Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

Financing!


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #1  
Old 02-13-2012, 01:27 PM
thegroundscrew's Avatar
thegroundscrew thegroundscrew is offline
Senior Member
 
Join Date: Nov 2011
Location: Bellevue, WA (425) - 15 minutes from Seattle (206, my city's filthy)
Posts: 141
Rep Power: 4
thegroundscrew is on a distinguished road
Default Financing!

We just got approved by the bank and we are now offering, up to two year financing for all of our customers. We are offering financing for only those with good credit at only 3% interest rate. We are really moving towards helping out our customers as much as possible and making their ease of pay much more manageable. Anyways...

Do any of you guys offer financing?
If yes...
Up to how many years?
What percent interest rate?
Is it available to anyone even with poor history?

Just general talk about financing!
__________________

Curtis Michael
President
The Grounds Crew
(425) 765-2638
www.thegroundscrewllc.com
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 02-13-2012, 01:49 PM
dpld dpld is offline
new member
 
Join Date: Jan 2012
Location: nj
Posts: 885
Rep Power: 0
dpld is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
Quote:
Originally Posted by thegroundscrew View Post
We just got approved by the bank and we are now offering, up to two year financing for all of our customers. We are offering financing for only those with good credit at only 3% interest rate. We are really moving towards helping out our customers as much as possible and making their ease of pay much more manageable. Anyways...

Do any of you guys offer financing?
If yes...
Up to how many years?
What percent interest rate?
Is it available to anyone even with poor history?

Just general talk about financing!
is this financing for lawn services or landscape construction jobs?
Reply With Quote
  #3  
Old 02-13-2012, 02:00 PM
thegroundscrew's Avatar
thegroundscrew thegroundscrew is offline
Senior Member
 
Join Date: Nov 2011
Location: Bellevue, WA (425) - 15 minutes from Seattle (206, my city's filthy)
Posts: 141
Rep Power: 4
thegroundscrew is on a distinguished road
Default

Mostly landsape construction jobs but if it is a large one time lawn service that is say over $1,000 then financing will be available. The financing has a minimum of $1,000 so any project exceeding that can be financed.
__________________

Curtis Michael
President
The Grounds Crew
(425) 765-2638
www.thegroundscrewllc.com
Reply With Quote
  #4  
Old 02-13-2012, 03:25 PM
dpld dpld is offline
new member
 
Join Date: Jan 2012
Location: nj
Posts: 885
Rep Power: 0
dpld is on a distinguished road
Default

Quote:
Originally Posted by thegroundscrew View Post
Mostly landsape construction jobs but if it is a large one time lawn service that is say over $1,000 then financing will be available. The financing has a minimum of $1,000 so any project exceeding that can be financed.
thats very intresting, makes sense.

good luck with that.
Reply With Quote
  #5  
Old 02-13-2012, 03:33 PM
SECTLANDSCAPING SECTLANDSCAPING is offline
new member
 
Join Date: Jul 2009
Location: CT
Posts: 1,912
Rep Power: 0
SECTLANDSCAPING is on a distinguished road
Default

I was contacted by a company that does this with a $500 minimum. At the time I wasnt interested but could see how it would be worth having.
Reply With Quote
  #6  
Old 02-13-2012, 04:16 PM
picframer's Avatar
picframer picframer is offline
Andy
 
Join Date: Jan 2009
Location: Halifax, Nova Scotia
Posts: 2,885
Rep Power: 10
picframer will become famous soon enough
Default

As a banker of 16 years give this new venture some really had thought, IMHO it's a head ache you do not want, you can make arrangements, at least here, where I can have a client fill out a credit application however the financing is between the lender and the customer, if the bank is lending you the money and you are lending it to clients...gosh buddy this could be a nightmare.
__________________
Andy
Halifax, Nova Scotia
Reply With Quote
  #7  
Old 02-13-2012, 04:39 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 37,231
Rep Power: 10
Steve has disabled reputation
Default

Can you explain a little more on how this works? Are you handling the financing? Or does the customer fill out a form you provide and then it is between the bank and the customer?

