Customized Leasing Structure
This renewable energy company is on a quest to change the way consumers use energy. For nearly 20-years they have been working to perfect the production of ethanol using corn. This has helped their local farmers and, they believe, has helped the environment. They have nearly two-dozen facilities across the country and take their company and corporate culture seriously.
After persistent follow-up and relation shipping with the Lessee, he was willing to “pull a deal away from one of his other lenders and give it to us.” This was a $3.2MM ethanol plant that had significant urgency – the vendor needed to be paid soon. Once in credit, we modified to include quarterly payments, which they agreed to. After working with credit and getting feedback that projects in the ethanol industry were tough to get done, we restructured to a shorter-term transaction with quarterly payments, which the Lessee was happy with. We were able to meet the Lessee’s funding timeline.
Onset was extremely professional in their approach to get to the finish line with us on this transaction. We recognize that traditional lenders are still trying to wrap their arms around the ethanol industry, making it harder to get the financing we need. Onset kept us informed throughout the underwriting process, and we were pleased with the solution they provided.