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View Full Version : Does anyone offer financing for larger projects?


MJK
01-07-2013, 03:12 PM
I was looking into offering financing for larger projects to help sell more without dealing with stages or sticker shock.

Does anyone off this or have any experience in this? After looking around I found this program offered by wells fargo http://retailservices.wellsfargo.com/outdoor-solutions.html

Any thoughts?

Monroe74
01-07-2013, 04:36 PM
You could try sheffield and ge money. I believe they have plans for outdoor projects. You could speak with a loan officer at one of the national loan places and set up either short term loans or your own "store" card.

I haven't had a whole lot of luck with it but things are starting to pick up.

ELS Landscape
01-07-2013, 04:47 PM
JDL offered a program and I forgot who under wrote it. I think it was WellsFargo. Then WF basically turned it to the HELOC and JDL dropped it. I could be completely wrong but the last time I looked was 5 years ago.

DVS Hardscaper
01-07-2013, 07:14 PM
it always seemed to be more trouble than it's worth.

JD L-scapes charged the contractor a hefty percentage, which the contractor had to bake into the job cost to break even. and there was a delay in getting payment. just another thing to have to manage. not worth it.

its easier for me to simply accept Visa, M-Card, AmEx, and Discover.

ELS Landscape
01-07-2013, 07:21 PM
it always seemed to be more trouble than it's worth.

JD L-scapes charged the contractor a hefty percentage, which the contractor had to bake into the job cost to break even. and there was a delay in getting payment. just another thing to have to manage. not worth it.

its easier for me to simply accept Visa, M-Card, AmEx, and Discover.
In addition the discount for other options was prohibited.

All those same as cash deals offered by companys come at a cost to the seller.

PaperCutter
01-07-2013, 07:58 PM
I worked at a company that offered financing (I think it was through GE, but not sure). Anyhow, none of the other 20+ designers nor I ever sold someone on it. What I found was people either had the money through home equity, reward credit cards, or cash savings - or they didn't buy. Seems like tying up time designing and estimating for someone hoping to get a retail loan to pay for everything wouldn't be the best use of resources.

jbailey52
01-07-2013, 08:25 PM
I know ep Henry does financing (not sure if it is actually through them or through another financing house) but I also looked into it but it seemed like to much of a hassle.

I do love when a customer asks if I can finance them. I'll pay you some now, then spread out payments over a year......

alldayrj
01-07-2013, 08:37 PM
I actually let a pastor pay me monthly. The job started at 5500. He was going to pay me 4500 then 500 two months. Addons changes etc and the job ends up costing $10k. Did the brick in february, sod in april, and got the last check last week with a nice thank you note. Starting designs on their patio soon but i told them no payments.

Don't know if i will ever do it again but it all went off without a hitch.
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ELS Landscape
01-08-2013, 09:53 AM
I would dare say with proper documents and client research that short home improvement loans by the contractor can be good money. You would have to have some serious horse power of the type I am no where near.

DVS Hardscaper
01-08-2013, 01:41 PM
I would never offer in house financing for something I can cant come reposess
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DVS Hardscaper
01-08-2013, 01:44 PM
I would never offer in house financing for something I cant come and pick up if they breach the agreement.

Lien on their house?? What if:
A) their house is worth less than the mortgage?
B) what if they never move? My mother has been in the same house for 39 years and counting. That's a long time to wait if you put a lien in it!

I have an agreement with my bank - They won't install patios if I don't loan out money. But the Italian mafia does.

.
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alldayrj
01-08-2013, 07:09 PM
Lots of work but it could be done. Definitely worth the story though LOL
http://youtu.be/REly3j7TM6s
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ELS Landscape
01-08-2013, 07:15 PM
True

I heard at one time Sears made more money on their charge card than they did on the merchandise.

However, I know few stores that offer their own charge cards these days. Dillard's might. Many of them use GE.

I actually use credit on most of my projects for materials if my cash is below a threshold to cover overhead and payroll. Many projects have some form of interest on money in the bid. This is true when I consider buying materials, doing the work then billing 30 days net. Many of my commercial clients pay in 30 to 35 days consistently.

jbailey52
01-08-2013, 08:45 PM
Hey I believe DVS is a huge fan of credit and paying interest.... Right???

DVS Hardscaper
01-08-2013, 08:51 PM
Hey I believe DVS is a huge fan of credit and paying interest.... Right???

LOL - credit and interest are fine.

It's being over extended and working solely to pay the banks that I'm not a fan of :)

blakescape
01-08-2013, 08:51 PM
Lots of work but it could be done. Definitely worth the story though LOL
http://youtu.be/REly3j7TM6s
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and the brits have already made fun of it:
http://www.youtube.com/watch?v=IvWPHxGcAoU

GreenI.A.
01-15-2013, 01:32 AM
..............
I heard at one time Sears made more money on their charge card than they did on the merchandise. ..............


That is true, throughout the 80's and early 90's, the sears stores actually lost money being open. Where they turned there profit was from the finance charges on the items being purchased. That is why Sears cards used to be one of the easiest cards to get, and often the first cards people would qualify for. During that time, it was known that if every card holding began paying off their accounts so that they would not have monthy finance charges, sears would actually have to close their doors and file bankruptcy. This is a very common case study in many finance and accounting texts.


We have a number of people who ask us about financing. Many people seetle on using a no/low interest card or one with great rewards. We have also partnered with a credit union who we stear clients to for financing their projects. In return we get a small percentage of the APR. Not to many people have gone this route, it would be nice if more did, the bank puts the money in our account on time, and the quarterly checks from the APR are nice too.

DVS Hardscaper
01-19-2013, 09:26 AM
A good example of successful in-house financing is the 'Buy Here Pay Here' car dealerships.

I have a customer here in MD who is on the upper end income level. He is a top level exec for a international engineering and construction company. A company we've all heard of. Well - they are partners in a Burger King franchise in Kentucky with her brother in law.

They had been telling me about the Burger King venture and all that jazz, but one day she told me that her brother in law became very very wealthy from owning a 'Buy Here Pay Here' car dealership, which in turn enabled him to invest in Burger King franchises and the real estate.

But see - there is low risk in financing cars. Most Buy Here Pay Here dealers have devices on the vehicles. Where if you miss a payment - they can make the starter inoperable and I think they can also track the location of the vehicle.

alf500series
05-25-2013, 10:27 PM
i can offer financing through my local arvest bank. they finance the project thru them and they cut me a check once they are approved. im basically just a head hunter for them. they offer 2.99% for anything over $5000 and less than that is around 13%.

Stillwater
05-27-2013, 04:20 PM
Secure funds then call me...
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