VANCOUVER, BC, Aug. 17, 2020 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) "Ritchie Bros." and the "Company"), the world's largest industrial auctioneer and a leading equipment distributor, is pleased to announce the closing of an amendment and extension of its credit agreement totaling US$630 million with a syndicate of lenders comprising: (1) Multicurrency revolving facilities of up to US$530 Million (the "Revolving Facilities"), and. Different SBA loans come with different credit requirements. Google Chrome, Microsoft Edge, Mozilla Firefox) for the full Cat.com experience. Were proud to partner with you for the long term to help you reach your goals. {0} can only contain letters and numbers. {0} is an invalid phone number format. Providing copies of contracts is the fastest, best way for our credit team to review your work on hand. , there are few options that rival U.S. Small Business Administration loans with regard to interest rates, terms and credit flexibility. Flexibility each job requires with the performance and productivity you expect. To obtain an EIDL, you'll also have to demonstrate that you're unable to obtain financing elsewhere. When evaluating offers, please review the financial institutions Terms and Conditions. Make a payment by credit card. Working with Ritchie Bros. has been a breath of fresh air. served as Administrative Agent and the Royal Bank of Canada as Syndication Agent. However, these loans may come with much higher interest rates, so be sure to compare your options. Password must be minimum 8 characters long and have at least 3 of the following 4 types of characters: lowercase letters, uppercase letters, numbers and special characters. For many businesses, an under-utilized tool in their financial tool belt is refinancing. If you have an existing account please login using that. The SBA uses the FICO Small Business Scoring Service, or SBSS, in many cases to evaluate the credit history of your business. Lenders with interest in financing your loan will reach out to you within two business days, after which you can size up offers and apply. The SBA guarantees up to 80% of the loan amount when the lender approves the loan; this provides extra assurance that the lender can get paid even if the business goes bankrupt or closes. Lisa Tibbitts GE Capital
[email protected] +1 203 956 4582 +1 203-803-6142 business unit GE Capital These are just some of the reasons why so many businesses seek out SBA loans, and why so many applications are submitted every year. For immediate assistance please contact us at +1 (855)-331-5732. Personal loan denials vary, but the most common reasons relate to your credit score, credit history and income. Get the Ritchie Bros. Asset Valuator today! Simply enter your address and select the type of equipment you're looking for. Our rates never fluctuate or change during the term either, so you can plan your business the way you need to. . However, if youre wondering what the average SBA loan credit score is, the answer is not so straightforward. Free to apply with no obligation to use. After submitting your request, you will receive an activation email to the requested email address. A good payment record even for rentals works in your favor. To learn more about Ritchie Bros. Financial Services and some of the interesting equipment finance trends over the past year, check out this recent interview with Chris Quinn and Ritchie Bros. Chief Marketing Officer Matt Ackley. {0} can only contain letters, numbers, dash (-) and dot (.). Traditional banks and credit unions, on the other hand, may take up to seven days to fund. For immediate assistance please contact us at, The information collected will be used to process your request and be handled in accordance with our, phone: 10 digits length (phone prefix will be the selected country prefix), Please use a standard email format (
[email protected]). Our dealer locator provides the most up-to-date information on Cat dealers close to you. WithPurchaseFlex Financingyour approval covers a wide range of equipment types and ages. Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Your email address will not be published. Would you like to do that now? To learn more about Ritchie Bros . Unlike a traditional bank or insurer, we work for Caterpillar customers only. Where is your business located? 580-669 is below average. Not only is your income a crucial part of the qualification process on the lenders side, but its also essential to your ability to repay your loan. Sold 2 trucks. Please get in touch if you'd like more information about our products and services, to arrange a demo of SafelyHome, or to discuss how we can help your organization achieve safety excellence. Get competitive rates and the flexibility to buy different makes, models, and ages with one approval. We need to understand the unique challenges of your operation, your maintenance and repair practices, and your fleet. Credit Score As Low As: Minimum Financed Amount : Credit Enhancement. Assistant Assigning Editor | Small-business finance, personal finance. