With rapid and turbulent changes in the leasing industry, we thought it
might be helpful to articulate the credit methodology currently used at Standard Professional Services, LLC.
Upon submission, a deal is looked at to see if the concept of what they are trying to lease makes
sense and if it can be cost justified.
Assuming that the transaction appears sound, it is then run through our credit scoring module, where
a credit report on all guarantors is pulled. Once pulled, the deal is then presented to credit for evaluation of its
viability as a transaction and its pricing and structure, ie., the better the score the better the rate, the more marginal
the score, the higher the rate and/or possible credit enhancements (ie., larger security deposit, additional collateral or
additional guarantors).
Once the deal is internally approved it then goes to documentation, where the Lessee is checked to
verify corporate status in the state, new vendors' references are spot checked, etc. In some cases, a D&B is also
pulled to further validate the information presented so that there are no missing links or misinformation.
As soon as documents go out, Quiktrak is simultaneously contacted to arrange a site visit for inspection
of the equipment. This service protects both broker and funder that the equipment is real and that serial numbers conform
to the vendor invoice. Upon receipt of the Quiktrak report that the equipment has been verified and with the receipt
of both hard copy invoice from the vendor and our receipt of the delivery and acceptance from the Lessee, the vendor and broker
are funded.
We hope that this is a helpful guide and tool. Please contact us at 847-291-7858 with
any additional questions.
