Asset Based / Secured Loan Products & "High-Risk" Equipment Financing PDF Free Download
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Asset Based / Secured Loan Products
&
"High-Risk" Equipment Financing
Product Guidelines / Partner Commission Info
April 11, 2020
Products - Overview
$20K -$5MM Funded
Up to 65% LTV / No Minimum Credit Score
Agriculture, Manufacturing, Construction,
Transportation &Vocational
Other Equipment and Real Estate Considered
Application only up to $75K
$50K -$5MM Funded
Cross-Collateralization up to 75% Combined LTV
1ST, 2ND& 3RD Liens
Real Estate Collateral Types: Office, Retail,
Industrial, Multifamily,Residential and Infill Land
Interest-only & Custom Amortization Schedules
;$20K - $5MM Funded
;,eaǀy Equipment ч 65% LTV, FLV х $20Ŭ
;Real Estate ч 70% LTVLTC
;6 – 60 month Terms ш$200K
;12 – 60 month Terms < $200K
;Refinancings, Turnarounds & Business Expansions
NovaeMoney.com
"High Risk / Starter" Owner-Operator Truck Financing:
Structured Financing / Working Capital (Secured):
Real Estate Based Financing / Cash-Out Refinancing:
"High-Risk / Starter" Heavy Equipment Financing:
;Up to $55,000 Funded
;Up to 75% LTV
;2013 or Newer Tractors
;Class 8 Tractors < 700K miles
;Class 6 Tractors < 250K miles
;2013 or newer TrailersReefers
;New CDL OK Non-CDL Considered
:Mercedes Benz Engines & Cat-13 Engines
:2014 and older: Maxxforce 13 & N13 Engines
:Medium Duty - Maxxforce 7 & 9 Engines
:Private-Party Sales
:Rebuilt, Rebranded or Salvaged Titles
:Child Support Delinquencies
:Current or Dismissed BK (Discharged BK is OK)
:Open Tax >iens х Ψ10K
:Auto Charge-offs or Repossessions
;Class 8 Tractors: 2013 or newer, < 700k miles
;Class 6 Tractors: 2013 or newer, < 250K miles
;Trailers: 2013 or newer
;Reefers: 2013 or newer, ч 15k hours
Additional Collateral Considered!
Customer-owned collateral meeting the guidelines
above may be considered to reduce the required
down payment.
Submission Requirements:
; Truck Purchase Finance Credit Application
; Dealer /nvoice Yuote
; Spec Sheet: Price, Specs, Mileage, VIN,
Engine Make & Model, Transmission,
Sleeper Size & Type (Spec Sheet must be printed
on Dealer’s letterhead OR hyperlink directly to
vehicle specs on Dealer’s website)
Acceptable Collateral:Non-Starters / Disqualifiers:
Get Started - Requirements / Terms / Fees
Trucks & Trailers For "High Risk / Start-Up" Owner-Operators
Owner-Opertors
Purchase Financing: $5,000 - $55,000 up to 75% of Cost
Fees:
$850 Documentation
$600 GPS Installation
Funding Stips & Terms:
;Interview
;Test Drive
;CDL or DL
;GPS
;Additional stips listed on funding checklist
with approval
Early Payoff: After 12
months of timely payments,
with all outstanding payments,
charges and a $500 fee.
Partner Commission
Commission:Down Payment:
Up to 4%ш 25%
Up to 5%ш40%
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12 –60 Month
Terms
loans@novaemoney.com / 678.750.3787 / 1257 Commercial Dr Suite B, Conyers, Ga 30094
NovaeMoney.com
"High-Risk" Truck & Trailer Financing
No Minimum FICO / Start-Ups OK / Past Bankruptcy OK
Client Challenges: Bad Credit, Start-Up, No Tax Returns, Past BK, Foreclosure or New CDL
Our Terms: Up to 75% LTV, Up to 60 Month Terms, All Fees Financed & Early Payoff Available
Our Process: Submit Application & Supporting Docs / Same Day Approvals Available
Purchase Financing - 2015 Peterbilt 579
1st Time Buyer / Start-Up / 622 Credit Score
Purchase Price: $50,663
Amount Funded: $38,663
Down Payment: $12,000
Monthly Payment: $1,159
Title Loan - 2015 Volvo 780
$11,895 Funded
Title Loan for Working Capital
Funded Cash Flow and Repairs after Switching Contracts
Monthly Payment: $500 for 3 mos. then $650
Purchase Financing - 2016 Kenworth T680
1st Time Buyer / Start-Up / 548 Credit Score
Purchase Price: $39,950
Amount Funded: $29,950
Down Payment: $10,000
Monthly Payment: $920
Equipment Spec Information:
Class 8 Tractors: 2013 or Newer / Less Than 700K Miles
Class 6 Tractors: 2013 or Newer / Less Than 250K Miles
Trailers: 2013 or Newer (older trailers considered if financed with approved tractor)
Reefers: 2013 or Newer Engines / Less Than 15K Hours
Agriculture Construction Transportation Vocational
:Private-Party Sales
:Open Bankruptcy
:Auto Charge-offs or Repossessions
:Rebuilt, Rebranded or Salvaged Titles
:Child Support Delinquencies
"High-Risk" Heavy Equipment Financing
Minimum FLV $20,000/unit:
;Yellow Iron: 2004 or newer
;Vocational & Dump Trucks: 2005 or newer
;Class 8 Tractors: 2013 or newer, < 700k miles
;Class 6 Tractors: 2013 or newer, < 250K miles
;Trailers & Reefers: 2013 or newer
Submission Requirements:
Heavy Equipment Application
Equipment Invoice(s) & Specifications
Last 3 Months Complete Business Bank
Statements
Acceptable Collateral:Non-Starters / Disqualifiers:
Get Started - Requirements / Terms / Fees
Purchase Financing: $20,000 - $250,000 up to 65% LTV
1st Lien Only
24 – 60 Month
Terms
Fees:
; $645 Documentation
; $300 Per GPS Unit
; $300 Per Site Inspection Fee
; $200 UCC Search & File Fee
; Title Work at Cost to Client
Funding Stips & Terms:
;Interview
;Inspection
;GPS
;UCC Search & File if non-titled
;Deposit: $750+
;Interest Only: Not available
Early Payoff: At any time after funding. Payoff
Amount = Present Value of remaining payments
discounted at 10% annual rate + any outstanding
payments andor fees.
