You Want Billboard Financing?
A Tailor and A Sign Maker
How does a 100 year old sign company get into billboard financing?
In the spring of 1922, a tailor in Ogden, Utah found himself in need of a double-faced electric sign to advertise his business. He approached Thomas Young Sr., founder of Young Electric Sign Company (known as YESCO). Tom had been in business for two years and already had a sense for the difficulty his clients faced getting financing through traditional banks for sign projects. So, in exchange for a small down payment and a newly tailored suit, he agreed to offer extended payment terms to this customer.
Fifty years later, YESCO installed its first billboard in Utah. It would be the first of over 2,600 faces, including 60 digital faces, operated in Utah, Idaho, Wyoming, Montana, and eastern Nevada. After 100 years in the sign industry and 50 years operating a growing billboard business, YESCO still finds very few banks that understand the billboard industry and can provide a seamless process for obtaining digital billboard financing. Banks don’t seem to understand the value of a new digital billboard, they often require appraisals, and they often push for a variable interest rate.
Building off the lending legacy of its founder and in an effort to confront the challenge of obtaining financing from traditional banks, YESCO hired its lead banker to separate its lending business from its manufacturing and billboard operations. YESCO Financial Solutions (“YFS”) was born. YFS provides billboard financing for the construction of new digital billboards as well as conversion of static to digital. Its reputation as one of the best non-bank lenders to the billboard industry comes from credit policies and procedures designed by people who KNOW the billboard industry!
So, why do billboard companies choose to finance their digital billboard projects with a non-bank lender like YESCO Financial Solutions?
- Quick approval process. YFS can learn about a new project, complete its underwriting, and close within a week.
- No appraisal required. YFS understands the value of your project based on the forecasted revenue, expenses and billboard cash flow it’s expected to generate. If you have a good ground lease and valid permit, YFS can determine the estimated value using its many years of experience in the OOH industry.
- Flexible finance terms. YFS can offer interest only payments for the first 6 or 12 months to give you time to build occupancy on the new digital. It can offer terms that vary in length based on your needs. Rates, fees, early prepayment, personal guarantees are all open for discussion and can be modified for each specific circumstance. YFS will understand your circumstances and present a few options in order to find the solution that works best for all parties.
- Location and experience focus. Rather than underwrite your last few years of financial performance (which won’t exist for a new company, or new location), YFS is focused on billboard location and experience of the operator.
Skip the hassle and call YESCO Financial Solutions to explore finance options for your next digital billboard project.