So, after going radio silent for over a month, the Funding Well Capital broker finally called me, urging me to move forward with financing! Huh? Why did he call me all of a sudden out of nowhere? I complained to him how I felt that he had given me the cold shoulder. His response was that he didn’t want to breathe down my neck or be too pushy. However, I found it just odd that he had ceased his regular communication with me as soon as I had signed my purchase orders, and clearly expressed my desire to move forward with their “pre-approved” financing.
When I gave him my Zeiss quote for $130,000 to add to my financing list, he asked for my pro forma, tax returns, etc, and then completely disappeared! I had gotten very used to this move by now, and knew what it meant. I didn’t bother following up because I was so discouraged by all the banks that had already rejected and neglected me previously. I just assumed that it wasn’t going to happen. In retrospect, I guess I had nothing to lose by giving him a call.
Even though I wasn’t too happy with Funding Well, since ProMed only gave me about 70% of the financing I had requested, I was still eager to move forward. The weirdest thing was that this guy called me right after AAO, where I had placed an order for a YAG laser (even though I didn’t have the funding yet again. -_- ) When I told Ellex about how I needed help with financing, the sales rep offered to introduce me to Funding Well, which actually had a broker physically present at the meeting. I told the vendor that I had tried working with them in the past, but lost contact. I refused to be connected with these guys again, and I thought that was the end of it.
Well, when this guy contacted me again, he actually had my purchase order for the YAG laser, even though I never disclosed it to him. Hmmm…shady isn’t it? Heck, I still need these guys, so, pride be damned. They also told me that they would provide me with financing for some additional stuff as well. I’m doing it with a grain of salt though.
In terms of the deal, I got a 5 year loan, with 10% down, and around a 9% annual interest rate. I will have the option for reduced payments for the first 6 months, but I’m pretty sure it will come at an extra cost.