the client

Based in Perth, this client operates a small formwork, reinforcement and concrete company that has supported infrastructure and mining projects in Western Australia since 2015.  

Concrete formwork can help to complete the construction of everything from stadiums to bicycle paths. However, it requires specialist equipment. In this client’s case, a type of mobile crane called a telehandler was needed to improve speed and efficiency. 

Before reaching out to thornmoney, the owner of this business had a lease arrangement for a crane and a smaller telehandler, but he was not finding it cost-effective. He realised it would make better financial sense to take on an equipment loan and purchase a larger telehandler. 

the challenge: the clock was ticking

An equipment upgrade would give the client the flexibility to meet the requirements of his projects. Having a larger telehandler would also give him an edge over similar businesses in the area. 

The challenge for this client was that he was hoping for extremely fast approval from his lender. 

the solution: Rapid loan approval

The client could have potentially met the criteria to be approved by other lenders, however the turnaround for approval was likely to be in excess of one week. 

After hearing from the client’s broker, thornmoney was able to give approval for the telehandler loan within two days. This is because we have the technology and the team that allow us to be more nimble and flexible than traditional, larger lenders. 

After approval was given, a little more time was required to finalise documents but the client was still able to receive the funds for his equipment loan within a week. 

Supporting industry-leading businesses

After being connected to thornmoney’s equipment finance, the client purchased a quality telehandler that sets him apart from his competition. 

The loan meant he was also able to reduce his overheads because he wasn’t paying the higher rate to lease two separate pieces of equipment. As a result of his loan from thornmoney, he has better cashflow as well as plenty of work coming his way. 

Want to know more about fast, flexible construction equipment loans? Speak to thornmoney today.