Construction, glazing, signage, film/TV, and facility-maintenance teams often win (or lose) jobs based on one factor: who can mobilize safe, reliable access equipment quickly. Boom lifts—articulating and telescopic—are high-utilization assets that generate revenue immediately, but banks can be slow or picky about age, hours, or private-sale purchases. As both seller and financier, Mehmi Financial Group places boom lift files across 30+ Canadian lenders and, when we have stock, can sell and finance the unit directly. Below is the broker playbook we use—in plain language—to move your application from inquiry to funded.
If you’d like a quick pre-screen on your situation, feel free to contact our credit analysts for tailored help.
What counts as a “boom lift” in underwriting
- Articulating booms (knuckle booms): Reach around obstacles; common in urban jobsites and maintenance.
- Telescopic (straight) booms: Higher vertical reach and better horizontal outreach; favored on larger outdoor sites.
- Powertrain: Electric (lithium/lead acid) for indoors; diesel/dual fuel for outdoors. Battery health/history matters for electric.
- Key specs lenders care about: Manufacturer/model, platform height & outreach, year, hours, maintenance history, and attachment options (e.g., jib, oscillating axle).
Strong resale brands and clean service records improve terms and lower required down payment.
The private-lender reality (terms you’ll actually see)
Structure:
- Lease-to-own ($10/$1 buyout): Most common for owner-operators and contractors planning to keep the lift long-term.
- FMV/Residual lease: Lower monthly payment with a market-value or fixed residual (10–20%) at end; useful if you rotate assets often.
- Sale-leaseback: Use equity in your owned lift to inject working capital without losing use of the asset.
Term length: 24–60 months typical; 72 months available for newer units and strong files.
Down payment: 0–10% on strong, dealer-sourced units; 10–30% on private sales, older/high-hour assets, startups, or softer credit.
Fees/conditions: PPSA filing, documentation fee, first/last in advance, proof of insurance naming lender as loss payee, GPS/inspection as required.
Want a quick payment estimate? Use our calculator and then contact us for a firm quote.
Bank vs. private lender: when to choose which path
- Bank/credit union: Best headline rates and long amortizations, but stricter on financial statements, age/hour limits, and private sales.
- Private lender: Faster decisions, broader asset tolerance, comfort with private sales and sale-leasebacks, and A/B/C/D credit solutions.
If a bank declines, we often restructure through Refinancing & Sale-Leaseback or layer short-term Working Capital/LOC to bridge cash flow until the asset earns.
Underwriting lens: what a credit analyst actually looks for
The asset:
- Year, hours, battery/engine condition, service records, tire condition, platform controls, safety systems (load sensors, emergency descent).
- Emissions compliance (diesel), battery test results (electric), charger health.
- Clean title and serial; no undisclosed liens.
Your revenue story:
- What contracts or recurring maintenance routes will the lift serve?
- Utilization plan (days/month), internal rates or rental avoidance savings.
- Safety/compliance history (operator training, inspection schedule) to reduce risk.
Cash flow & banking:
- 3–6 months business bank statements—consistent deposits, low NSF activity, headroom for the payment.
- If receivables are lumpy, consider invoice factoring to stabilize cash inflow.
Ownership & guarantees:
- List all owners ≥25%; personal guarantees are typical. Strong co-signer or added collateral can offset lighter credit.
Broker approval playbook (step-by-step)
1) Pre-qualify the asset before you negotiate price
- Capture make, model, year, hours, serial, photos (platform, boom sections, undercarriage/tires, control panels).
- Ask for last annual inspection (CSA B354/ANSI A92 equivalent) and any major repairs (boom chains, cylinders, batteries).
- For electric, request battery test printouts and charger model; for diesel, recent service tickets.
2) Choose the right structure for the business goal
- Keep it long-term? $10/$1 buyout (ownership).
- Rotate every 3–4 seasons? FMV/residual lowers the payment and eases replacement.
- Need cash now? Sale-leaseback converts equity to working capital while keeping uptime.
3) Package the revenue case
- Include POs, MSA pages, maintenance contracts, or bid awards.
- If “rental replacement,” quantify savings vs. renting monthly—this supports affordability.
4) Show bankable behaviour
- Provide clean, recent bank statements; reduce NSFs in the month before submission; pay down small overdrafts.
- If tight, pair the deal with Line of Credit & Working Capital to protect payroll and fuel during ramp-up.
5) Decide on down payment early
- Offering 10–20% upfront can improve rate, remove covenants, or secure a longer term on older/high-hour lifts.
