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Need Bank Suggestions

  • 1.  Need Bank Suggestions

    Posted 09-06-2019 11:30
    Hello,

    We had bought new dryers last year and got a loan through eastern funding. I am looking to upgrade washers and my bulkheads. That will only lead to high monthly payments for both washers/dryers for 5 years loan. Is there any bank anyone would suggest I can talk with who can give me a 15 year loan all together for both dryers and washers without putting my other assets on lean? The only reason is because we don't own this property.

    Please let me know.

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    Omer Khan
    3 Laundromats Operator
    Atlanta GA
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  • 2.  RE: Need Bank Suggestions

    Posted 09-07-2019 16:05
    All the manufacturers provide equipment loans and will combine loans, but not aware of anyone that will go 15 years on equipment.  Don't believe there's such an animal.


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    STEVEN MATRIX
    24-Hour Laundromat
    Monmouth OR
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  • 3.  RE: Need Bank Suggestions

    Posted 09-09-2019 08:00
    Eastern Funding is the most knowledgeable lender for laundry equipment in the industry.​

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    Joel Blitzer, VP
    Brooks Waterburn Corp
    Farmingdale, NY 11735
    www.brookswaterburn.com
    info@brookswaterburn.com
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  • 4.  RE: Need Bank Suggestions

    Posted 09-11-2019 20:02
    Hi Omer, It was great talking to you the other day! I highly recommend Chris Michalek at Prime Capital. Chris is a rockstar lender who specializes in the laundry industry and he can be very creative in getting you taken care of if needed. I've been working with Chris for about 7 years, have done probably 10 loans of different sizes and refi'd several times w him. He's as knowledgeable and passionate as they come. His cell is 847-858-2718. Tell him that you talked to me. Call me again if you prefer and we can talk. Good luck!

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    Dave Menz
    Queen City Laundry Chain
    https://www.queencitylaundry.com
    Laundry Magician Pickup & Delivery
    https://www.laundrymagician.com
    Cincinnati, OH
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  • 5.  RE: Need Bank Suggestions

    Posted 09-17-2019 16:02
    I bought my laundromat last year with all financing and equity, but no cash.  I had a typical 20 year loan for the building and then a 20 year loan from equity from another property to pay for the equipment.

    Same as getting a line of credit against your own house, laundromat, or anorher property.  Its not a typical way to finance it but it sure helps control the payments vs a 5 year equipment loan.

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    Shawn Ray
    Store Owner
    Janesville, WI
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