Broad Fit Financial Continues To Grow With the Fitness & Wellness Industry

The fitness and finance veterans at Broad Fit Financial expand their capacity to include the merging of wellness modalities as a standalone or enhancement to fitness facilities.

Broad Fit Financial, the fitness industry’s exclusive finance company, brings both the credit and wellness expertise to best serve the evolving needs of businesses incorporating the latest offerings in health, wellness, sports and fitness.

Unlike traditional equipment lenders, with capacity and collateral restrictions and guidelines that haven’t been revisited since they were instituted, Broad Fit Financial continues to update programs and offerings to match the pace of the changing landscaping in consumer demands, new product lines, equipment quality and longevity.  

“We are hyper focused on our ability to evolve alongside our vendors and customers,” said Broad Fit President and co-founder Stephanie Taylor. “As they transition and expand their offerings, we must do the same. As the fitness industry’s exclusive finance company, we continue to collaborate with credit on the value of these new wellness offerings, on the importance of facilities expanding to meet consumer demands and providing an easy access route to meet the changing interests of their members.”

With their greater understanding of the industry through an immersive approach and a collective 70 years in fitness, wellness and finance, Broad Fit Financial is primed to financially support all the varying market segments serving the consumer wellness space from the for-profit to the non-profit space, multi-family, hospitality, office buildings, corporate wellness, schools, municipalities and rehabilitation centers.

“We have uncomplicated what lenders have historically complicated, likely related to them being generalists,” added Taylor. “By focusing on fitness and wellness financing exclusively, we have been quite successful in establishing programs to support the space we know so well.”

Directly Addressing the Issues in Fitness Financing

Historically, finance companies are not as versed in the industry they are being asked to finance. Specifically the collateral, improvements in manufacturing, asset aging and shifts in consumer demands are rarely understood as asset packages change. Generalists are not apt to deviate from previously established programs which is a pain point for owners/operators who seek more from the finance industry.

“This is a common sentiment with our customers,” said Taylor. “The lenders who have funded this industry previously are not growing with it. Collateral has changed, consumer demands have changed, knowledge and education is deepening, offerings are expanding, guarantors look different and the need for strong finance partners are at an all-time high.”

To further support the industry, Broad Fit Financial offers longer terms, capital financing, soft cost financing without restriction, deferment periods without term restrictions, acquisition financing and more.

“We don’t have the percentage restriction related to hard vs soft assets that is very common in our industry,” Taylor added. “Being able to finance all the project costs into one note has been pivotal for our customers.”

The Wellness Wave

Aside from traditional finance frustrations with limited understanding of the fitness industry and how they operate, Taylor noted the emergence of more wellness focused modalities, such as red light therapies, hot/cold plunges, healing chambers and more have been giving lenders pause.

“Understanding the true value of these assets from longevity to the resell aspect is part of our job so we can continue to educate credit in assessing risk in funding new to market collateral,” Taylor said.

Committed to the health and wellness, sports, the fitness industry and the operators and vendors, the team at Broad Fit stays current on the industry’s evolution to best serve and finance the needs within the space.

Understanding Fitness

The key to this seamless alignment between Broad Fit, the fitness industry and the finance world is rooted in their foundation and mission to make financing easier for their customers and vendors. 

With that insight garnered from decades serving the fitness and finance industries, their team understands the nuances, trends, challenges, structures and needs of the varying markets seeking to procure funds for their related projects.

“Understanding the industry from a position of direct experience and not just from the lens of an outsider or credit only has allowed us to work with partners more intentionally as opposed to transactionally,” said Michael Grant, vice president of sales at Broad Fit Financial. “As a result, we can offer a more robust suite of options and work arounds.”

Their success is a testament to effectively navigating the varying markets, brands, collateral and needs of the buyers and vendors as well as those of the funders and credit teams.  

“Accommodating the demands of both sides of the fence, fitness and finance, as equally vital has allowed us to grow and evolve in our offerings.” Taylor explained.

For the Broad Fit team, the importance of offering a frictionless experience as it relates to financing is at the forefront of their commitment to customers, vendors and funders. 

“We believe any friction in the sales process is a turn off,” said Grant. “Anytime the customer experiences unnecessary back and forth with you, from not being clear on the process, next steps, terms and messages or delays, that’s all friction in the sales process. Our commitment to speed and clear communication, our easy and industry specific applications and our use of technology to expedite our processes, are just additional differentiators. We focus on leveling out any speed bumps that cause a customer to hesitate on an order or partnership.”

Broad Fit continues to expand their offerings to support the evolving marketplace so the operators can do their part in supporting consumer demands.