Additional Collateral Considered:
Owned collateral meeting the guidelines above may be
considered in lieu of, or to reduce, a down payment.
Partner Commission:
Commission:Loan Size:
Up to 7%ч $75,000
Up to 6% $75,001 - $250,000
NovaeMoney.com loans@NovaeMoney.com / 678.750.3787 / 1257 Commercial Dr Suite B, Conyers, Ga 30094
"High-Risk" Heavy Equipment Financing
Challenged Credit / Start-Up Program
$200K Equipment Financing - Purchase For Expansion
A young / start-up company needed capital to purchase
equipment in order to grow their business, but lacked cash for
down payment & business history to get approved elsewhere.
Solution: Overcame lack down payment and business
history by taking a security interest in a $400K real
estate asset at 2:1 collateral coverage - 2nd position lien.
Purchase Financing - New Bobcat
A general contractor with bad credit (520 FICO) needed to
replace an inoperable Bobcat to complete scheduled job.
Solution: We financed 65% of the purchase price ($52,000).
Down Payment: $18,200
Payment/Terms: $1,400 Per Month / 36 Months
Client Challenges: Bad Credit, No Down Payment, No Tax Return, Start-Up & high rental costs
Our Terms: Approvals Up To $250K, 24-60 Month Terms, Up To 65% LTV & Early Payoff
Our Process: Submit Application & All Supporting Docs / Same Day Approvals Available
Heavy Equipment Financed
Agriculture / Construction / Transportation
Approvals Up To $250K / No Minimum FICO / Start-Ups OK
Asset Based - Real Estate
Minimum Equity: $100,000/property:
;Office
;Retail
;Industrial
Submission Requirements:
Signed Application & Property Data Worksheet
New Deal Cover Sheet
Last 3 Months Complete Business Bank
Statements & Current MTD Business Bank Statement
Previous Year’s Business & Personal Tax Returns
Property Financials - Last 2 years and YTD interim
Previous Property Appraisals - if available
If Applicable:
Current MortŐaŐe Line of Credit Statements
Property Rent Roll
Acceptable Collateral:
Get Started - Requirements / Fees
1st, 2nd & 3rd Liens: $50,000 - $5,000,000 up to 70% Combined LTV
Fees - Rolled Into Loan:
;$1,500+ Documentation
;$300 Per Site Inspection Fee
;$200 UCC Search & File Fee
;Title Work at Cost to Client
Funding Stips & Terms:
;Interview
;Inspection
;Deposit: $2,000+
;Fundings х $250,000:
Early Payoff considered on request
Interest Only considered on request
;Property Purchase
;Working Capital
;Refinancing
;Improvements
Uses of Funds:
Fundings х $100K
6 – 60 months
Fundings < $200K
12 – 60 months
Loan Term:
;Valuation (internal)
;Real Estate Title Search
Additional Collateral / Cross-collateralization
Properties meeting the guidelines above may be considered.
Partner Commission:
2% to 3%
Subject to loan term
;Multifamily
;Residential
;Infill Land
loans@NovaeMoney.com / 678.750.3787 / 1257 Commercial Dr Suite B, Conyers, Ga 30094
Capital Tied Up In Real Estate?
Let's Put Your Equity To Work!
$375,000 Cash-Out Refinance - Debt Consolidation
Successful business owner needed funds to consolidate short
term debt (2 MCA's) & get access to additional working capital.
Solution: We provided a $375,000 2nd lien cash-out
refinancing of a 12-unit apartment building to pay off $300K
MCA balance & provide $75K additional working capital.