What got you to think about offering this?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #8  
Old 02-13-2012, 10:53 PM
thegroundscrew's Avatar
thegroundscrew thegroundscrew is offline
Senior Member
 
Join Date: Nov 2011
Location: Bellevue, WA (425) - 15 minutes from Seattle (206, my city's filthy)
Posts: 141
Rep Power: 4
thegroundscrew is on a distinguished road
Default

Well I actually have the connections. My dad owns a large consumer finance company and we worked out a deal between my dad and I and the bank to get money and I only have to pay 1% on it. My goal isn't even trying to make money (even though I still will be making 2%) but work with my clients especially during these hard times. My dad has one of the best relationships with Bank of America, WAMU, and Chase that they just want to help me out because they know that in the future I will be working with them when I start getting into realestate. So basically it's about building a foundation based on relationships of integrity and trust. My dad knows everything about finance and as a strong business sense and said that this was the best option for my company. But what headaches were you thinking could come up from this?
__________________

Curtis Michael
President
The Grounds Crew
(425) 765-2638
www.thegroundscrewllc.com
Reply With Quote
  #9  
Old 02-14-2012, 05:24 AM
picframer's Avatar
picframer picframer is offline
Andy
 
Join Date: Jan 2009
Location: Halifax, Nova Scotia
Posts: 2,885
Rep Power: 10
picframer will become famous soon enough
Default

The spread of 2% is taxable income

Your balance sheet will require an accountant

Depends on the laws where you live on charging interest, a finance agreement will need to be prepared and I suggest a lawyer prepare the template for you, you will need a system to provide the customer with an annual statement, payments received, amount applied to principal and the amount of interest

Collections, as you can see on the forum many if now most have issues collecting for lawn care, the economy IMHO isn't going to turn around anytime soon so collections will factor in as stuff happens to good people with a good credit rating

You will need to be set up and pay for credit checks, you will also need to provide a privacy statement and ensure all confidential data is under lock and key, this will include a good firewall on your computer, even the big guys get hacked.

That is just off the top of my head, you are basically setting yourself up as a Merchant Bank as we call them, yes many make money, many fail
__________________
Andy
Halifax, Nova Scotia
Reply With Quote
  #10  
Old 02-14-2012, 07:35 AM
dpld dpld is offline
new member
 
Join Date: Jan 2012
Location: nj
Posts: 885
Rep Power: 0
dpld is on a distinguished road
Default

let me get this straight, you will be doing the financing yourself with the help of other banks and the terms are for two years.

what happens when the customer can not pay?

the way i see it is this, if you are a homeowner and you have excellent credit in this day and age you probably are doing pretty well for yourself and don't need to borrow a couple thousand dollars over two years to do a job that will and should increase the value of your property.
and if you have excellent credit and you don't have the money, chances are your lifestyle is going to catch up to you and you won't have good credit for long.

at the same time if you are a homeowner and you can not afford to do the job that is let's say 3,000.00 you propbably got no business borrowing the money to begin with for a luxury item like a patio or a decorative wall or sidewalk.
if that person is in a position where they can not afford the 3,000.00 dollar example this year, chances are high that they will not be able to afford it next year either so a two year plan will not help them as much and is only buying them a little time.

6 or 10 years ago this probably might be a little better idea then it is now when banks were throwing money at people but today with record numbers of unemployment and foreclosures as well as defaults on credit cards i would be hard pressed that a bank would even lend money like that.

also, unless the bank is going to get some form of collateral i doubt they will be lending the money anyway because they can not repo a patio.

the thing that stands out to me is you said customers with excellent credit can apply and that brings me back to my original point, if someone has excellent credit they will not need to borrow money for a few thousand dollar job and if so they might allready have a line of credit with their home.
if it is a large job, let's say 10,000 dollars, two year financing is going to be pointless.

i don't know exactly how things are going in your region with the economy but banks are just not lending money right now. they are not lending money in my state and i live in one of the top four richest states as far as household income goes and our real estate values are very high compared to the national average. so if it is like that in my area it is safe to say it is happening everywhere.

i understand where you are coming from and what you are trying to do as far as getting more business and on paper it seems like a good plan but the times we live in tells me that it is not going to get much work for you and if you are gonna be on the hook in any way shape or form, it sounds like a recipe for disaster.

i had a successful old customer tell me a long time ago that built multi million dollar homes for a living say that if you got to ask how much something cost then you probably can not afford it.
it basicly means that sure you will need to know the final cost but being you are in the market for a particular item you should allready have a idea as to what it will cost and if you don't have the resources on hand to make the deal then you really should not be buying it.

