Restaurant equipment financing is money a restaurant owner borrows to grow, launch, or expand new equipment. Business loans are created to help restaurants make expensive commercial equipment like the Globe GF15G fryer without coming out of their own pocket. Restaurants are challenging, capital intensive business; however, getting financing for your Globe GF15G fryer does not have to be. Financing a restaurant takes a unique understanding of the flow of the business and the seasonality of sales. Whereas many traditional lenders will not lend to restaurants or set up extreme terms, Top Financial Resources has experience in restaurant equipment financing and can provide funding when others cannot.
We provide a full menu of loans and equipment financing for startup and established restaurants seeking to lease, buy new or old restaurant equipment. Top Financial Resources additionally crafts equipment financing solutions for startup restaurants with no credit or business history. This comprehensive guide provides a detailed overview of the types of restaurant loans and restaurant financing available for GlobeGF15G Fryer and how it can benefit your business.
What restaurants are eligible for commercial fryer financing?
Any kind of restaurant is eligible for Globe GF15G Fryer financing or any other fryer loan. Whether you own a diner, a tavern, or a fast-casual restaurant, Top Financial Resources does not discriminate as far as the kind of restaurant you own or the type of food you serve. As a lender, our main concern is the numbers, ensuring that the restaurant itself and the owners are financially sound.
How to find the best restaurant loan to finance commercial fryers?
Finding the best restaurant loan for your fryer will depend on various factors:
- Your business goals: Every restaurant is in its own stage of development, whether you are just starting out, growing, or trying to maintain a customer base. Understanding what particular goals are for the business is paramount in determining what loan best suits you.
- Timing: How faster you will need the funds from a restaurant loan will also impact what loan suits you best. If you need Globe GF15G Fryer urgently, Top Financial Resources offers equipment financing loans that can fund in as little as three days.
- Loan amount: If you want to secure a large loan into the six and higher (probably when you need multiple pieces of equipment), naturally, there will be certain loans that will better accommodate these goals than others.
- Financing history: Finally, your business and personal history will play the most instrumental role in evaluating what is the best loan for your commercial fryer. Whereas having excellent credit will open you to more possibilities, owners with less than stellar credit (or even none at all) still have financing alternatives.
What types of restaurant equipment financing is available?
There are various ways to finance a restaurant fryer, including bank loans, friends and family, and equipment financing. The most common restaurant loans and financing available are Merchant Cash Advances, Equipment Financing, SBA Loans, and Business Lines of Credit. We will focus on equipment financing.
Restaurant equipment financing
- Credit requirements: poor to excellent
- Rates: Vary
- Loan terms: up to ten years
- Potential uses: equipment and furnishings
- Types: multiple
- Loan amount: up to $ 5 million
As discussed earlier, equipment financing is a loan that is mainly designed to purchase or repair equipment used in a restaurant’s operations. There are truly zero limits to the types of equipment you can finance. Pretty much everything you physically see in a restaurant, with small exceptions for toilets and lighting fixtures, can be purchased with restaurant equipment financing.
When financing the Globe GF15G Fryer, there are typically three forms of restaurant equipment financing. The first entails a lender buying the fryer upfront on your behalf and the borrowers paying them back over time in small, manageable monthly payments. Top Financial Resources specifically provides this kind of financing in its Sale & Lease-back program. This is an ideal route for restaurant owners with poor credit or just beginning since it allows them to get access to necessary equipment without having to put a lot of their own money in. After the loan amount is fully paid off, the company gains full ownership of the fryer.
For restaurants with more cash on hand, the second form of restaurant equipment financing is when the lender lends you the money to purchase the Globe GF15G Fryer yourself from the dealer or manufacturer. You bring forth a small down payment ( generally ten-percent of the fryer’s value), paying back what you borrowed in small, monthly payments over time. The main difference with this kind of equipment financing is you get full ownership (and its benefits) of the fryer at the beginning of the loan period.
Lastly, the third kind of restaurant equipment financing option for your fryer is when the lender purchases the equipment that a restaurant owner needs and leases it out to the restaurant in exchange for monthly rental payments. In all scenarios, restaurant equipment financing programs typically need little to no money down and provide flexible payment structures suitable to a restaurant’s cash flow needs. The greatest benefit of financing equipment, especially if you choose to own it from the outset, are the significant write-offs and tax benefits available. Based, again, on how the loan is structured, you might be able to depreciate the fryer in the first year and expense the interest payments.
Besides, unlike conventional commercial loans, equipment financing does not need a business or personal collateral or a loan guarantee. The security for the loan is the equipment that is being financed, and you default, the lender will repossess the fryer to recoup their loss. Generally, restaurant equipment financing is the optimal selection for startup restaurants and established restaurants with poor finances. It frees up money that can be useful in other aspects of the business and unlocks owners’ opportunities to build good credit history and become eligible for other, more lucrative financing options available.
Who offers restaurant fryers financing?
There are many different options to seek restaurant equipment financing. If you are an established owner, traditional credit unions, banks, alternative lenders (such as Top Financial Resources), and private investors will offer financing for the equipment. Nonetheless, if you are just starting out your restaurant, your options are more limited to alternatives lenders, online lenders, and manufacturers (for equipment financing). But, with little to no business experience, even then, they might charge hefty rates and high loan processing charges.
Why should you be cautious of restaurant loans from banks?
Whereas you might instinctively want to seek financing for your fryer at your local bank, there are specific aspects of their loans you should be cautious of. Large banking institutions, like Bank of America, Chase, are all FDIC insured, indicating they have a federal duty to audit their business loans made with customer deposits.
Thus, banks will translate these tight regulations on them into strict terms in your loan agreement. Some banks might require annual audits of your restaurant’s financials to make sure the business is always the same or improving, whereas others will order regular appraisals of real estate if it serves as security for a loan. And if, at any point, they see a significant drop in sales or a decrease in the business, they might require the owner to make higher monthly payments or call the whole loan balance due within thirty days. Sadly, there have been many cases where even the most established restaurant operators have been caught in this limbo and have been forced to close their doors.
Do not let that happen to you. As a restaurant owner, you should be seeking financing that will be a relief for your restaurant, not a shadow hanging over your ready to pounce at the faintest sign of an offseason. At Top Financial Resources, we like to consider ourselves the former. We are here to structure loans that are flexible, suitable, and align with the business’s nature.
What do you need to qualify for restaurant fryer restaurant financing or a restaurant equipment loan?
What you will need to qualify for Globe GF15G Fryer financing will greatly depend on the kind of loan that you are looking to secure. These will generally be:
Restaurant fryer financing:
- Model, make, age, and serial number of equipment
- Intended use of equipment (future or existing business)
- Condition of equipment
Here are Globe GF15G Fryer features
- Adjustable 4″ stainless steel legs
- Built-in nesting groove(s) for hanging fry basket(s)
- Easy-to-remove oil pan
- Flue deflector
- Heavy-duty, nickel-plated fry baskets with cool-to-touch insulated handles
- High limit thermostat protection – shuts the fryer down if it exceeds over-temperature
- High performance and stainless steel tube burners inside heat chambers
- Robert Shaw™ snap-action thermostats for fast recovery
- Sleek stainless steel front plate and frame
- Stainless steel fry pot with an extension pipe and drain valve
- Units ships liquid propane gas (LP) or natural gas (LP) (you have to specify when ordering)
- Versatile and durable!
- Available in 30 and 15 lb oil capacities perfect for heavy-duty countertop frying: donuts, french fries, fish fillets, chicken, and more.
- Fryer covers (Note: for use only when the fryer is off)
- Additional baskets