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. We'll get you a quick decision using information available through the Consumer Bureau Report (CBR). Mike Clift, President of Sun Coast Materials Co. business strategy. Please try again. View original content:https://www.prnewswire.com/news-releases/ritchie-bros-amends-and-extends-credit-facilities-301382043.html. It's nice to be able to hand . We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. A delayed-draw term loan facility of up to US$295 Million (the "Delayed-Draw Facility" and together with the Revolving Facilities, the "Facilities"). So, if youre trying to plan and manage your cash flow for the future, your bank financing loan adds unnecessary unpredictability. Whether its telematic data from equipped machines that gives you better insight into your operation. "We are very pleased to have closed the extension of our credit facilities at this time," said Sharon Driscoll, Chief Financial Officer of Ritchie Bros. "The extension of the credit facilities to October of 2023 complements our strong cash and working capital position and further strengthens our liquidity position and financial flexibility. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Enter your email address to follow this blog and receive notifications of new posts by email. For more information about Ritchie Bros., visit RitchieBros.com. Photo via Pond5. Buyer demand is at an all-time high, with equipment & truck finance applications up 18% YOY. built their business from the ground up with help from Ritchie Bros. Financial Services, recommend Ritchie Bros. Financial Services t, anybody looking to expand their book and move more equipment, Equipment inspection tips: used mower conditioners, SmartEquip celebrates record global network growth, Visit Ritchie Bros. at CONEXPO/CON-AGG this March, Highest selling heavy construction equipment sold on GovPlanet, Everything you need to know about Humvee vehicles, Equipment inspection tips: skid steer loaders, When to buy, lease or rent used heavy equipment or trucks. Conventional loan down payment requirements. Gear thats more than ten years old or twenty years old is no problem with PurchaseFlex Financing, too. The maturity date of the Facilities has been extended from October 27, 2021 to October 27, 2023. Fill out the form below and an Equipment Financing Expert will contact you within one business day. See wire transfer accounts for payments. Lenders only require collateral for secured personal loans. About Ritchie Bros.: Because everything at auction sells for fair market value, theres no need to evaluate individual assets and selling prices. The entire process, from application through getting my financing, was fast, friendly and an overall positive experience. Debt-to-income ratio (DTI) is expressed as a percentage and represents the portion of a borrowers gross monthly income that goes toward her monthly debt service. Once you repay whats owed, your credit limit resets and you can draw from it again. From unique design to proven results, Cat filters and fluids deliver industry-leading protection for your Cat equipment. Theyre great to work with were very grateful for all their help.Sandie Havengar Lazy H Excavating, Inc.Keenesburg, CO, USA, Its been absolutely awesome working with Ritchie Bros. Financial Services, and I tip my hat to the whole Ritchie Bros. organization. The Facilities continue to be secured by the assets of the Company and certain of its subsidiaries in the United States and Canada. David Fischer Performance Grading Inc. Florida, USA. We would like to thank our syndicate of banking partners for their support and demonstrating their confidence in our business, especially during these uncertain times.". The Company's suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system. Acceptable forms of government-issued identification often include: A lender wants to see that you have the ability to pay back your current debts as well as the new loan. After submitting your request, you will receive an activation email to the requested email address. If your income doesnt prove that you can afford monthly payments, lenders are generally not willing to take on the risk. Take advantage of up to 100% financing or a choice of leasing options from Ritchie Bros. Financial Services. Online lenders are typically the fastest, with some lenders offering same-day approvals and same- or next-day funding. You can apply for Triton equipment financing online and receive same-day approval. Thats easy if you have a history with your local Cat dealer, who works directly with us. We are now able to offer competitive rates and payments to all our customers with all ranges of credit scores. We have sent the email to . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. So thats why Ritchie bros. created PurchaseFlex Financing to best suit auction purchasing. Shop for parts and machines online, manage your fleet, go mobile, and more. Ritchie Bros. amends and extends Credit Facilities, https://www.prnewswire.com/news-releases/ritchie-bros-amends-and-extends-credit-facilities-301382043.html, US$750 million revolving credit facility to support operating cash flow needs and higher business volumes, US$295 million delayed-draw term loan, a portion of which may be used, in part, to fund the acquisition of Euro Auctions Limited, William Keys & Sons Holdings Limited, Equipment Sales Ltd and Equipment & Plant Services Ltd. and to refinance the outstanding CAD term loan at closing.