For larger lease requests we look very favorably on continuing "outside income" as a source of business or personal operating capital.
Starting up a business is a tough proposition and requires a commitment of not only the owner but often of the spouse as well. It is very positive for a young business for a spouse to have an income stream, usually through employment outside the business that can support the owner's personal obligations while the young business supports itself. Evidence and commitment of continuing outside income from one or all of the guarantors weighs very favorably with our analysts. Outside income is often the difference between doing and not doing a larger transaction, particularly start-ups.
So there you have it. This is how we make credit decisions on all our applicants. Our analysts or marketing representatives look at every deal in this manner. Throughout this process we are looking for a way to get the deal done. Sometimes we can't make a deal but nonetheless our history shows that we approve over fifty percent of all processed applications. Some of the approvals do call for terms different than originally proposed by the broker, but these modified term approvals are a result of our analysts working with the broker to reach mutually agreeable terms that permit us to make a deal we couldn't have otherwise. Without this hands-on familiarity with each deal, many transactions would be routinely declined and that's what makes Pawnee Leasing different from many funding sources and is why we have been successful in doing difficult business for the past 22 years.
Hopefully this information is helpful and will facilitate your process, improve your efficiency, and most importantly bring more deals to closure. But, you'll no doubt continue to have questions on specific deals. Because we don't (and can't) have a cut-in- stone approach to credit we expect questions, so please ask us. All of our credit analysts are available to respond to questions on specific deals that you might have in process with us. Our Regional Sales Managers are available to help you with pre-submittal questions. We think that this "human credit process" permits us to approve a wider range of credit worthy applicants and weed out the inherent weaknesses in a pure scoring credit model approach.
One of the nice things that I routinely hear in my contacts with our broker customers are the many compliments about the efficiency, completeness and accessibility of our credit team. We generally turn deals in under four business hours so you can give your vendor and lessee client's quick responses. We do all we can do to provide a complete and detailed approval to insure that you do not have surprises when the transaction moves into our funding area and finally, our credit team is directly accessible to you to discuss their decisions or dialogue about an application.
