the client

Initially a painter, our client was expanding his services to include lawncare and landscaping. To facilitate the diversification of his business, he needed a loan to buy a primary asset: a bobcat with mower functionality.

This client has been in business as a painter since 1999 and is now entering new markets. Having the equipment he needs means he can build his business faster.

the challenge

The asset the client wished to purchase was second-hand through a private sale arrangement, which presented some difficulties when it came to accessing a loan. Often, a second-hand asset loan will come with a higher interest rate, or the lender simply won’t agree to it. This wastes everyone’s time.

the solution

The asset was only five years old and came at a cost of $24,000. After being approached by the client’s broker and reviewing the loan application, thornmoney Business Development Manager Jerome Boadu was able to facilitate the offer of a competitive rate for the purchase of the equipment, even though it was a private sale.

The client is now on the way to diversifying his business and creating work opportunities for more Australians.

As well as being flexible enough to fund a diverse range of primary, secondary and tertiary assets from a range of private and commercial sellers, thornmoney can often approve loan applications in a matter of days.

Want to know more about borrowing to buy an asset from a private seller? Speak to thornmoney today.