Hello and welcome to Banjo Loans Deal of the month My name is Jason Gatt, and I’m the Partner Manager for VIC, WA and Tassie.
I’m excited to share this working capital loan deal with you. It’s for a major supplier and installer of motors for wind farming construction.
Based in Australia, the business is owned by a Denmark company who was then owned by other international firms. They have also been providing ongoing maintenance services for the entire windfarm cycle for almost two decades.
The business has a massive world-wide presence, currently servicing over 17 different countries. Established in 2004, this innovative company Established in 2004, this innovative company and currently has an annual turnover of $25 million.
Approaching Banjo Loans, this business required funding to develop new technology that would replace the usage of expensive cranes for their crane maintenance services arm. Instead of using expensive cranes to lift a Instead of using expensive cranes to lift a would enable them to push the motor into the air from underneath, reducing their largest expense and save between $2 to $3 million dollars a year.
This scenario along with the Australian entity being owned by several overseas firms led to a high level of complexity. The businesses finance broker needed a lender who could, firstly, provide the full loan amount and secondly could understand and be willing to work with the complex ownership structure.
Banjo’s approvals team has the expertise to drill into the ownership structure, and the broker took comfort that we could provide the full $1,000,000 dollar loan amount requested.
A 24-month working capital loan was funded quickly and they now can invest that money to result in the long-term efficiencies in its operations by saving $2-$3 million annually.
Thanks for watching, and if you have customers, you feel could benefit from a Banjo working capital loan, please do not hesitate to call me. Also, please keep an eye out for our soon to be released Asset Finance product.