Huntington Asset Finance Reviews - Financial Lender Pros & Cons
The Huntington Asset Finance National Bank was founded in 1866 and today the bank operates in the Ohio founding location which is located in the Midwest. On June 9, 2021, TCF National Bank merged with The Huntington Asset Finance National Bank and started providing financing services to customers. The merged bank holds assets of $175 billion, deposits worth $142 billion, and $116 billion in loans, depending on the balances at March 31, 2021. Huntington Asset Finance is a comprehensive banking service provider that operates primarily through an 11-state banking franchise of Ohio, Colorado, Kentucky, Illinois, Indiana, Michigan, Minnesota, Pennsylvania, South Dakota, and West Virginia. The bank has a “Welcome” philosophy that revolves around creating a deep relationship with customers to meet every individual’s requirement. Huntington Asset Finance offers a range of financial solutions that can fit any business requirements.
- An active SBA lender
- Flexible payment methods
- Offers large loan amounts
- Limited information about financing is available online
- No online application
- SBA loan specialists are not available during business hours
- Only has branches in eleven states
- Serves limited industries
The Huntington Asset Finance offers the following financial services:
Huntington Asset Finance has expertise in lending services and understands the challenges faced by industries. The firm provides flexible financing services and reliable closures for transactions of $10 million to $100 million (or more by syndication lease). Huntington Asset Finance has experienced advisors who identify the potential issues of each business and help them manage the business cycle efficiently.
Features and Benefits of Lender Finance:
- Flexible credit facility to grow your business
- Competitive interest rates
- Dedicated Huntington Asset Finance team
Huntington Asset Finance Business Credit Asset Based Lending
Huntington Asset Finance Business Credit specializes in flexible asset-based credit solutions for mid-market clients and large corporations across the country.
Huntington Asset Finance's solutions generally offer more liquidity to asset-rich companies with cyclical trends, strong leverage, and customer concentrations. With traditionally higher advance rates on receivables and inventories, the firm provides more borrowing capacity than a traditional lender.
Credit facilities are structured to provide flexible funding while requiring minimum financial commitments, and asset-based facilities may be combined into a variety of second-tier capital components. The experienced team of Huntington Asset Finance bank can deliver funding ranging from $7.5M to over $300M with the ability to conduct and syndicate larger financial transactions. These services are for businesses that have a sales revenue from $20 million to $2 billion or more. It has the following benefits:
- Robust coverage of working capital assets
- High cash flow advantage
- High rate of business growth
Line of Credit
Huntington Asset Finance offers a line of credit option to businesses to manage their cash flow cycle efficiently. Line of credit option provides funding to small businesses to serve their short-term needs, buy inventory, or cover day-to-day expenses. The company offers variable interest rates, interest-only payment options, and manageable monthly payments to its customers.
Technology is the engine that helps businesses to operate effectively, minimize potential risks, and earn more revenue. With evidence-based information and smart, forward-thinking funding and asset management solutions, Huntington Asset Finance helps businesses to pave a clearer path and maintain a dynamic infrastructure. The firm uses a strategic and agile approach that supports the proactive upgrading and management of IT assets and other technological equipment so that the business can plan the changes and remain at the front line of the innovation curve.
Small Business Bank Loans & Financing
Huntington Asset Finance is the number one SBA lender that has a proven track record of serving small businesses with the funding they need to expand their business. The firm offers SBA 7(a), Express loans, 504 loans, and lift local business loans. At Huntington Asset Finance, the goal is to help the customer grow their business. The experienced relationship managers of the firm work closely with the customer to help them determine the most appropriate loan option for their small business.
SBA 7(a): These loans are suitable for small businesses that want to expand their market share. This loan supports entrepreneurs who are looking for funding to start a new business.
Express loans: These loans have a fast application process so the business can get funding in a short time.
504 loans: These loans have a fixed rate of interest and are used for funding business and equipment for the growth of a small business.
Lift local business loans: These loans are designed for women entrepreneurs, vets, and diverse-owned businesses who are looking for funding for expansion.
Leasing vs. Buying Equipment
Huntington Asset Finance helps a business identify which finance option is best. Huntington Asset Finance has prepared a detailed analysis of the lease versus the purchase, that considers several variables and compares every factor, and considers leasing, and buying scenarios for the business. This helps to choose the most advantageous financing method for the business. The firm offers both leasing and loan services for equipment.
As part of this analysis, several key areas are reviewed:
- Utilization of working capital
- Future tax consequences
- ROI objectives
- Equipment depreciation
- Cash flow
Industries it serves:
- Retail Services
Terms and conditions
- Duration: The duration of service can last from 2 to 7 years.
- The amount borrowed can be from $10 million - $100 million
- The interest rate depends on the type of service and the cost of equipment/technology
Huntington Asset Finance is one of the most active small business lenders in the country and is ranked as the top financial lender in the regions it serves. It also approves a greater number of applications to the loan program under paragraph 7(a) than most other SBA lenders, in addition to offering Express and 504 loans.
The company has not provided much information about its services online and how it works. If one wants to learn more about the services or avail of them then he can visit the Huntington Asset Finance branch.