direction to success

This story is a great example of our open mind towards tertiary assets. Read and see how we assisted this small business get their desired equipment.

the client

Site Ex specialises in pavement reinstatement & traffic management. Established in Perth since 2006, the company believes in providing efficient service in a reliable, timely and eco-friendly manner. To maintain the satisfaction of their customers, suppliers and employees, they apply strict work measures to ensure service quality. 

the challenge

To fulfil some signed contracts and for future usage, Site Ex sought a small funding loan for two S/Sided Vehicle Mounted Arrow Boards. This equipment will help redirect traffic and ensure the safety of the workers while they’re working on the footpath.

Before coming to Thornmoney, their broker had reached out to other lenders. However, the business wasn’t happy with the terms of providing additional security for such a small transaction. The situation seemed deadlocked until the broker contacted our BDM Chris McCall.  

Chris recognised the risks profile of the client, and after considering various factors, he decided to support the transaction. He said, “the assets being financed were risky, but the business itself was not. Thornmoney values the business’s potential, not just the liquidity of the financed assets.” He continued, “this asset was not ideal, but you must look at Site Ex background. They are long established business, and their profile is healthy.”

Site Ex
With the newly funded arrow boards, Site Ex’s employees can safely do their job. Source: Site Ex

the solution

Although the loan amount was much smaller than our standard transaction, thornmoney helped the business secure the desired assets, as we believe everyone should be given a fairer go. 

The process was smooth and quick with support from the simplified application process on our Broker Portal. Being tertiary assets with a higher interest rate, Site Ex was delighted with the outcome since they didn’t have to put up the additional security. The broker also found our process time-saving and was happy with our responsiveness in communication.  

Thornmoney hopes that with the new arrow boards, the company will continue to drive on the right track to success! 

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