years ago people saved their money and lived without until they could afford it and starting like 20 years ago banks helped fuel the fire of buy now pay later and that is what got this country in the mess it is in today.

in my area, when you drive down the a street with multi million dollar homes you can easily spot the people who can afford to live in a home that exspensive and the ones who can not.
i been in many exspensive homes where the people could not even furnish the house because they are so strung out paying for the house they can not afford and should have not bought.

the bottom line is you are a landscaper, not a bank and you really don't want to do business with people who can not afford your services and even if they have great credit and are good for the money i don't think they will need to have the landscaper pull some strings for them to get it done.
as a landscaper you are building their dream and in no way shape or form should you get involved in financing their dream as well as even be involved in knowing anything about their finances.
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
The problem with equity financing Steve Money, Finances, Stocks, Bonds, & Investments. 18 05-13-2012 09:09 AM
Start-up Financing MLuciano Starting a lawn care business. 4 07-11-2008 04:38 AM
Financing with Better Outdoor products jewwells Truck, Trailer, and Outdoor Power Equipment Discussion, Repairs. 4 01-24-2008 11:17 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Smoked my first belt!
SGL1
Yesterday 08:46 PM
Today 03:25 AM
by ExtremeLawncareServices
1 18
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
Today 03:18 AM
by ExtremeLawncareServices
57 5,043
landscape insurance
clarkslawn
03-30-2015 10:14 PM
Yesterday 10:02 PM
by SGL1
4 352
color fliers?
holymoly
04-18-2015 02:32 PM
Yesterday 09:40 PM
by avetslawncare
9 163
WARNING! Especially to...
SC93
04-19-2015 12:05 PM
Yesterday 08:41 PM
by SGL1
11 190
Poll & Discussion...
CHEESE2009
09-16-2011 06:16 PM
Yesterday 08:20 PM
by avetslawncare
27 5,558
I'm Back With The Best...
aduttonater
02-21-2015 12:41 AM
Yesterday 08:00 PM
by avetslawncare
48 2,201
Pictures of commercial...
avetslawncare
04-01-2015 09:47 PM
Yesterday 07:44 PM
by avetslawncare
24 860
Could be great news for...
SC93
04-14-2015 11:06 PM
Yesterday 03:45 PM
by SC93
12 370
lawn care business...
holymoly
04-18-2015 02:56 PM
Yesterday 02:24 PM
by Steve
2 129
weed
avetslawncare
04-16-2015 07:56 PM
Yesterday 01:08 PM
by Steve
4 170
Aerating / Dethaching...
Hard-Body lawn & garden
04-12-2015 07:53 PM
04-19-2015 08:49 PM
by Chilehead
17 507
Start LIKING FACEBOOK...
rlclawncare123
02-26-2015 12:06 AM
04-19-2015 09:21 AM
by KJ90
8 908
bidding a cemetery....
NPM_LLC
03-28-2015 10:56 AM
04-19-2015 05:26 AM
by RSE
22 922
Hustler Raptor
SGL1
04-13-2015 09:27 PM
04-18-2015 07:53 AM
by SGL1
15 428
is craiglist good to...
JBENI
04-16-2015 11:11 AM
04-17-2015 10:25 PM
by Wolf4dk
11 296
Am I missing something...
googus
04-11-2015 06:33 PM
04-17-2015 08:01 PM
by avetslawncare
10 444
Hello
sonny54
04-16-2015 09:49 PM
04-17-2015 03:10 PM
by Steve
1 123
Unreal
Chilehead
04-09-2015 09:12 PM
04-17-2015 08:27 AM
by Chilehead
11 482
starting a lawn care...
JBENI
04-14-2015 09:03 AM
04-17-2015 08:03 AM
by JBENI
14 452
Finally got a warehouse
avetslawncare
03-12-2015 07:52 PM
04-16-2015 07:52 PM
by avetslawncare
23 1,268
New 14 x 7 Enclosed...
whitepropertydetail
04-15-2015 06:46 PM
04-16-2015 03:40 PM