6) Clear insurance in parallel
- Bind coverage naming lender as loss payee; include equipment schedule and replacement value to avoid delays.
7) Move the paper cleanly
- Signed application, IDs, corporate registry, bill of sale/invoice, lien release (if applicable), inspection report, and bank statements.
- Use our Leasing & Loans intake to submit in one shot; we route to best-fit lenders the same day.
Comparison table: ownership vs. FMV lease
| Feature | Lease-to-Own ($10/$1) | FMV/Residual Lease |
| Monthly Payment | Higher | Lower |
| End-of-Term | Own the asset | Pay FMV/residual or return/replace |
| Best For | Long-term use, high utilization | Frequent refresh, tech/height changes |
| Flexibility | Stable, predictable ownership | Easy fleet rotation |
| Cash Flow Impact | Higher monthly outlay | Lower monthly; larger end decision |
Budgeting beyond the payment: the “true monthly” for a boom lift
- Insurance with correct loss-payee language.
- Maintenance & inspections: Annual certs, battery watering/replacement, hydraulic hoses, chain/cable checks, tire wear.
- Energy/fuel: Charging infrastructure or diesel cost on high-reach units.
- Transport: Delivery/pickup if your crew can’t trailer it.
- Downtime reserve: Target 1–1.5 payments saved for unexpected repairs.
Run payment scenarios with our calculator, then add the above to see your margin clearly.
How we strengthen tougher files (and still get to “yes”)
- Older/high-hour lift: Shorter term + modest residual + small down payment; add a maintenance plan to reduce risk.
- Startup contractor: Co-signer or extra collateral; pair with Working Capital/LOC for the first 90 days.
- Lumpy receivables: Invoice factoring on key accounts to normalize deposits.
- Private sale: Extra diligence (photos, lien searches, inspection). Private lenders are comfortable; we manage the paper trail.
- Need cash + equipment: Refinancing/Sale-Leaseback on an owned asset to fund another lift or a service truck.
Real-world case pattern
A GTA facilities contractor was renting a 45’ electric boom monthly to service mall atriums—profitable but choppy cash flow. We placed a 48-month FMV lease on a late-model unit with excellent battery health:
- 10% down, lower monthly vs. rental, seasonal skip for January.
- Same-week approval, funding after proof of insurance and inspection.
- We added a small working-capital facility to cover technician payroll between invoice cycles.
Result: Higher uptime, better margins than renting, and smoother cash flow through winter.
If you’re in a similar spot, feel free to contact our credit analysts for a quick pre-approval path.
Application checklist (what to send first)
- Equipment invoice/quote, serial number, hours, and clear photos (platform, boom, controls, tires/undercarriage).
- Last annual inspection certificate and recent service/battery reports.
- 3–6 months of business bank statements.
- Government IDs of all owners ≥25%; corporate registry.
- Insurance broker contact to bind on approval.
- Use-of-funds note (contracts, routes, or rental-replacement math).
Submit these via Leasing & Loans for fastest routing.
Related reading from Mehmi
Frequently Asked Questions
Can I lease a used boom lift from a private seller?
Yes. Private lenders routinely fund private-sale lifts with extra diligence (inspection, lien search, bill of sale). Expect slightly higher down payment than a dealer unit. Start with Leasing & Loans.
What credit score is needed in Canada?
Banks often look for 650–700+ with clean financials. Private lenders can work below 650 with compensating factors (down payment, strong contracts, co-signer, or sale-leaseback).
Is FMV or $10 buyout better for a boom lift?
If you’ll keep it long-term, choose $10/$1 buyout. If you refresh every few seasons, FMV lowers payments and eases replacement.
How fast can I get funding?
With documents, inspection, and insurance ready, 24–72 hours from approval is common in private lending. Try our calculator for payment ranges.
Can a startup get approved?
Yes—with 10–20% down, a solid revenue plan, possible co-signer, and clean bank statements. We can overlay working capital to support ramp-up.
What if cash flow is uneven?
Blend a smaller payment via FMV residual, shorten term, or add invoice factoring to normalize receivables.
Why Mehmi (seller + financier, Canada-wide)
We aren’t just a broker. We sell commercial assets and finance them—daily. That means our credit team understands real auction values, battery degradation curves, and what an underwriter will flag before it slows you down. We place files across 30+ Canadian lenders, offer 24–48h approvals on deal-ready packages, and tailor structures so payments fit your utilization and seasonality.
Next step: If you’re pricing a specific boom lift—or want pre-approval before you negotiate—feel free to contact our credit analysts for a friendly, pressure-free review: Contact Us. Want quick numbers first? Use the calculator.
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