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Frequently Asked Questions
What is the rate? Our company offers an array of over 20 programs utilizing a tiered approach. Our evaluation process considers various factors, including the duration of the business's operation, its business and personal credit standing, financial holdings, historical borrowing patterns, equipment specifications, requested loan amount, and desired repayment terms. This data is then entered into our credit matrix to ascertain the most suitable financing choices. Our goal is to promptly provide clients with financing options, often within the same business day or the following day, once we receive a completed account update form that takes just 3-5 minutes to fill out. We are dedicated to ensuring that each client receives the most advantageous financing program currently available in the market, determined by the provided information. The applicable interest rates span a spectrum, ranging from prime rates to credit card rates, contingent on factors like the client's credit history and the main considerations. Our commitment revolves around furnishing clients with optimal financing solutions based on their qualifications and the prevailing market offerings.
Are there any prepayment penalties?  Paying off your finance agreement early is possible and does not come with a penalty. It is important to keep in mind, however, that it is necessary to make all payments listed in the agreement, even if you choose to pay it off early. An optional 5-10% discount may be offered by the bank if you opt for early payoff, however there is no obligation for them to provide this. If you anticipate paying the agreement off early, you may want to choose a shorter-term agreement, such as 24 or 36 months. It is advised to consult a tax accountant to assess the tax advantages of the financing arrangement, since in many instances this could be more beneficial than paying off the agreement early. Ultimately, the length of the agreement should be tailored to fit both your budget and the useful life of the equipment. ​
How long does the process take to get my vendor funded? For most transactions below $250,000.00, the entire process can be completed in just 3 to 5 business days. We first have a 3-to-5-minute call to discuss the exact needs of the business. Immediately after that, we require an online application form, a quotation from the equipment vendor, and possibly bank statements. Upon receiving these documents, we may be able to approve the transaction on the same day or the day after. Afterwards, we move on to sending out the final documents for approval, as well as making a verbal verification with the customer. Perfect credit records and over 5 years of business experience can even qualify a business for an application only program where transactions up to $350,000.00 and up to $500,000.00 can be completed in as little as 3 to 5 business days. In some situations, we have application only programs available that can fund up to $350,000.00 and up to $500,000.00 in 3 to 5 business days for those with a perfect credit rating and over 5 years in business.
What is the process?  At the start of each transaction, we have a 3-to-5-minute call to better understand the client's needs. This call helps us to anticipate the amount of time and information that will be necessary. Usually, it takes 3 to 5 business days for the funds to be ready. For transactions of less than $250,000.00, you can expect a fast approval and funding process. All you need is to complete our online application form in 3 to 5 minutes, have an equipment quote, and send us your bank statements if necessary. We can usually approve your request on the same day or the day after. After approval, we will get a final invoice from the vendor and send you the final documents to sign via DocuSign. In general, the whole process should take no more than 3 to 5 business days. If you are a business with over 5 years of excellent credit history, you can apply for up to 500k without requiring any additional documents. For transactions over $250,000, For businesses with extreme credit challenges, most transactions over $250,000 take around seven to ten business days to process. This involves completing an online application and providing three months' worth of bank statements as well as quotes for equipment. Depending on the transaction, one or two years of financial information may be requested by the lender. Additionally, a site inspection is usually mandatory and takes one to two days to arrange and complete. After all these steps are done, the lender may take two to three days to approve the credit, followed by two to three days of completing the paperwork, usually through DocuSign. After the paperwork is finished and verbally accepted, the bank releases the funds. If things go well, it is possible to get these transactions funded within just seven to ten business days.  For transactions over $1,000,000.00, the process typically takes between 15 and 20 business days. Financials from the past three years must be provided, as well as any additional information such as contracts, customers lists, and debt schedules. This is followed by a 5-day period for credit review, 3-5 business days to get the file in order and submit, another 3-5 business days for underwriting review and questions, 3-5 business days for the credit approval, and 3-5 business days to complete the final documents and fund the transaction. If all relevant parties respond to the requests in a timely manner, transactions can be funded in as little as two weeks. However, it is recommended that businesses budget for a 3-4 week timeline.
Where do you get your funding from? Solid Rock Capital Solutions can provide you with 20+ finance programs to fund your equipment and operating capital, quickly and efficiently. The majority of our transactions get immediately approved same day or the next, and we manage the entire process until completion. For more challenging credits, we have the ability to syndicate the transaction to our investor partners - we have established strong relationships with them and ensure quality service. Even if your credit isn't the strongest, we'll work with you to improve it over time so that future transactions are available to you on our discounted programs. Our focus is on building long-term relationships and providing you with the best possible financing.
Can you prefund my vendor on equipment purchases?  Yes, vendors with over 2 years of business experience, a web presence, and no major red flags on their business credit may be eligible to receive up to 100% prefunding from us. If the vendor does not qualify for full prefunding, we still have options such as 50%, 40%, 10%, or any other combination required. We are more than happy to structure a plan that meets the needs of our vendors.