Terms: 48 Months / $10,900 Per Month
Client Challenges: Capital Tied Up in Real Estate, Need Bridge Financing, Bad Credit, Need
Working Capital, MCA's Killing Cash Flow or Turned Down By Bank
Our Terms: Approvals From $50K - $5MM, Up To 60 Months, Up to 70% LTV, All Credit
Profiles, Early Payoff Available, Interest-Only Bridge Loans and Cash-Out Refinancing
Our Process: Submit Application & All Supporting Docs - Receive funds as fast as 5 days
Acceptable Real Estate Assets:
Office, Residential, Retail, Industrial, Multifamily & Infill Land
:Private Party Sales
:Open Bankruptcy
:Auto Charge-offs or Repossessions
:Rebuilt, Rebranded or Salvaged Titles
:Child Support Delinquencies
Structured Financing / Working Capital
EQUIPMENT
Up to 65% LTV with minimum $20,000 FLV/unit:
;Industries: Agriculture, Construction,
Transportation & Vocational
;Yellow Iron: 2004 or newer
;Vocational & Dump Trucks: 2005 or newer
;Class 8 Tractors: 2013 or newer, < 700k miles
;Class 6 Tractors: 2013 or newer, < 250K miles
;Trailers & Reefers: 2013 or newer
REAL ESTATE
Up to 70% CLTV with minimum $200,000
FMV/property:
;Office
;Retail
;Industrial
Additional Collateral / Cross-Collateralization:
Owned collateral meeting the guidelines above may be
considered.
Acceptable Collateral:Non-Starters / Disqualifiers:
$20,000 - $5,000,000 Secured by Real Estate & Heavy Equipment
;Equipment Purchase
;Property Purchase
;Working Capital
;Refinancing
Uses of Funds:
Fundings ш$200K
6 – 60 months
Fundings < $200K
12 – 60 months
Loan Term:
Real Estate or Equipment Equity
Heavy Equipment Equity Collateral:
1st Lien Only
Real Estate Equity Collateral:
1st, 2nd, 3rd Liens
Partner Commission:
Commission:Loan Size:
Up to 6%* $20K - $250K
Up to 3%* $250K - $3MM
*Subject to loan term
NovaeMoney.com
continued J
;Multifamily
;Residential
;Infill Land
loans@NovaeMoney.com / 678.750.3787 /1257 Commercial Dr Suite B, Conyers, Ga 30094
Structured Financing / Working Capital (continued)
Submission Requirements:
Structured Finance Credit Application
Real Estate / Property Worksheet
Equipment Invoice(s) and Specifications
Last 3 Months Complete Business Bank
Statements & Current MTD Business Bank Statement
Business Financials: Last 2 years and YTD interim
Property Financials: Last 2 years and YTD interim
Current Business Debt Schedule
Previous Year’s Business & Personal Tax Returns
Previous Property Appraisals, if available
If Applicable:
Current Mortgage Line of Credit Statements
Property Rent Roll(s)
Get Started - Requirements / Terms / Fees
$20,000 - $5,000,000 Secured by Real Estate & Heavy Equipment
Fees:
;$1,500+ Documentation
;$300 Per GPS Unit
;$300 Per Site Inspection Fee
;$200 UCC Search & File Fee
;Title Work at Cost to Client
Funding Stips & Terms:
;Interview
;Inspection
;GPS
;UCC Search & File if non-titled
;Valuation (internal)
;Real Estate Title Search
;Deposit: $2,000+
;Early Payoff: Considered on request for
loans х $250,000
;Interest Only: Considered on request for
loans х $200,000
NovaeMoney.com loans@NovaeMoney.com / 678.750.3787 / 1257 Commercial Dr Suite B, Conyers, Ga 30094
Partner Commission Schedule
NovaeMoney.com
Owner-Operator Truck Financing
Structured Financing / Working Capital
Real Estate Financing
Heavy Equipment Financing
Commission:Loan Size:
Up to 7%ч Ψϳ5ϬϬϬ
Up to 6%$75,001 - $250,000
Commission:Minimum Down Payment:
Up to 4%25%
Up to 5%40%
Loan Size:
Up to 6%* $20K - $250K
Up to 3%* $250K - $3MM
*Subject to loan size & term
Commission:
2% to 3%
*Subject to loan term
Commission:
Asset Based / Secured Business Loan - FAQs
NovaeMoney.com
Q: How do I submit a financing application?
Submit all required documents for the product of choice to: loans@NovaeMoney.com
Q: What is the minimum FICO score required for Asset Based / Secured Loan Products?
We do not have a minimum FICO score requirement - Prefer to have a 500+ credit score.
Q: How long does it take to close a Asset Based / Secured loan transaction?
Trucks: We provide same-day approvals for Owner-Operator truck purchase financing.
Equipment: 3 - 5 business days, on average.
Real Estate: 10 business days from opening title, on average.
Structured Financing: 10 business days from opening title on real estate collateral (average)
Q: Who is my Novae contact during and after loan approval?
Your point of contact changes based on where you are in the funding process. Our team
works closely together to ensure a smooth transition process from application-to-funding and
post-funding.
For all new submissions, please use the following email addresses:
loans@NovaeMoney.com - Application Submissions, Approval Contingency Stipulations
Collateral Changes, Invoice Changes
admin@NovaeMoney.com - Questions on commission / getting started as a partner
Q: Is Novae accepting new partner relationships?
Yes, we are always seeking to add new experienced partners to our team.
