A long established waste management business wished to fund a new biomass heating system for their 5.5 acre industrial site comprising various office units, some of which were sublet to other businesses. The economic benefits in terms of feed in tariffs and recharging of heating costs to their tenants would be significant.
The customer did not want to use their own bank funding for this purchase, preferring to keep their working capital requirements untouched. Having been introduced to the customer by a broker partner we therefore arranged to value a number of excavators, dumpers and loading shovels, some of which were unencumbered and others had reasonable equity.
Valuations were quickly agreed and the transaction proceeded swiftly with funds released both directly to our customer and to settle loans with other funders. This ensured that our customer could proceed with the installation of their new, environmentally-friendly heating system and take advantage of the cost savings it would bring.
Loan amount – £235,000