Pre-qualify before you apply for your Blueprinting loan. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for.
Architecture firms, construction companies and real estate developers are a few examples of businesses need a blueprinting loan in order to purchase the equipment needed to render appropriate sketches. A blueprinting loan is a type of commercial financing dedicated specifically to the purchase of one particular asset. Assuming this type of loan will allow you to start or grow your business.
Qualifying for a Blueprinting Loan
Your business will qualify for the loan based on its financial qualifications as well as expected ability to pay. Financial qualifications are determined by your personal credit or, if the business has been around long enough, the business’s credit. The lender will estimate your ability to repay the loan based on your business plan and estimated profits. If you are having difficulty sourcing the loan, you may opt for a secured loan using the equipment itself as an asset. This will give you a lower interest rate and easier application process.
Opting for an Equipment Lease
It may make more sense to lease the equipment rather than finance its purchase. If you will only use the equipment on limited projects, determine how much it would cost to lease it for each of these projects against how much it would cost to purchase the product. You may also consider whether the technology will last long enough to make the equipment valuable in the long run. When you expect new models will soon surpass the technology of the current equipment, leasing the product in the short-term may be a better option.
Credit is the lifeblood of your business, especially for small or new startup companies. BusinessFinance.com assists entrepreneurs to get started purchasing equipment, building your inventory and expanding your business.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?