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As spring approaches, so does the hope of a brighter financial outlook. As lenders are coming out of the recession of 2009, more are willing to discuss lending into projects that meet their selective criteria. If you are looking to replace or make a major equipment purchase over the short-term, knowing what each lender’s criteria is and how they differ will improve your chances of success.
If you have been dealing with a finance provider and they have been with you through the most recent downturn, they should be your first point of contact. It is important to leverage existing relationships before pursuing other options. Lenders are willing to finance transactions, but are calculating associated risks very carefully. Ultimately, lenders prefer to deal with companies they know and have worked with before. We would not recommend changing lenders when looking at a large ticket transaction, unless you have no other option.
Within the forestry sector, there are quite a few types of lenders and financing options you may encounter. They include:
The piece of advice we always give is: Keep close to your sources of financing. Ask them how they underwrite their transactions and how your company fits with their criteria. Keep them in the loop on what you are considering. While they might not give you a pre-approval, like a home mortgage, you can get a feel for their appetite for your financing early on. Keeping those lines of communication open will allow you get a feel for whether your own traditional sources of financing are going to come through or if you should start the process of looking for alternatives.
For more information on the outlying factors that can affect your corporate financing outlook, contact your local MNP advisor.
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