by Steve
1 166
quick pic
joshlawncare
04-14-2015 07:49 PM
04-16-2015 03:38 PM
by Steve
3 225
older used dump trucks
SECTLANDSCAPING
09-22-2011 12:33 AM
04-16-2015 12:41 PM
by biglee
21 7,961
Tax Poll
Steve
04-15-2015 02:13 PM
04-15-2015 02:13 PM
by Steve
0 175
lawn care by Aj
aj10261984
04-14-2015 06:50 PM
04-15-2015 01:43 PM
by Steve
2 194
Contact last years...
googus
01-28-2015 08:13 AM
04-15-2015 12:54 PM
by SC93
7 1,191
trying to sign up for...
JBENI
04-14-2015 10:20 AM
04-14-2015 12:11 PM
by Steve
1 487
Charging customers for...
Hard-Body lawn & garden
04-14-2015 07:34 AM
04-14-2015 10:35 AM
by Steve
1 219
New member
Jdlandscaping,LLC
04-11-2015 03:24 PM
04-14-2015 05:45 AM
by Jdlandscaping,LLC
2 255
hello
oasis_greenscapes
04-01-2015 06:18 PM
04-13-2015 12:03 PM
by Steve
8 485
New Member
Greenturion
04-11-2015 02:00 PM
04-13-2015 11:59 AM
by Steve
1 218
Client with...
OldSalt
04-07-2015 09:47 PM
04-13-2015 11:57 AM
by Steve
8 432
Getting rid of "mulched...
Mr. Mow
04-12-2015 04:21 PM
04-13-2015 11:26 AM
by biglee
3 248
String trim BEFORE mow...
Mr. Mow
04-12-2015 08:13 AM
04-13-2015 11:11 AM
by biglee
7 362
Billing methods
jcurr33
03-26-2015 01:33 PM
04-13-2015 11:07 AM
by biglee
15 866
Landscape Fabric
CurbAppeal1
04-10-2015 03:58 PM
04-13-2015 08:02 AM
by Chilehead
4 298
I lost a long term...
Sprinkler Buddy
09-04-2011 02:24 PM
04-12-2015 04:27 PM
by Mr. Mow
17 3,925
Snow removal contracts
CDLAWNCARE
03-31-2015 02:57 PM
04-10-2015 11:37 AM
by kslawn
6 508
Do you have medical...
Steve
09-10-2011 11:46 AM
04-10-2015 11:28 AM
by Steve
17 5,226
Shopping Centers
avetslawncare
04-07-2015 07:16 PM
04-10-2015 11:27 AM
by Steve
7 413
Leaf Vac's?
ABurlison
11-07-2007 10:18 PM
04-10-2015 06:12 AM
by RSE
14 5,731
Grass and Leaf vacuum
captain200
04-07-2015 07:05 PM
04-10-2015 06:02 AM
by RSE
4 374
Covering a landscape...
Dan Tanner
03-29-2015 09:01 AM
04-10-2015 06:00 AM
by Dan Tanner
19 975
I have a great idea!
biglee
04-05-2015 06:20 PM
04-09-2015 12:54 PM
by Steve
4 419
lawn care school
kevinburch48
04-09-2015 09:13 AM
04-09-2015 11:27 AM
by Steve
1 275
What do you suggest?
Growing Green
09-20-2011 09:56 AM
04-08-2015 03:09 PM
by Steve
8 3,151
Survey
Ducke
09-20-2011 07:27 PM
04-07-2015 11:33 PM
by SGL1
12 3,466
DOT Number
acrajchel
03-20-2015 05:56 PM
04-07-2015 10:55 PM
by SGL1
14 1,289
Avoiding Clients
CHEESE2009
09-08-2011 10:58 PM
04-07-2015 06:05 PM
by GLAN
24 6,439
» Popular Tags
aerocore apartment complex auger bark billy goat brushcutter blades bush collections deliquentaccounts design edging employee problems equipment rental ferris flyers foreman free advertising grass growing a lawn care business hills hiring husqvarna john deere quik trac landscape landscape services landscaping training lawn lawn care lawn care business seo lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo lawn mowing marketing marketing secrets more customers business mr dave mulch new business past due per hour charge per hour service pricing profit on employee pto push versus ride running a business scripts secrets to landscaping sell the vision seo shell small engine repair square foot steep lawns sulky theft toro grand stand trailer tree trimmer rack truck new used landscape up sell employee web design website website design winterization won't return
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 04:19 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 04:19 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy