Andrew Stewart from Pacific Finance recently secured some heavy mobile mining equipment for a publicly listed client in partnership with Iron Capital.
Having just completed a change in management, organised a company-wide restructure and won some major new business, it’s fair to say Andrew’s client has had a hectic recent period. So, when Andrew was able to secure a package of equipment to execute the upcoming work, it delivered some welcomed peace of mind.
Until another spanner was thrown into the works: while the company had contracts in hand and had forecasted the income, a renewed revenue generation model left the client without a current return. With traditional lenders testing future income on historical earnings, Andrew turned to Iron Capital to get the deal done.
“A full-doc proposal to a major bank was not going to receive the hearing we deserved because of the large amount of funding the client required, coupled with new, though very experienced management, and lack of serviceability based on historical financials,” said Andrew.
“Within two hours of enquiring, Iron Capital handed over a quote. The settlement process was extremely simple and straightforward, with none of the usual little hiccups we often encounter – in fact, I don’t recall a deal ever being so easy.
“Through the process, I appreciated the way Iron Capital remained focused on the equipment and the client’s future contracted revenues – despite this being yet to come.
“It’s unusual for a financier to have such a commercial approach and I found it both refreshing and practical. I know the client also appreciated being measured by their future performance, rather than a past with no relevance to the future,” said Andrew.