Do I have to make a down payment or pay any money up front to start the financing?  It is uncommon for financing to require more than a first and last payment. Most standard financing agreements require a first and last payment plus a minimal documentation fee. In some cases where the transaction is larger or with special requests, only a first payment may be required. For high risk clients, a security deposit or down payment of around 10% is usually necessary, however the amount may vary depending on credit.
Can you provide a deferral or seasonal finance options?  We can provide flexible payment options to fit your seasonal needs. You can enjoy 90 days or 6 months deferred credit terms, plus we offer season payment plans like one annual payment each year, semi-annual payments, or 9 months of payments with 3 months off. This way, you can get the equipment delivered and in production before the payments start.
Do I owe money at the end of term after I make my final payment?  In most cases, no additional payment is due at the end of the financing term. This is because the majority of our transactions are structured as equipment finance agreements. At the end of the financing term, the equipment is owned free and clear. Some business owners may request a lower monthly payment during the financing term, in which case they may also request a residual buyout at the end of the term. However, it is up to the business owner to decide if a residual buyout is needed. If a client needs to be considered high risk, as in the case of a client with challenged credit, then they may need to structure their financing as a lease. In such cases, they are made aware of the residual that is due at the end of the financing term.
Will this put a hard inquiry on my credit?  We use Experian to conduct a soft pull of the majority business owners' personal credit when they apply with us, without putting an inquiry on their credit report. Our 20+ programs typically do not require a hard inquiry, but if an individual has a challenged credit history we may have to look into other bureaus to get the transaction approved. However, in such cases an individual would need a hard inquiry if a special structured financing solution is to be approved.
How does this financing affect my business and or personal credit?  The equipment financing loans and leases we fund are set up exclusively through your business and will report to your business credit report only. We do not offer personal loans, only business loans. It does not report or show up on your personal credit report. If you make your payments timely for 6 months or more, you will be establishing business credit. If we do need to review personal credit, we do a soft credit pull with Experian and it does not report an inquiry, so even if we review your personal credit this will not show up on your personal credit report as a hard inquiry. The business credit reports that it will report to is your PayNet report showing if you are making your payments on time. If your payments are ever late, it will report them as late to your business PayNet report. If your business goes through a hard time and you get slow on your monthly payment a few months, it will not have a negative impact on your personal credit report. Also, because the debt is not reporting on your personal credit like many other loans or credit cards it can help improve both your personal and business credit reports. The business credit report improves by making on time payments each month and the personal credit report improves because this debt does not show up on your personal credit report.
Do I need to personally guarantee (PG)?  It is important to note that when applying for financing, it is dependent on the company's qualifications. Generally, if the business has been operating for more than two years and has an expansive ownership, it is likely to qualify for corporation only financing. However, if the company is under two years of age, ownership is tight-knit, or the company does not quality for corporation only financing, a personal guarantee will be required. This guarantee does not reflect on the applicant's personal credit and is set up exclusively through the company. Nonetheless, if an applicant personally guarantees and defaults on the financing, this may show up as a charge-off on their personal credit report.
Do I need to provide my bank statements? Having good credit usually means the customer won't need to provide bank statements. However, for transactions over $50,000.00, we may need to see the past 3 months of bank statements. This is to determine what the deposits going in each month, any potential overdrafts, if loans have been taken out, automatic loan payments, the 3-month average, and the ending balance in the past three months - might look like. In the case of low credit, we may ask for up to 6 months of bank statements. For seasonal accounts, let us know so we can assess up to 12 months of bank statements to help choose the best program for the customer. Cases where bank statements are needed are most common but we suggest getting them on every transaction regardless to streamline the process and make sure we have the right information needed to get the customer in the best program available.
What if I do not have a business bank account and I run everything through my personal account?  Having a business checking account is important for many reasons. It gives you better options, with some of our programs requiring a business checking account in order to be approved. Even though it's best to have one set up, we do have programs that allow you to use your personal bank account as well. Whether you're looking to finance equipment for your business or just simply need some operating capital, we can help regardless of your banking situation. Having a business bank account can also provide plenty of advantages.
Do I need to send in my financials? The amount of financing available for hard assets such as large pieces of equipment or machinery varies, and can range from $75,000.00 to $500,000.00. However, our general rule of thumb is that we will not require financials for loans of less than $250,000.00. If a company has good credit, we can potentially offer loans of up to $500,000.00 application-only, spread out over multiple schedules. On the other hand, for businesses that are over 5 years old with perfect credit history, we can provide application-only loans up to $500,000.00 depending on the type of equipment being financed. For loans that require financials, they typically start at $75,000.00.
Can you do start up business? We offer an array of great financing options for start up businesses. Companies that have been in operation for less than two years qualify as startups and we can typically offer up to $50,000.00 with an application only option. If a startup requires more than $50,000.00 for financing, we may need to ask for additional financial information such as tax returns. In some cases, we have extended up to $650,000.00 to start up businesses, and potentially more, assuming the business owners have a strong personal credit score. Our startup financing may require a down payment of between 10% to 30%. All in all, we have excellent programs to help brand new businesses get the funds they need to succeed.
