Get The Commercial Kitchen Equipment You Need With The Help Of One Of These Equipment Lessors

Lendio doesn’t actually originate loans or leases. So why is Lendio on this list?

Lendio is an aggregator of business financing — the company matches customers to the right financing from its network of over 75 business funders. You tell Lendio who you are and what you’re looking for, and Lendio presents you with offers suited to your needs, saving you the work of finding financing on your own. Lendio will run a soft credit check on you during this process, but this will not affect your credit score. According to Lendio’s customer service agreement, the process of presenting you with offers should take no longer than 72 hours. Lendio’s partners offer a variety of business financing, including equipment leases.

To apply for an equipment lease, Lendio requires that you have six months of business history behind you, a credit score of 550, and a revenue stream of $10K/month. These requirements are less strenuous than those of many equipment lease vendors. Additionally, while many equipment loans require you to make a down payment, many of Lendio’s partners do not.

Origination fees will depend on the lessor you are matched with, while interest rates start at just 2%. Borrowing amounts run from $2K to $5 million.

With Lendio’s relatively accommodating requirements, highly-rated customer support, and easy application process, Lendio is a great resource for small and large restaurants alike.

Get Started with Lendio

2. Currency

Currency

Currency (formerly Currency Capital) is another aggregator of equipment financing offers for restaurant owners. Like Lendio, Currency’s lender network is relatively accommodating of new businesses. However, unlike Lendio, Currency’s network offers equipment leases as well as loans.

Currency requires that you have a credit score of at least 585, six months or more of business history, and a revenue stream of $75K/year.

Currency’s loans range from $5K to $2 million. Interest rates will vary depending on the lender you’re matched with but will range from 6% to 24%. Origination fees will range from 0% to 5%, with other fees being dependent on the lender and your level of risk. You may be required to pay a down payment as well.

You must have no recent bankruptcies to qualify for equipment financing through Currency’s platform. Additionally, the funding process may take a week or two, so it’s not the quickest game in town.

Currency primarily serves small and medium-sized businesses, so if your restaurant meets the revenue stream requirements and you don’t need rapid funding, check out Currency. Unfortunately, Currency reveals next to nothing on its website about the nature of its loans and leases.

3. Crest Capital

Crest Capital

Unlike the previous two options listed here, Crest Capital offers equipment financing directly, not through a network of affiliated firms. Crest prides itself on openness and transparency, and its website boasts much more information on its products than do many vendors.

Crest’s equipment leases (loans are not offered) require you to have at least 24 months of business history under your belt, so it’s not a financing option for younger restaurants. You’ll also need a credit score of 650 or higher. Funding is offered in amounts between $5K and $500K, term lengths run from 24 to 72 months, and interest rates start at 5%. Just be aware that Crest charges a $275 administration fee on top of your other payments.

Crest offers a nice variety of capital and operating lease options:

$1 buyout
10% purchase option
Fair market value leases
Guaranteed purchase agreement
First-amendment leases
Operating leases

Crest’s offerings should suit more mature restaurants well, but the credit and time-in-business requirements make Crest’s leases less suitable for younger restaurants and owners with iffy credit.

4. Direct Capital

CIT Direct Capital Equipment Financing

Direct Capital is another equipment financer for more established restaurants. You must have at least two years’ worth of business history, a credit score of at least 680, and monthly revenue of at least $100K to qualify. Borrowing amounts run up to $500K, terms go from 6 to 72 months, and interest rates start at 5.49%.

Direct Capital doesn’t offer quite as many leasing options as Crest, but they do offer the basics in the form of a $1 buyout lease, fair market value leases, and net terms. This funder also provides working capital loans. Expect to have to pay between a 0%-5% origination fee as well as any fees associated with shipping and handling.

5. eLease

eLease Equipment Financing

eLease is an online vendor of equipment financing, offering both leases and loan-like equipment financing agreements (EFAs). Unfortunately, eLease doesn’t post definitive borrower guidelines. However, eLease proclaims its willingness to work with new businesses and even companies that have had a recent bankruptcy.

eLease is primarily for businesses looking to own their equipment; most of their leases are equipment finance agreement (EFAs) and last between two to four years. Along with EFAs, eLease offers $1 buyout and fair market value leases. Expect to pay an administrative fee as well as your first and last month’s payment up front.

Financing amounts run from $3K to $500K, term lengths are from 2 to 5 years, and interest rates go from 4% to 35%.

eLease is a versatile equipment financer offering potentially competitive rates. However, relatively few user reviews of the company exist, so bear in mind that the company’s reputation has not been well-established.