A small Property Management company, founded in 2008, was a stable business, maintaining a consistent revenue stream for over ten years. But recently, the owner was able to secure a significant new contract that would dramatically increase business. Of course, along with all the new work, the company faced several new challenges, including the sudden need to quickly purchase new equipment.
THE CLIENT’S CHALLENGE
The client’s biggest challenge was doing everything necessary to keep up with the increased demand. With the new contract, they needed extra units quickly – and for that, they needed to purchase a new skid steer (a small construction vehicle used for a wide range of tasks, including moving material).
Because the schedule specified in the new contract called for work to begin soon, time was critical. The borrower needed the skid steer immediately, so financing had to happen quickly. Of course, this was a large investment for a small business– there was some hesitation from the client to even make the purchase, so they were looking for especially favorable terms.
THE APEX COMMERCIAL CAPITAL SOLUTION
$40,000 Equipment Financing – Fast Approval
The borrower had an ongoing relationship with a Broker with close ties to Apex Commercial Capital. They submitted the transaction to Apex after business hours and the equipment purchase loan was approved within 15 minutes of the start of business the following day. We sent docs out shortly thereafter, received them back from the customer later that day, and funded the transaction first thing the next morning.
Apex was able to offer the borrower a loan that gave them the financing they needed with excellent terms. The service provided exceeded expectations, and the entire process was fast, from the first call to closing.
With funding secured, the client was able to purchase the necessary skid steer, and they were able to meet the demand for the extra units. Because the loan was approved quickly, they could easily meet the schedule outlined in the contract.
In addition, financing the equipment purchase allowed the borrower to keep more of the company’s cash in reserve to invest in other aspects of the business to allow for future growth opportunities.
Apex Commercial Capital is a full-service lender focused on providing commercial mortgage and equipment financing to small businesses. We understand that the borrower is more than a credit score – we consider all the relevant financial information when reviewing a loan request, looking beyond the numbers to understand each business owner's objectives in determining how we can best work together to achieve them. Call (800) 262-APEX today to talk with our team of equipment finance specialists.