Commercial Vehicle Finance for a Builders’ Merchant.
The Brief
The customer was a family run, Northampton based builders merchant and roofing contractor, trading for 10 years. They needed to expand their existing delivery vehicle fleet to continue to keep up with current demand and fulfil contracts. The asset was an IVECO 180 E25 Flatbed Lorry, costing £69,000 + VAT.
What we were tasked to do
To finance the vehicles over as long a period as possible with as small a deposit as possible, in order to retain working capital in the business and keep monthly outgoings as low as possible.
Challenges to Origin
As we have arranged in excess of 40 agreements with this customer over the years, they are fully exposed with many of our lenders, meaning we have to find a new lender that would provide finance with no deposit and also offer a VAT deferral.
Outcome
Introduced the customer to a new lender who opened a new £355,000 credit facility in line with the customers planned capital expenditure.
