BACKGROUND
Eastern Funding is staffed with experienced Laundromat employees and management. They specialize in Laundromat loans. They also lend on new store construction loan and existing store purchases. This a premier Laundromat lender in our business.
You want to search the internet for the website of Eastern Funding to see their online application. Fill it our and collect requested documentation. They do lend in all areas of our businees: new stores, existing stores and equipment loans,
FAQ
What Equipment will Eastern Funding finance?
Eastern Funding will finance washing/drying equipment, as well as all accessory store equipment from all manufacturers who serve the industry. We work closely with you and your distributor to ensure that your business has everything that it needs to be successful.
Can I obtain a “Pre-Approval,” for a loan?
Eastern Funding generally does not give “pre-approvals,” as we evaluate more than a potential borrower’s credit history. We are equally interested in the location of the business, its current or projected financial performance, the size of the project, and the equipment to be financed. Because of those requirements, we recommend determining the needs of your business prior to submitting a request for commercial financing.
What do you finance?
Eastern finances new equipment purchases, store acquisitions and in certain cases commercial real estate. For new equipment financing the decision on equipment is up to you.
Do you provide financing for start-ups?
Yes, we do provide commercial financing for start-up businesses. However, we do require an investor seeking start-up capital to have adequate experience running a small business, a minimum credit score of 640, and a sufficient investment in the project.
What are your rates?
While Eastern Funding does not publish rates, we do offer competitive financing options and can usually match terms for special financing promotions offered by equipment manufacturers
How long is the process to receive an Approval?
For smaller “Auto” transactions below $150,000 Eastern Funding will generally render a credit decision within 24 hours of receiving all required information. For larger, more complex transactions, approval depends on how long it takes to obtain all of the required information.
