The Challenge
A long-established concrete mixing business based in Truro experienced a sharp decline in trading during the COVID-19 pandemic. With construction sites paused, the business and its directors fell into a negative credit position. As operations picked back up, they secured new contracts requiring consistent concrete delivery and a customised mixer truck fitted with a conveyor. The company ordered a new mixer wagon from a main dealer and sourced the conveyor from a specialist supplier. However, securing reasonable commercial vehicle finance was proving difficult, especially with the added complexity of coordinating payments across multiple suppliers and managing extensive paperwork.
Our Solution
We began by working closely with the directors to understand the business challenges, how they arose, and how the team was now actively mitigating them.
Leveraging our experience in commercial vehicle finance, we communicated directly with both suppliers, streamlining the process by coordinating the paperwork, payment schedule, and delivery timelines. This hands-on approach eliminated confusion and delays that would typically stall custom vehicle finance arrangements.
With a clear financial overview in place and confidence in the company's recovery, we selected a lender that understood the nature of their business and its growth potential.
The Result
We negotiated a strong valuation on the custom vehicle, allowing the client to use only a 10% deposit and spread the cost over a five-year term. This preserved much-needed cash flow during an uncertain time.
Despite being declined by other lenders in the past, our relationships with underwriters enabled us to secure a fast approval in just 13 days. By managing the documentation and liaising directly with suppliers, we ensured everything was accurate and on time - enabling the directors to collect their new truck without delay.
Funding details
Facility:
£235,000
Deposit:
10%
Term:
60 months
Funds Delivered:
13 days
