?

The credit approval process takes about a day. TEAM funds all purchases with their funds, so all customers must be approved in-house. TEAM would then interview the lessee and make an immediate credit decision after receiving the full financial credit package from the Leasing Broker. Most of the time, this usually takes about a day.

Why does Team require an interview on the phone?

TEAM believes that the final credit decision should be based on common sense. An interview allows TEAM to comprehend better how you plan to run your business. It facilitates you to demonstrate your managerial skills and honesty and define any problems that do not appear on your financial records or account statements. 

Whether you are fresh to the business and have had credit issues over the years, they believe that many entrepreneurs are worthy of credit if they are provided the chance to share their unique stories. As a result, TEAM's advisors and experts are willing to speak with each customer to ensure your potential to generate profit and to understand the business you are operating.

Everything You Need To Know About Contacting TEAM

TEAM is located at 5351 Thunder Creek Rd. Austin, TX 78759, and Team's hours of operation are Monday through Friday, 8 a.m. to 5 p.m. CST. If you are a current customer with questions about your account, you can contact them during regular business hours. 

If you are a broker at TEAM and need help with a transaction, you can contact Team's Broker Support team at (512) 538-1605. You can also reach them out at their provided email address: support@teamfundingsolutions.com

However, they also have a contact form that allows you to directly email them from their website without composing a separate email from your account. All you need to do is enter your name, email address, subject line, and the message you want to send out to TEAM. Then, you can send it to them by clicking the button "Send. "You can also fax them at +1 512.842.9065.

Everything You Need To Know About Leases With TEAM

You will always have the option of purchasing the equipment you have leased. When you sign your lease, Team provides you with the option of purchasing the equipment. You will have the chance to keep the equipment or return it for a reimbursement of your security deposit if the contract is terminated. 

TEAM requires all business fundamentals, even if the company is a corporation, to guarantee one's lease. A public corporation may be the only exception in which a personal guarantee is not required.

You are free to terminate your lease at any time. There are no repercussions. The good part is that Team will offer an early-payoff price reduction. If you pay off your lease within the first half of the lease term, you can save 10 percent on the outstanding payments. 

Application Procedure

The application procedure for brokers is fairly easy when you apply to TEAM. The application for enrollment as a broker at TEAM is available online. You must choose from the following options and provide the below-mentioned necessary and compulsory information:

You are also required to fill in the below-mentioned broker information:

You are also required to inform TEAM about your funding source references. You need three funding source references and their phone numbers; the application asks you to put them down in the following way:

You are also required to submit your transaction Information to TEAM. The application asks you a range of different questions listed below:

Another mandatory section in the Additional Information section requires you to answer the following and choose the best option:

Which type of industry(s) do you primarily lease equipment to? (check all that apply):

How did you learn about TEAM?

Current Memberships:

Are you able to pull credit reports?

Yes/No

Have you ever been convicted of a crime?

Yes/No

Are you able to pull credit reports?

Yes/No

Have you ever been convicted of a crime?

Yes/No

You will also need to submit the broker agreement and the W9 form. When the applicant fills out the form, they agree to provide the information to TEAM Funding Solutions or assignee, designee, and nominee by checking the acceptance box, authorizing a review of their consumer credit report from a credit bureau or credit reporting agency. 

Such authorization shall extend to obtaining a consumer credit report to consider the broker applicant's application. Moreover, it may later conduct background investigations, update, renew, extend such credit, and review and collect the resulting account. The collection of the resulting account may happen from time to time, even after the application. 

Finding Vendors And Lessees With TEAM

TEAM can undoubtedly assist you in identifying qualified customers for your standard credit and C-credit! TEAM has identified two distinct market segments, one of which is significantly stronger than the other. Weaker lessees usually employ six or fewer people and have yearly sales revenue of less than $500,000. 

They regularly provide a service or product in a retail setting (business to consumer). Better lessees generally have eight or perhaps more staff, a sales volume of more than $1 million per year, and can provide a service or product in a commercial setting (business to business).

Personal Information Required By TEAM

The information gathered may be used to process requests or services that you require or have applied for, improve customer satisfaction, provide you with the best services possible, keep you updated about promotional announcements or services, and service/upgrade your account. 

Registered service providers or other organizations with legal availability to TEAM's dataset and details may cross-check and evaluate any application you have completed for an offer or service. 

Conclusion

So, now that you've received detailed guidance about the necessary and optional requirements for obtaining alternatives to credit scoring with TEAM - including eligibility criteria and getting your application accepted - you can go through the application process and get your business up and running with ease. 

Most importantly, if you have any other business-specific questions or concerns about the nature of your financial records (amongst other things) that may affect your application, you can contact TEAM and speak with a customer service representative at the contact information provided above.

We hope that this in-depth walk-through assists you in finding your ideal funding solutions with TEAM!


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