Financial Services
Speed Queen Financial Services draws on decades of unmatched
industry expertise and dedicated support to provide high-quality
laundry-focused financing for our customers. We'll be your full
service partner, with progressive programs, resources and services
designed to support you as you take on the day-to-day challenges of
your laundry business, including:
Creative and Flexible Programs
As laundry experts, we are well-suited to design financing that
suits the unique investment needs of laundry customers.
Fast Decisions
We control the underwriting process and, in many cases, can
provide you a decision in 24 hours or less.
Competitive Rates
We consistently offer some of the lowest rates in the
industry.
No Hidden Costs
No full or partial prepayment penalties on your loans and in
most instances, no security deposits.
Account Management
An experienced laundry professional personally manages your
account from the beginning to the end of your loan. Plus, online
account management is available at your convenience whenever you
need it.
Personalized Services
We offer personalized attention for refinancing and acquisition
financing inquiries, ensuring you'll always have the resources you
need to find success.
Security and Confidentiality
In today's market, our customers place a high priority on the
secure handling of confidential credit card financial information.
We've invested in security resources designed to protect your
information and do not share this information with any other
parties at any time.
Speed Queen Financial Services is the market leader in the
financing of both new store and replacement projects. We have
financed more laundry equipment than any other institution on the
planet, and strive to offer the best financing available to both
our new and existing customers.
Speed Queen Financial Services provides a variety of finance
options, including our standard fixed and variable rate notes. Our
fixed rate notes offer predictability in monthly payments for ease
in budgeting and have a 90 day deferred payment option.
In an effort to provide customers with immediate feedback, Speed
Queen has developed our PREQUAL program to prequalify customers
prior to submitting a complete application package. With only a
completed credit application and personal financial statement,
Speed Queen will prequalify a customer's financing request. A final
decision will be made after receipt of the completed package and a
thorough review of the total project.
Financing Requirements*
| VETERAN - UNDER $100K: |
NEWCOMER & ALL REQUESTS OVER $100K: |
| Credit Application |
Credit Application |
| Distributor Sales Proposal |
Distributor Sales Proposal |
| Brief Transaction Narrative |
Detailed Narrative/Business Plan |
|
|
3 Months Bank & Investment Statements |
|
|
Personal Financial Statement |
|
|
Personal & Corporate Tax Returns |
|
|
Pro forma (projected income & expenses) |
|
|
Competitive Analysis |
|
|
Demographic Analysis |
*Additional information may be required based upon our analysis
of the information provided.
Speed Queen Financial Services is available to assist its valued
customers with financing options for replacement equipment
purchases, capital needs that facilitate multi-store ownership and
creative restructure of your existing account(s).
Replacement Equipment Purchases
Combine the remaining balance on your existing loan with new
equipment purchases in order to improve cash flow and the
efficiency of your laundromat operations.
Multi-Store Ownership
Utilize the equity in an existing laundromat to facilitate a new
store development or existing store acquisition.
Creative Restructure
Contact
us to discuss consolidation and restructure opportunities for
qualified customers.
Speed Queen recommends that each customer consult their
distributor for further discussion on replacement equipment
purchases, new store development and acquisition. Local Speed Queen
distributors will be your resource for listings on existing
laundromats for sale in your market. We will work in conjunction
with you and your distributor to support your financing needs.
Speed Queen Financial Services is available to support your
acquisition-related financing needs. Local Speed Queen distributors
will be your resource for listings on existing laundromats for sale
in your market. If you are an existing laundromat owner with Speed
Queen, please contact your Speed Queen distributor to discuss the
next steps. If you are interested in purchasing an existing store
and need to find a Speed Queen distributor in your area, please
click the distributor locater in the upper right-hand corner. We
will work in conjunction with you and your distributor to support
your financing needs.
Acquisition
Finance up to 65% of the valuation of your target Laundromat or
65% of the selling price, whichever is less. Value of the
laundromat is based on a detailed analysis of the utility bills,
trailing twelve months EBITDA from Profit & Loss Statement and
tax returns of the laundromat. Laundromats typically are valued at
three to five times trailing twelve months EBITDA. We recommend
that all buyers work with a local accounting or financial
professional in making their decision to purchase.
Acquisition & Retool
Finance the purchase of an existing location with the purchase
of Alliance-branded equipment. Finance amount to be determined on a
case by case basis for qualified customers.
Contact a Speed Queen representative to discuss
Acquisition Financing options.