A loan recently acquired by a state-of-the-art construction technology company exemplifies the type of quick, streamlined service that Meridian Bank’s new equipment finance subsidiary offers its customers.
When Bill Zandi, co-founder of Robotic Imaging Group in Philadelphia, needed a piece of equipment for his company’s LiDAR technology, he was referred to Meridian Equipment Finance LLC (MEF), a wholly owned subsidiary of Meridian Bank, headquartered in Malvern.
“We had been leasing a piece of equipment for our LiDAR (Light Detection and Ranging) business, but with the volume of work, we decided it would be better suited if we bought it,” Zandi said. “Instead of buying it outright with cash, we were able to finance it through Meridian, which was very advantageous for us.”
According to Joe Pucci, President of MEF, his subsidiary leases any type of essential-use business equipment, from forklifts and construction equipment to office technology and digital radiography for hospitals and private practice physicians.
“We are focused in helping Meridian customers within the tri-county area by offering an alternative financing product, besides traditional commercial and industrial loans,” Pucci said. “Our terms are anywhere from 12-84 months, and we just do equipment financing, so we are fast and efficient.”
As the former head of Beneficial Equipment Finance Corporation for Beneficial Bank, Pucci brings 30 years of equipment financing experience to MEF, which was formed in February of this year.
The new piece of equipment Zandi needed is essential to the aerial survey technology his company uses to map buildings and other properties.
“We capture dimensions of high-rise buildings, homes, and proposed construction sites, then convert them into two-dimensional drawings and three-dimensional renderings that we sell to architects, developers, and engineers who are working on the particular projects,” said Zandi. “Especially during the pandemic when jobs and money are up in the air, having the flexibility to purchase this type of equipment was important.”
After selecting the needed piece of equipment and its supplier, Zandi began the streamlined MEF loan process by first having Meridian structure a financing plan that matched his needs and budget. He then completed a simple application, received quick approval, and signed an agreement.
According to Pucci, the credit approval process with MEF is typically completed the same day.
“For general pieces of equipment, it’s a one-page application and a quick turnaround,” he said. “We help the customer through the whole process very efficiently, and we can fund the vendor of the customer’s choice very quickly.”
“The process was really seamless from start to finish,” said Zandi. “Our point of contact (Jack London) was really helpful in explaining the loan process to the seller, so that everyone was clear about how the loan was going to work. We had to move quickly, so being able to get the capital that fast was quite a surprise.”
One of the services MEF offers customers is what it calls “early commencement,” which is prepaying the vendor with the customer’s consent to facilitate any down payment that might be required by the vendor.
“A lot of times, a customer will have to give a deposit to a vendor before that vendor will ship the equipment,” said Pucci. “What we typically do, and what we did with Bill Zandi after everything was approved and signed, is to prepay for the equipment. We get an invoice from the vendor, pay for the equipment up front, and then they ship it. That helps Bill’s company and others with cash flow, because they don’t have to front any money. It just makes the whole process go smoothly.”
It was this type of service that helped Robotic Imaging Group so seamlessly purchase the equipment it needed, and why Zandi considers MEF as not just another leasing company, but a good-faith partner.
“I need a certain type of financing to reach my business goals,” he said. “I’m looking for a financial partner who will trust and understand the business model that I am presenting and be able to work with us to get a solution done in a timely manner. That’s what Meridian has been able to do for us.”
Click here to learn more about Meridian Equipment Finance.
Click here to learn more about Robotic Imaging Group.
You Might Also Like