Bullard Lease/Purchase
Over $100K
HOW TO DO A LEASE/PURCHASE TRANSACTION
Step-by-step procedures for transactions involving a financed amount over $100,000
To complete a medium to large ticket (over $100,000) tax-exempt or taxable lease/purchase agreement:
STEP ONE - Contact Blake Kaus at Baystone Financial Group for a competitive quotation. The information needed for a bid is as follows:
Customer information (contact names, phone numbers, etc.)
Type of equipment and number of units
Total cost of the equipment
Number of years to finance and term (monthly, quarterly, semi-annual, annual)
When the first payment can be made toward the financing
Expected final delivery date of ALL equipment
A bid will be faxed to you immediately
STEP TWO - Once the transaction has been accepted, the Customer must complete and send the following information to Baystone Financial Group:
Completed credit application
Signed commitment to finance with Baystone Financial Group
Last two years of complete audited financial statements (For transactions over $250,000, please include three years of financial statements)
Copy of projected budget for the upcoming fiscal year
Credit will be reviewed and a decision will be PASSED ALONG WITHIN 24 HOURS.
STEP THREE - If credit is approved, both the Customer and Vendor will be notified and a lease-purchase agreement will be sent via OVERNIGHT DELIVERY for the Customer's completion.
STEP FOUR - The completed lease-purchase agreement shall consist of the following documents, all of which will be completed by lessee with the exception of the vendor invoice:
Original signed lease-purchase agreement
Original exhibits including Opinion of Counsel
Original 8038 IRS Form (for tax-exempt transactions)
Insurance Certificate
First Payment (if Applicable)
Vendor Invoice
UCC-1 Forms
Once the lease is signed and completed in its entirety, Baystone Financial Group, in conjunction with their affiliate, Kansas State Bank of Manhattan, will immediately fund the transaction.