- Name of borrower and state located
- Total cost of project including any down payments, trades, grants or equity in the deal
- Term requested (term provided will be tied directly to the useful life of the collateral)
- Structure requested (monthly, quarterly, semi-annual or annual)
- Any other information you may have on the transaction regarding budgeting needs of the municipality can also be helpful
We are able to provide interest rates that are extremely competitive and are based on a multitude of facts. We monitor the municipal market on a daily basis to remain competitive at all times.
This process can be tailored to meet the specific needs of each individual client. Rate sheets are available by request if needed to promote a specific program.
During the quotation process, we make every effort to quote a transaction in a manner in which it can be credit approved. This primarily means that the equipment should be quoted for a term that is within its “useful life”. For most equipment types, there is an established standard range of the useful life, of which we will share with you at the time of quote request. Because of our thorough knowledge of the municipal leasing industry, we can quickly assist our customers with this process.
We request our one page application be completed and returned along with any equipment quote, detailed information on the collateral and signed proposal. To ensure a quick credit decision; the application must be fully completed and as much information about the deal should be provided at this time.
Depending on the size and term of the deal, it is possible we would also require audited financial information on the municipality. Please contact your Baystone originator for specific credit items required and application to use on each particular deal.
Credit decisions are usually provided within 24 hours after a full financial package has been submitted.
For larger transactions and those with longer terms being submitted for formal credit review, we would require a completed credit application signed by the municipality, plus one or two years of audited financial statements and an interim financial statement, if available, along with the vendor’s quote or cost breakdown. For transactions under $100,000, we only require our one-page credit application. We make the effort to take a common sense approach to credit underwriting. The credit professionals at Baystone will look at the essential use of the equipment, the useful life of the equipment, the collateral values of the equipment, the equity position and the financial ability of the municipality to make the payments. Upon receipt of a completed credit package, a credit decision is usually reached within one to two business days, often sooner.