Southbend GB/25CCH financing

If you are shopping for a convection oven, you might want to consider the Southbend GB/25CCH Convection Oven. There are many convection ovens available out there today, so it might be hard to know which oven is the one for you. Here is an overview of Southbend GB/25CCH and how to finance it.

Description of Southbend GB/25CCH

The Southbend GB/25CCH convection oven has an electronic pilot ignition and is powered by natural gas. The unit’s cook and hold feature turn the oven down to holding temperatures after the product has completed cooking. Temperatures vary from 140 to 550 degrees Fahrenheit, and a dual digital display checks the oven’s cooking temperature and time. For the purpose of maintenance, the control panels can be removed from the unit.

The Southbend GB/25CCH double convection oven is made of corrosion-resistant stainless steel, which can endure heavy use. The glass windows in the dual opening doors keep heat from escaping and resist condensation. It also has fans that distribute heat throughout the cabinets to cook products evenly, and the forced cool down feature rapidly lowers temperatures inside the unit.

Southbend GB/25CCH oven details:

  • 120 V/60 Hz/1 ph, 17.8 A, 1⁄2 HP, 6-ft. cord with a NEMA 5-15P plug
  • 180,000 BTU
  • cCSAus and CSA Gas-fired listed; NSF certified
  • Constructed of heavy-duty, rust-resistant stainless steel
  • Doors open simultaneously with their dependent design.
  • Dual digital display monitors temperatures and cooking time
  • Dual door seal keeps heat in the cabinet.
  • Five racks in every oven adjust on 11 guides.
  • Glass windows resist condensation and prevent heat from escaping.
  • Handles remain cool to the touch.
  • Hold and cook feature temperature range: 140-200 degrees F
  • Ignites faster and safely through an electronic ignition system
  • Inshot burners’ large openings resist clogging.
  • Interior dimensions: 29 in. W x 29 in. D x 20 in. H
  • The Interior is made of non-corrosive porcelain that facilitates cleaning.
  • Interior lighting provides visibility for monitoring products.
  • Internal fan evenly distributes heat.
  • Natural-gas fueled
  • Overall dimensions: 38 in. W x 48.75 in. D x 64.75 in. H
  • The solid-state control panel slides out for maintenance.
  • Temperature range: 150-550 degrees F
  • Temperatures inside the cabinet drop faster through the forced cool down feature.

Southbend GB/25CCH convection oven financing

We will explain the financing restaurant equipment process and terms in plain English, focusing on Southbend GB/25CCH. Note that these typically appear in chronological order when they would be encountered in a typical equipment financing transaction.

Applying for financing

The first thing you do in any appliance financing transaction is applying for financing. The documents and the information you need to provide varies from one lender to another. For instance, most banks will require several years of tax returns and financial records and will take a lot of time in approving you. If you decide to use a credit card to finance your equipment, you will need more than your signature and address.

At Top Financial Resources, the application process is simple and should not take more than fifteen minutes. You can submit an application through our website to guide you through the process. After we receive your full application and supporting documents, you can get feedback on the same day.

Financing approval

The same to applications; every lender will have their own restaurant equipment financing approval criteria. Key factors are revenues, time in business, profitability, and good credit. Top Financial Resources approves more restaurants than banks. Our basic criteria are two years in business and no bankruptcies in the past seven years. But you have poor personal credit or even filed previously for bankruptcy; we can still provide you with financing for your Southbend GB/25CCH. All you need is to be in business for at least six months and two years, and your restaurant generates sales in excess of $8 500 every month. In over ninety-percent of cases, we can provide you with funding if you meet these two qualifications.

Equipment finance agreements

This is classic equipment financing. Your lender pays the seller in full, you take ownership of the oven or any other equipment, and you pay back the lender in monthly payments. It is simple, and you can even take advantage of Section 179 and depreciation.

Leasing and leases

Leasing is where you technically do not own the equipment (but, based on the lease, may be able to purchase it at the end of the term). Since you do not own the equipment, you cannot take advantage of Section 179. For small and medium restaurants, leases are typically only used for equipment purchases when a restaurant can not officially take on more debt. At Top Financial Resources, we provide both leasing and financing. We utilize many equipment lease types for leasing, from FMV leases to $1 leases and many others. Talk to your Top Financial Resources rep for advice on this at 1-(800)-260-5126.

Liens and collateral

Most lenders will want some kind of liens or collateral to help secure any equipment lease or loan. Collateral is an asset a borrower puts up to guarantee a loan. A lien is a legal claim against a business’s asset (s). In simple words, you can consider the lien is the chain that attaches the collateral to the lender. Anything with a lien cannot be sold or given away by a restaurant without the lender’s permission.

Some lenders will use only the equipment itself as collateral. If the borrower defaults, the lender uses the lien as the legal claim and takes possession of the appliance. Other lenders, such as banks, will go much further and put what is known as a blanket lien on a business, which effectively ties up all assets. For instance, a company with a blanket lien cannot trade in their delivery truck without permission, even though the truck has been owned for a decade. At Top Financial Resources, we only use the equipment itself as collateral. We leave the rest of the client’s assets alone. This gives small restaurants far more financial flexibility than they get with a bank.

Restrictions and covenants

For many lenders (like banks), a blanket lien is not enough. They will put other restrictions and covenants on a borrower. These can incorporate any and all the following:

  • Requalifying for the loan
  • Keeping a minimum balance of eighty-percent of the loan’s value in the bank at all times.
  • The ability to restrict a borrower from taking on other debts
  • The right to call in the entire loan at any time

At Top Financial Resources, we do not bother with any of these. You are free.

Equipment financing rates

The rate is the interest that a lender charges a borrower. It is also seen as front and center when comparing equipment financing lenders. Many borrowers perceive the absolute lowest rate as the best deal, which is not true at all in equipment financing.

Typically rates are set by taking the Federal Funds Rate (also known as the Federal Interest Rate) and then adjusting it upwards depending on lender risk. Lender risk is typically arrived at by two different measures all lenders use: lending criteria (who is eligible for equipment financing depending on credit scores, based on time in business, and other factors): the previously mentioned covenants, restrictions, and collateral.

The trick here is that the more restrictions a lender has, the lower the threat is, thus lowering the rate. This is why a bank can provide the lowest rate- they lower their risk significantly by insisting on minimum balances, blanket liens, and loan requalifying. By tying up all a companies’ assets and making them keep an eighty percent bank balance, they can be reasonably sure they will be paid back.

At Top Financial Resources, we utilize a very business-friendly risk-rate balance. We use the equipment itself as collateral and leave your restaurant alone. This indicates our competitive equipment financing rates are slightly higher than a bank’s, but with financial flexibility and unequaled freedom.

Equipment financing term lengths

Term lengths is the period of your piece of equipment finance agreement or lease. Typical terms typically run anywhere from two to six years, with most deals in the three to five-year range. At Top, Financial Resources will work with you to get you the term and monthly payment that is sensible to you.

Restaurant equipment financing and equipment sellers

Did you know that if your business sells company equipment, you can sell more of it by providing financing? Plus, you can do this without financing anything yourself- you just partner with an equipment financing company. You can make the sale, and the company can handle the financing, and you get paid in full immediately. At Top Financial Resources, we have an excellent, free vendor program that enables equipment sellers to offer hassle-free financing ( we will even brand it to you). This will need no work on your end, and you can make sales skyrocket.

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