Can you finance my business if I have had a bankruptcy in the past? Yes, we can finance businesses and business owners who have experienced a bankruptcy in the past. If the bankruptcy was discharged or dismissed, we are happy to review the application. If the bankruptcy was recently filed or dismissed, and pay history since the bankruptcy is strong, a security deposit between 10%-30% may be required to secure financing. For applications where bankruptcy occurred more than two years ago and payment history has been good, there is potential for more favorable terms. If you have any questions surrounding the financing of businesses with bankruptcies, please don't hesitate to get in touch.
Can you finance my business if I have a state or federal tax lien? It is possible to finance equipment with a current or prior tax lien. We consider various factors, such as the size of the lien, the number of tax liens reported, and your prior history with lien filings. The most successful outcomes may involve a tax lien that has already been paid off, and proof of such payment, or an active payment plan with half of the payments already made. However, each situation is unique and we are committed to finding an optimal solution for your equipment financing needs.
Can you finance my business if I am not a US Citizen? Yes, we would be glad to provide financing for your business. All we require is proof that you are authorized to work in the US, such as an ITIN number, permanent resident card, or employee authorization card. While having proof of homeownership can be beneficial, it is not necessary to obtain this type of financing. Please feel free to reach out to us with any questions you may have.
Can you finance equipment if I have recently paid the vendor? We are pleased to inform you that we can finance 100% of the invoice amount if you are able to provide proof that the equipment has been paid for. To ensure the best service, it is highly recommended that we pay the vendor directly. We have programs that can cover purchases up to 6 months in the past, though the most ideal program would be a 30-day window. For purchases made up to 60 days, 90 days, and 6 months ago, we can still offer you financing, though it will be subject to a maximum 50% of the asset's value.
Can I pay the vendor directly? It is preferable that we pay vendors directly. However, in certain situations, we may be able to reimburse you for payments already made after obtaining special approval. If you have already paid a vendor, please consult your equipment finance specialist to review the best options for equipment financing and reimbursement. Keep in mind that there is no guarantee of reimbursement for payments already made without prior approval.
Can you finance soft costs such as shipping, installation, training, and sales tax? We are pleased to offer financing solutions that include all the soft costs associated with the purchase. Depending on the equipment and programs funded, the soft cost amount may be capped at 25% or 30% of the total finance amount. For those seeking a more comprehensive financial solution, we can accommodate full operating capital to facilitate soft cost coverage.
Can you finance 100% software?  We offer software financing that covers up to 100% of the costs, typically with terms of up to 36 or 48 months. In certain cases, we may be able to extend this period for software only purchases.
Can you finance operating capital?  We are proud to offer businesses 100% operating capital funding. To get started, we just need to take a look at a business' bank statements from the last three months so that we can gauge their average deposits. This number will tell us how much we can possibly provide in a cash advance. Generally, we are able to give up to 1.5 times the average by offering terms between three and 24 months. More often, the terms will be set at six, nine, twelve, and fifteen months, with eighteen and twenty-four-month terms being more viable for companies with excellent credit scores of at least 700 and five or more years of experience. Depending on credit, payments can be made daily, weekly, twice monthly, or monthly. Those with strong credit can get longer terms and monthly payments.
Can you finance equipment I own free and clear and get me cash out? If you own a hard asset that is free and clear and valued at $100,000.00, a sale leaseback may be an option to get some working capital. We can offer financing for up to 50% of the fair market value, which in this case would be $50,000.00. The terms of the financing arrangement would typically range from 24 to 36 months, though exceptions can be made for agreements of 48 or 60 months. Additionally, if the equipment was purchased within the last six months, full reimbursement may be available. Financials and bank statements may be required to apply.
Can you finance equipment being purchased from a private party seller?  We offer financing options for private party sellers, provided that we can verify proof of ownership and conduct a lien search. We require color photos, a used condition report, and a bill of sale. Should the equipment be subject to an existing finance agreement, we can work to pay off the balance and still fund it. All private party transactions will be considered for financing according to the current fair market value.
Can you finance equipment being Purchased at an Auction?  We collaborate with many well-respected auction houses and can facilitate private party sales if necessary. Our commitment to providing high-caliber support ensures that these transactions are conducted with the utmost professionalism.
Can you refinance my existing equipment loans?  It is possible for us to refinance existing equipment loans, provided all loans are current and have good payment history. We require the submission of bank statements and financials for the consideration of loan refinancing. If you are acquiring a new piece of equipment and wish to incorporate your current loan into the new one, or have multiple payments that you would like consolidated into one, refinancing may offer a favorable solution. In the situation you wish to reduce your monthly payment, we can work with you to refinance the loan and extend the repayment period.