Nathan Elliot from Heavy Vehicle Finance secured a 2017 Komatsu 450LC-8 excavator for their civil construction customer based out of Melbourne recently.
After operating in the civil construction industry for just over 12 months, and specialising in utilities, deep sewer and waste main installation, rapid growth in the client’s business meant a need for an additional excavator to complete a residential subdivision.
Due to stringent requirements from traditional bank lenders, Heavy Vehicle Finance turned to Iron Capital to get the deal done, dusted and in the dirt for their client.
“Iron Capital was the lender of choice, based on the fact that no financials were required for the purchase – their main concern was that the valuation on the machine measured up,” said Nathan.
“For any other mainstream lender, there’s requirements for more than 24 months of operation, accountant prepared financials, year to date management figures. This makes doing business quickly in a growth environment very hard.
“With Iron Capital, we were able to formally approve rent-to-purchase funding within days of submission, allowing the client to pay an agreed value to own the machine on completion of the term, or hand the goods back to us if required.
“Iron Capital’s application, approval and settlement process is quick and easy – which makes it very easy to manage our clients’ expectations. The application process to secure the excavator was just a simple email to Andrew, our Business Development Manager, with the asset specifics to generate a formal quote. Once the quote was accepted by the borrower, we submitted the relevant application documentation and within 24 hours my client had the relevant settlement documents for signing.
“There was no institutional red tape to hold up the settlement process which allowed for a timely payment to the supplier and collection of the asset for our customer,” said Nathan.
For over 15 years, Heavy Vehicle Finance has specialised in providing funding solutions to civil construction operators seeking finance to purchase earthmoving equipment. The finance broker has customers Australia-wide to provide funding for trucks and all types of heavy equipment.