Frequently Asked Questions
Have a question? Check out our FAQ below. We cover most general leasing and legal questions here. If you need more details, feel free to contact us for more information!
Legal and Finance
- What is an equipment lease?
Equipment leasing is a form of financing to acquire equipment for use and purchase. Many companies use lease financing for the acquisition and use of many types of equipment.
- Is leasing a feasible way to finance equipment purchases?
Yes! Advantages of leasing to own include getting your hands on needed equipment without paying the costs upfront, and keeping your other financial assets like bank loans and lines of credit free for operating expenses and growth initiatives. Lease payments may sometimes be deducted as business expenses.
- What is the range of deal size you will finance?
We finance opportunities that range from $50K to $5M. Our typical deal size is in the $50K-$500K range.
- What forms of payment do you accept?
We currently accept eChecks and automated VersaPay account debit. Contact Spectrum Lease for further details or to set up payments.
- What do I do if I have questions about my loan?
Contact us either by phone or email, or contact us online.
- Which manufacturers do Spectrum Lease partner with?
We have explicit partnerships with the following extraction-related manufacturers: Vitalis Extraction Technology Inc. Sage Analytics Testing Equipment Heidolph Instruments Co. Root Sciences Cascade Botanical Robot Coupe Don’t see who you’re looking for? We’re always building new relationships. Contact us for a full list of partnerships.
- How is equipment insurance handled?
To protect both Spectrum and the lessee, insurance is required on all leased equipment. If you do not have business insurance, then insurance protection can be included in your lease for a nominal fee.
- Who services and maintains the equipment?
You receive the benefits of all "buyer" warranties and are responsible for maintenance. Once the equipment is off warranty you have the responsibility to ensure the equipment remains in good working order.
- Which taxes apply to my lease?
Applicable sales tax is added to the monthly payment over the term of the lease. Taxes and fees vary by service area. Please contact us for further details.
- Who owns the leased equipment?
The leasing company, as lessor, is the owner of leased equipment until the final payment is cleared and the lease is complete – ownership is legally transferred at that point.
- How do I submit an application?
Click here to access our application form.
- Which regions do you service?
We provide financing to cannabis extraction businesses across the United States and Canada. Taxes, fees, and regulations may vary by region; please contact us for further details.
- How long does the approval process take after I submit my application?
A Spectrum team member will contact you as soon as possible. Our focus is to get the equipment to you quickly. You should hear back about your application within three business days.
- My company is new, can I still lease?
Yes, provided you clear our credit approval process and complete all required documentation. Speak to a Spectrum Lease team member to learn more about startup funding.
- I have had bankruptcy. Do I still qualify for a lease?
We are willing to consider companies that have been released from bankruptcy. Since you will be viewed as a higher risk, you should expect to pay a higher rate and require additional guarantees.
- What factors are used to determine credit worthiness?
The elements of your lease application, time in business (if applicable), references from banks and trades. Personal and/or credit bureau ratings will be reviewed (specific to each lease request).