accessing finance for unique equipment
“It was remarkably easy, and I had very little to do with the dealings”
– Olie Back, CEO of Elemera
Based in WA, Elemera is an Australian-owned and operated specialist company that provides services to what’s known as ‘explosive atmospheres’. The business has a range of products and services that supply specialist contracting and equipment for locations where oil, gas and hydrogen create a high-risk environment.
The Elemera team serves a large niche market in WA and the Northern Territory and often has to travel to remote areas. Because of this, the business had the need for a unimog, an all-terrain machine that can transport heavy equipment. Unimogs are traditionally used by the military but they make a great deal of sense in Australia’s desert states
Elemera has over a dozen pieces of equipment that have been financed through a more traditional ‘bank as lender’ pathway. However, because of the unique nature of the unimog as a larger, built-for-purpose and second-hand vehicle, acquiring a loan proved tricky.
“This happens a lot; even very financially stable companies hit roadblocks when it comes to unusual assets because standard lenders are wary of the potential for resale, and unfamiliar with the way the asset will be used,” said our BDM Chris McCall.
Elemera is a well-established business with an excellent reputation and a strong credit history. Its broker reached out to our BDM Chris McCall to explore the possibility of finance and we were able to research the vehicle, then approved the loan request.
This was thanks to our understanding of the mining industry, plus our flexibility when it comes to the finance of more unique assets.
A lack of understanding about specific equipment, especially when it is used, often results in banks saying no. Thornmoney is pleased to offer solutions for businesses in mining, manufacturing and more that have strong backgrounds and exciting futures, and in this case, Elemera is a quintessential case study.
a few words from Olie
Olie Back is the CEO of Elemera, “Other lenders said they didn’t want to finance an older vehicle, and they saw it as too risky. Our finance broker was very forthcoming and was able to make it work.”
According to Olie, “It was remarkably easy, and I had very little to do with the dealings because my finance broker handled everything. I was happy with the process and thornmoney’s attitude towards our unusual request.”
Want to know more about unique asset finance for a new business? Speak to thornmoney today.
Contact our BDMs today
Let’s connect today and help your SME clients acquire their much needed working capital!