second-hand asset funding
Thornmoney helped one client grow and diversify his business by purchasing a second-hand asset.
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 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 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.
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