Midlands based furniture manufacturer invests in new multi-needle stitching machine
We were introduced to this client by a trusted source, who had a relationship with them spanning over 10 years.
They needed to acquire a new machine to enhance existing production capabilities by replacing an ageing machine. Initially, they had approached their existing bankers, who were more than supportive, however the client felt it was time to spread their exposure through a different lender.
The 143,500 Euro machine was being supplied by a Spanish manufacturer, who were willing to ship the goods based on deposit payment. Once arrived in the UK we acted quickly to reserve the Euros with our funder and provide an efficient service to ensure the balancing payment was made swiftly.
The agreement was structured over 5 years at an extremely competitive rate and completed within the tight deadline. This is a great example of a customer using standalone asset finance, rather than increasing the company’s exposure with their bankers. It provides flexibility by not impacting on bank appetite should they need additional borrowing for more traditional lending facilities going forward.