Service Finance No Comments

New Bar Fit-out with Residual ($23,500)

Problem: Client had run a successful bar for several years and wanted to re-do the interior to improve the bars appearance.

Solution: The existing business demonstrated serviceability on interim 2017 financials, had sound director property backing, clean credit and 3 years trading history. Service Finance was able to fund the full amount over 36 months at 11.45% with a 30% residual.

The residual option allowed the client to significantly reduce the monthly repayments over the term while also allowing a refinance opportunity for the broker in the future.

Service Finance No Comments

Unique Business Assets ($37,000)

Problem: New business who owns coin operated gaming machines wanted to grow their business further by purchasing some new machines. However they struggled to secure funding on reasonable terms primarily due to the nature of the assets and the business’s 12 month trading history.

Solution: Service Finance was able to fund the assets under a chattel mortgage over a 36 month term at 11.45% p.a. The client was able to provide 12 months of interim financials showing strong servicing, was well property backed and had clear credit with another financier.

Service Finance No Comments

Used Transport Assets ($32,000)

Problem: Inter-state transport business purchased a 1993 refurbished tipper trailer but was unable to secure funding due to the assets age.

Solution: Service Finance was able to fund 100% of the purchase price over a 36 month term. The client had been in business more than 10 years, demonstrated servicing capacity via 2016FY accounts and had sound director property backing.

Service Finance No Comments

Explained business related defaults ($45,000)

Problem: Small business found a supplier filed a court writ against them 6 months previously even though they had resolved the dispute. With recent adverse on file the business was unable to secure major bank funding for a new work vehicle purchase.

Solution: Service Finance was able to fund the new vehicle under a chattel mortgage over a 48 month term. The client was able to provide an explanation for both the cause and finalisation of the court writ, was well property backed, demonstrated current serviceability via interim 2017 accounts and had clear credit with another financier.

Service Finance No Comments

New Restaurant Fitout ($33,500)

Problem: Despite having run a successful family restaurant for 5 years a client was unable to secure funding for a second restaurant in a nearby suburb. As the business was set up as a separate entity it was classed as a “start-up” hospitality business and could not access funding through mainstream lenders.

In this situation the finance options available were mainly high rate, rolling rental products which would add a significant costs to the business.

Solution: Service Finance was able to fund the full amount over 36 months. The existing business demonstrated strong serviceability on interim 2017 financials, had sound director property backing, clean credit and 5 years trading history.

Service Finance No Comments

Used Transport Assets ($21,000)

Problem: Regional transport business recently purchased a 1995 prime mover and was unable to secure major bank funding due to the assets age.

Solution: Service Finance was able to fund 100% of the purchase price over a 36 month term. The client was able to show sound property backing, had been in business 7 years and demonstrated servicing capacity via 2016FY accounts.

Service Finance No Comments

New Flying Drone ($15,000)

Problem: A local event management business was looking to expand their services by offering specialised filming from a new drone. However, the specialised nature of the assets meant that the business was unable to secure any funding under a standard equipment finance product.

Solution: With the business well established, the director’s property backing and financials being provided Service Finance was able to fund the new equipment at a competitive interest rate over a 36 month term.

Service Finance No Comments

New Audio Fit-out ($22,000)

Problem:  A long established entertainment venue wanted to secure funding to update their existing sound equipment. When the broker submitted the deal he found that a default on the company’s credit file from a dispute with their landlord along with the nature of the assets meant he could not secure funding with any of the main stream lenders.

Solution: With the Client being property backed, well established and strong financials being provided, Service Finance was able to fund the full amount quickly and over a 36 month term.

Service Finance No Comments

Catering Equipment Refinance ($35,000)

Problem: Having had a successful first 12 months of trading the owners of local patisserie were looking to refinance their start-up catering equipment into a cheaper finance option.

Solution: With interim financials showing their strong trading results, directors’ property backing and a clear credit record Service Finance was able to refinance the existing loans under a Chattel Mortgage product over 36 months and at a significantly reduced rate.

Service Finance No Comments

1993 Truck Finance ($35,000)

Problem: Looking to add an additional Prime Mover to their work fleet an established transport business found they were unable to obtain vehicle finance simply due to the assets age.

Solution: With the client providing current financials showing serviceability, having strong equity in property and a clear credit record with multiple financers, Service Finance were happy to fund the vehicle over a 48 month term, under a chattel mortgage product.