The client operated a successful mining company with an annual turnover exceeding $13 million dollars. The client was seeking to purchase a highly specialised pipeline welding equipment. However the client’s new government contract was yet to be realised on their books making it difficult to show servicing for the machinery.
The client was facing difficulty finding a suitable lender. The client lacked security for the funding as they did not own property. The equipment itself was very specialised further limiting the client’s funding options.
Swoop right away matched the client with a lender who specialised in funding such assets. There were slight obstacles in the way such as lenders requiring a deposit and an on site valuation done by the lender’s nominated personnel. However the Swoop team worked very closely with the client, the lender and the supplier to facilitate all of the lender’s requirements. Swoop was able to help the client secure the funding in less than 3 weeks.
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