This mining company started operations as early as the late 1800s. Since that time, they have become prominent in countries worldwide. They mine for materials used in oil and gas operations and are used in industrial areas in parts of Africa, China and in European nations. With global demand, operations have become more high-tech to be able to support ‘green’ initiatives and to accommodate companies for years to come.
The challenges of this transaction included highly specialized equipment in a limited commercial space, with limited resale value. Further, the vendor of the equipment would require progress funding over a 12 month period during the construction and final installation of the property. We were tasked with progress funding the equipment with no underlying collateral in the transaction and the customer’s financial outlook changed shortly after the initial lease proposal was signed. In the end, we were able to provide a financing solution to the customer that included all related shipping and installation costs, financing the equipment and helping the company grow its business.
This customer mines and refines a unique product with broad applications in the oil and gas industry. When a fire destroyed their one refining facility we were able to not only swiftly approve funding for their one-of-a-kind facility, but our funding enabled them to expand and increase production. We became necessary to turn disaster into profit.