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7 Replies Last post: Sep 6, 2008 5:44 PM by finsolamerica

Want to start financing in already established company

Jun 11, 2008 6:37 PM

Roofmasters 2 posts since
Jun 11, 2008

I work in a Roofing company that has been in business for 15 yrs. We've never offered financing before, but because of the economy we would like to start and maybe pull in some business with it. We already accept credit cards, but roofs can be very expensive.

We tried to go through Wells Fargo, but because my bosses personal credit was not that good, they would not offer financing through us to our customers. We are a small family business, but none of us have had much experience with these kinds of things...we usually just do the job and collect the money.

Is this the norm? Should we try different banks? My boss would like for us to be the ones who supply the customer with the application, approval, all the papers etc.

Any and all help would be appreciated. Thank you so much

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mlebovits 42 posts since
Oct 10, 2007

1. Re: Want to start financing in already established company Jun 11, 2008 6:46 PM

Now is a very dangerous time to start offering financing to your roofing clients whether commercial or non-commercial.

http://marshall-showmethemoney.blogspot.c
om/2006/11/congratulations-youre-lender.ht
ml

http://marshall-showmethemoney.blogspot.c
om/2008/04/collecting-receivables-more-dif
ficult.html

http://marshall-showmethemoney.blogspot.c
om/2008/03/watch-your-receivables-like-haw
k.html

Marshall Lebovits

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dtominus 109 posts since
Jun 3, 2008

2. Re: Want to start financing in already established company Jun 11, 2008 7:01 PM

My Name is David tominus Please contact , I may be able to help with your delema,
and get the finanncing you need , please call me at

727-545-9530

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Roofmasters 2 posts since
Jun 11, 2008

3. Re: Want to start financing in already established company Jun 11, 2008 7:51 PM

in response to: dtominus

Thank you so much I will do that. I will call this week. Thank you again.

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Lighthouse24 2,396 posts since
Oct 10, 2007

4. Re: Want to start financing in already established company Jun 11, 2008 10:03 PM

Check into Private Label Financing. With it, a financial institution handles the credit side of the deal for you (for a fee of course) and provides a finance program and payment plan to the customer that can help you secure the sale. Most furniture stores that offer "no payments and no interest for a year" kinds of deals are using private label financing -- they are not carrying the customer themselves (they get paid in full by the finance company when the deal is done, and the customer makes monthly payments to the finance company after that).

You'll normally find these programs through a financial services company rather than a traditional bank. American Finco is one institution that I know has a program for roofing and siding retailers/installers (this is just FYI, not an endorsement of that institution -- and I have no affiliation with them at all). I'm sure there are others.

Hope that helps. Best wishes.

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LUCKIEST 7,938 posts since
Aug 6, 2007

5. Re: Want to start financing in already established company Jun 11, 2008 9:37 PM

Want to start financing in already established company

Tell us more. Where are you located?? What is your position with this company??
Are you related to the boss??
Go to Members pages and add some contact info.
*It sounds like a BAD decision for the employees to *supply the customer with the
application, approval, all the papers etc.
Those decisions should be made by the head of the business or the Accounting Department
Do you have a Marketing Plan??

LUCKIEST

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Fortis 239 posts since
Jul 24, 2008

6. Re: Want to start financing in already established company Sep 6, 2008 1:35 PM

Roofmasters,

Good afternoon, hope all is well. Curious to know if you folks figured out a solution to your question?

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finsolamerica 39 posts since
Aug 23, 2008

7. Re: Want to start financing in already established company Sep 6, 2008 5:44 PM

As a business serving local clients, you should offer your own in house financing. We can arrange for revolving lines of credit with no credit score required, no financial statements or tax returns. Please contact us for more information.

FINANCE SOLUTIONS OF AMERICA, LLC

TEL: 954-638-0777

EMAIL: finsolamerica@gmail.com

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Want to start financing in already established company

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