Bryn Mawr Funding Review: A Trusted Name In Equipment Financing
This reputable lender has been in business for over 30 years, delivering equipment financing solutions for brokers and independent leasing companies across most industries.
- Most industries and assets accepted
- Application only programs
- Financing available in 50 states
- Used and titled equipment acceptable
- Discounted early payoff policy
- Limited loan amounts available
- Fewer resources available than other lenders
- Very conservative lender
- A-rate deals only
- Equipment
Overview
Services Offered (Equipment Financing):
Bryn Mawr Funding offers equipment financing agreements (EFA) and leases for third-party originators nationwide.
Industries Served:
Unlike many lenders in the equipment financing sector, Bryn Mawr Funding serves most industries and sectors with very few exclusions. Other lenders have far more prohibited assets and industries, making Bryn Mawr Funding a good choice for borrowers serving more volatile businesses.
Borrower Qualifications:
Bryn Mawr Funding has more stringent qualification requirements than many similar lenders in equipment financing.
For medical industry equipment financing, this lender has the following criteria:
Tier 1: MD, "Ologists", Surgeon, OB/GYN.
Tier 2: Dentist, Podiatrist, Urgent Care, Veterinarian.
- Minimum of 2 years licensed, only business critical equipment
- No lasers
- Special rates for medical industry on 24-66 months term:
- $10,000 to $250,000 (with PG/5 years+TIB) TIER1: 6.57% TIER 2: 6.67%
- $10,000 to $250,000 (with PG/3+ years TIB) TIER1: 6.72% TIER 2: 6.87%
- $10,000 to $250,000 (with PG/<3 years TIB) TIER1: 6.97% TIER 2: 7.17%
For non-medical/general industries, Bryn Mawr Funding requires the following for financing approval:
- 680+ FICO with home ownership
- Low revolving debt
- No recent delinquencies
- No bankruptcies or large tax liens
- Bank statements required on all transactions $50,000 or higher
- Financial statements required on all transactions $100,000 or higher
- Demonstrated average bank balance equal to at least 25% of amount requested
- Comparable credit required on all transactions of $25,000 or higher (can be CBR/ D&B/ PayNet)
- Corp. only: minimum 3 years time in business, minimum 3 licensed and practicing professionals for practice OR 5 years time in business and 20 employees for general industries.
- Minimum of 12 months payment history on all comparable credits.
- Vendor approval needed prior to funding: no sale leasebacks, and site inspections as needed
Excluded industries:
Compared to many lenders working in the equipment financing sector, Bryn Mawr Funding excludes very few industries. While certain sectors are regarded as too volatile and must seek financing from other lenders, most industries will qualify for financing. The excluded industries are:
- Churches
- Home healthcare
- Kiosks
- Mortgage brokers
- Salons, spas & tanning
Terms & Fees:
Borrowers applying for equipment financing from Bryn Mawr Funding will pay a $225 document fee. Additional charges may apply, for example if a site inspection is required.
Amount:
Bryn Mawr Funding offers lower funding amounts than other lenders, with financing available from $10, 000 - $250, 000.
Term length:
Borrowers will be able to set the loan term length within the range of 24-66 months.
Interest rate:
Interest rates on equipment financing from Bryn Mawr Funding range from 6-8%. This amount fluctuates depending on market conditions.
Down payment:
In order to access financing, borrowers will be required to offer 1 or 2 advance payments on the loan.
Application Process:
Bryn Mawr Funding delivers an easy, fast application process via an online form and broker agreement. In addition to the signed and completed application, applicants will need to provide 3 months of bank statements and a written statement about funding needs, including the impact of Covid-19 to the business.
Approval for financing is contingent on confirming submitted information, including:
- Business name and address
- Time in business
- Personal information
- Financial and banking information
- Funding request and reason
Sales & Advertising Transparency:
Bryn Mawr Trust is a well established commercial banking and lending institution with a transparent and comprehensive online presence. All lending products and terms are clearly outlined and described on the company’s website, including information about equipment financing for third party brokers or leasing agents. With over 30 years in business, Bryn Mawr is a trustworthy choice for financing solutions.
Customer Service & Technical Support:
Bryn Mawr Trust, or BMT, is the parent company of Bryn Mawr Funding. As a well established banking and lending institution, customers will benefit from a nationwide footprint with over 40 locations and accessible customer service options.
Customer Call Center
Phone: 610-525-1700
Mon- Fri 7:30 a.m. – 8 p.m.
Saturday 9 a.m. – 2 p.m.
Sunday 11 a.m. – 2 p.m
Customers can also access an online email form to submit questions or concerns 24/7. The customer service team is quick and responsive.
User Reviews:
With multiple branches nationwide, Bryn Mawr receives mixed reviews online. Plus, since the lender offers a wide range of commercial banking services, understanding what branch and sector the reviews are for is vital to determining whether to choose this lender. Some negative reviews discuss the complexity of accessing equipment financing with Bryn Mawr, but generally reviews are positive.
Bryn Mawr is not accredited by the Better Business Bureau but has an A- rating on the platform.
Final Verdict:
For equipment financing brokers and independent leasing companies, Bryn Mawr Funding is a reputable lender with an easy application process. This lender has stricter requirements and lower finding amounts than many other lenders in this sector, but prohibits fewer assets and industries. Depending on the business sector and amount of funding required, Bryn Mawr Funding is a good and reputable financing option.
