In order to best respond to market conditions and maintain a balanced portfolio, effective immediately SunBridge Capital has updated credit requirements, approved assets, and pricing. The credit requirements for leasing our off-lease assets marketed under the Trucks at Hand brand are also modified. Our new guidelines can be found online...
In general, SunBridge Capital now has three credit programs:
Standard credit requirements
- Minimum verified time-in-business of three years
- Minimum Trans Union FICO score of 680
- Minimum SunBridge Capital credit model score of 390
- Eligible for financing the assets on our "Preferred Assets" and "Restricted Assets" lists
Start-up business credit requirements
- No minimum time-in-business
- Minimum Trans Union FICO score of 700
- Minimum SunBridge Capital credit model score of 390
- Eligible for financing the assets on our "Preferred Assets" list
Trucks at Hand
- No minimum time-in-business
- Minimum Trans Union FICO score of 600
- Minimum SunBridge Capital credit model score of 370
- Eligible for financing all assets in the Trucks at Hand inventory
You continue to need only an online application for a credit approval up to $250,000 in potential total exposure. Up to ten points commission are available on each approval.
Three additional types of assets are now eligible for financing for applicants meeting our standard credit requirements. Those assets are cable placer trucks, street sweepers and trenchers.
Now ineligible for financing are sleeper cab tractors, day cab tractors, van body trailers, refrigerated trailers, auto carrier trucks and trailers, dump trucks and dump trailers. Transactions for lessees in Alaska and Hawaii must meet our standard credit requirements shown above. Refinance transactions are not eligible for financing from SunBridge Capital. AppBuilder's built-in previewing functions are updated to reflect these changes.
All transactions we approve and fund must meet the above credit and asset guidelines. Existing approvals which do not meet our new credit parameters and for which lease documents have not been requested have been closed. Transactions for which we have generated lease documentation will be reviewed on an individual basis. Your account manager also has a list of your transactions and their status.
SunBridge Capital has implemented a pricing change for all approved asset types. The pricing offered on existing approvals will be honored; only new applications are subject to the new pricing.
Existing approvals for assets from Trucks at Hand will not be affected by the new credit parameters or pricing, regardless of whether lease documents have been generated. The new Trucks at Hand program parameters and pricing apply only to new applications received today or in the future.
Based on the best information available at this time, we are confident that these changes will achieve the results necessary for SunBridge Capital while offering as many competitive advantages as possible to your business.
Thank you,
SunBridge Capital
www.SunBridgeCapital.com |