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Need Bank Suggestions

  • 1.  Need Bank Suggestions

    Posted 09-06-2019 11:30

    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.

    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.

    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.​

    Joel Blitzer, VP
    Brooks Waterburn Corp
    Farmingdale, NY 11735

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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!

    Dave Menz
    Queen City Laundry Chain
    Laundry Magician Pickup & Delivery
    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.

    Shawn Ray
    Store Owner
    Janesville, WI

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