Client Success Story – Farming Equipment (Commercial Secured)
We often say that the easiest way to remember what assets we can help with is that we can secure our clients finance on any asset with a serial number. The below success story certainly attests to this.
The Client, a multifaceted farmer, was looking to purchase an array of farming equipment to support & grow their business. This equipment was from 5 different suppliers. Some of the assets included:
- Water troughs for sheep
- Hydraulic hoof trimming chute – designed for comfort animal hoof care
- Hay mower
- Installation flood wash system
- New irrigation equipment
Our consultant CJ faced two hurdles when facilitating this loan application.
- The first was that the client showed a previous loss on their financials and secondly the technicality involved in the application due to the high number of assets took both time and skill.
- Further finding a lender to accommodate the range of assets would take some workshopping.
Using his 30 years of financial expertise, CJ was able to rectify the loss showing on the client’s financials by adding back their depreciation to show the client’s ability to service the loan. With the deprecation accounted for, the business now showed a strong profit rather than loss.
Regarding the variety and number of assets involved in the deal, again CJ’s experience was on show. He used the strength of our panel to find a lender willing to accommodate the variety of assets and size of the loan, as well as then diligently ensuring all required invoices and information was provided by the client for the application.
The client received a $500,000 loan via a Full Doc application. They then successfully purchased all of the machinery and equipment required to support & grow their business.
The breadth of our panel and expertise of our consultants means we are able to find a home for almost any asset your businesses may require, no matter the industry. To discuss how we can assist you grow your business through asset & cash flow finance, please contact us today.