Ross Hyde
Categories:
Commercial vehicle, business growth, haulage finance
Spec
| Industry area | Loan amount | Turnaround |
| Crane Hire | £150k | 2 weeks |
Situation
My clients are a father and son team, their crane hire business began trading in 1987 and is a family run business based in Devon, specialising in mobile lifting services across the South West.
Having seen the power of business expansion in the past, they have been considering this next step in their journey for some time. The ability to offer transportation and mobile lifting services, which go hand in hand with their existing services and improves their customer offering.
They were presented with an opportunity to good to miss, in the form of a rare, used drawbar lorry with versatile remote crane and fly jib. And after deciding on a deposit, approached Shore Asset Finance to find a competitive solution for the remaining balance.
Strategy
Whilst heavy goods vehicles (HGVs) are widely financeable, there were a number of areas to consider, including the age of the asset, which required my expertise in finding the most competitive asset finance solution. Another major consideration for the directors was to ensure the earning potential of this new addition, met the finance costs and other operating costs.
My client needed a solution with a fast approach, with competitive pricing and flexible to immediate cashflow needs. This is where our expertise and suite of lenders, are hugely valuable.
Solution
I was able to approach my suite of lenders, requesting terms that were acceptable to my client. Just a day later, we had an offer, and I was able to gather an invoice from the supplier. I visited the client later that week, to obtain signatures on the paperwork, and learn more about the new fleet addition.
Shore have supported them with a fixed repayment solution set over 60 months with a vat deferral to aid with the immediate cashflow when purchasing the lorry. Using Hire Purchase, the business will be able to utilise their annual investment allowance and ensures they own the equipment at the end of the finance term. The process from start to finish took less than 2 weeks, and the business are excited to get started with this game-changing vehicle into the business.
