Targeted Lease Capital Reviews - Financial Lender Pros & Cons
- Competitive rates for a variety of industries
- 100% pre-funding for vendors
- Financing for private party equipment
- Fast turnaround time
- Excellent customer service
- Require a FICO credit score of 625 or more
- Require at least two years time-in-business (TIB) for most loans, and longer TIB for larger loans (3-5 years TIB for $75k approvals and 5+ years TIB for $150k approvals)
Overview
Targeted Lease Capital has been providing equipment finance solutions to businesses across the United States for over eighty years. The company can structure financing for any equipment from $5,000 to $250,000.
Services Offered
Equipment financing and leasing, sale leasebacks
Industries Served
TLC will consider most industries not on the list of prohibited industries, but focus primarily on the following:
- Medical businesses
- Retail
- Restaurants
- Manufacturing
- Vocational trucking
- Auto repair
Prohibited Industries:
- Medical spas
- Salons
- Gyms
- Churches
- Movie theaters
- Long haul transportation
- Event planning
- Gaming
- Bowling
- Oil and gas
- Alternative medical equipment
- Real-estate management/brokers
Borrower Qualifications
TLC requires TIB of at least two years, and longer for larger loans. They also require a FICO score of 625 or higher.
Terms & Fees
Amount
TLC provides equipment finance loans of $5k- $150k.
Term length
TLC funds loans with term lengths of 24-60 months.
Interest rate
Interest rates for this lender start at 7%.
Down payment
Down payments vary, but qualifying customers may be exempt from making a down payment.
Buyout agreement
TLC offers customers several buyout options. One option is the $1 buyout, which is essentially the option to finance the entire cost of the equipment with only a $1 residual value. In other words, when the lease payments are completed, customers can purchase the equipment for $1. During the lease period, TLC registers the equipment and pays the taxes which are billed to the customer. In addition, TLC offers a 10% buyout option, which is basically the same as the $1 buyout, except that the borrower pays 10% of the value of the leased item at the end of the lease term, and therefore the monthly payments during the leasing period are lower.
TLC also offers fair market value (FMV) buyout options, meaning that at the end of the lease period, the borrower has the option to purchase the equipment at its market value, if he/she so chooses, or to return the equipment.
Additional costs
TLC charges additional fees that include but are not limited to a $200 vehicle insurance fee, $350 site inspection fee (for loans of $25k or more), $250.00 document fee, $250 site fee, $100 cross corporation fee, and a $50 UCC lien search fee.
Application Process
Borrowers are required to provide a signed credit application, SIC code (nature of the business), an equipment invoice, a PG for anyone with more than 15% ownership, and three months bank statements per discretion.
Common conditional approval conditions also include an invoice/spec review, proof of TIB, proof of ownership, proof of homeownership, proof of location, proof of active SOS, proof of active safer/USDOT, proof of liens/judgement satisfaction, and vendor approval.
Customer Service and Technical Support
TLC can be contacted through the contact form on the company website, by phone at (716) 266-6700 during business hours, or at credit@targetedleasecapital.com.