A mining services business that specialises in hiring plant into open-cut mines throughout Australia. The client was experiencing significant growth due to strong activity in the sector throughout certain regions. For several years Moneytech has been providing a Trade Finance Facility to the client to support the purchase of new machinery from local and international suppliers. This Trade Facility sits outside of the core banking arrangement that this group has.
The clients core banking arrangement was being refinanced, and given the size and nature of the facility this would have taken several months. In the intervening period the client was unable to use their core facility to acquire a new plant as it would have interrupted the assessment of the core financing facility. The client was therefore missing out on opportunities to place heavy mining equipment into operation under contracts with significant margins.
In less than two weeks, Moneytech was able to approve, document, and settle a $7.3m Equipment Finance Facility to support the purchase of a new CAT 6040. The client subsequently was able to deploy the asset into an open-cut mine, generating significant additional revenue for the group. Moneytech's speed, commercial approach, and scalability enabled this client to continue growing as it refinanced its core banking arrangements.