Funded in 48 Hours
This company functions as a supplier of pipe and steel products. With a wide variety of inventory, the company can supply just about any size of pipe needed throughout the world. Well known in its trade, this company provides products for approximately 20 different industries.
This company uses slotting equipment for a pipe distributor based in the United States, but the actual equipment is located out of the country. This client had fallen on a couple of tough years due to the downturn in the oil and gas industry. Luckily, their business exploded in 2017 – doubling their revenues. Their bank had specific covenants that allowed them to only spend so much, per-quarter on Capex. In order to keep up with their growth, they needed to have a piece of equipment funded before the quarter ended. They needed it under an operating lease structure. Onset was able to move quickly. In fact, 24-hours after the credit submission, the customer had MLA documents in hand.
We were able to approve and fund this difficult transaction in less than 48-hours. This customer was on a tight deadline, and we were proud to be able to help them get the funds they needed.