Gavin and Warwick needed to find a way to finance the crane before the hire costs and wait times put them out of business.
After meeting with them both we discovered that they had already applied for finance and been declined by the lender due to some credit issues from Warwick’s past, as well as the age of the crane which was almost twelve years old.
All About Loans began searching for a solution and soon located an equipment funder who would accept the older crane as security. We also discovered that before their partnership Gavin had owned his own business, and his ABN was still current.
We proposed that through our specialist equipment funder we would finance the crane using Gavin’s previous ABN. We’d then create an internal arrangement for the new partnership to pay Gavin’s old company the cost of the repayments on the equipment finance. This would allow us to get around Warwick’s bad credit history by keeping his name off the loan.
To meet the funder’s requirements All About Loans independently arranged for a certified valuer to inspect, certify and provide a valuation on the crane. The inspection was successful and the valuation was sufficient to approve the finance. The certification also confirmed that the crane met all necessary requirements to be registered in Queensland.
Their new monthly repayment on the crane was equal to just three days’ worth of hire costs.
Our equipment finance solution allowed Gavin and Warwick to:
- Create massive reductions in their business expenses and increase their profit substantially.
- Avoid the wait times for hire equipment and get jobs ahead of their competitors.
- Gain a valuable business asset which would continue to be used for over a decade into the future.
