The business was experiencing a significant increase in demand for their products; however, their plant and machinery assets were insufficient to meet this need and they did not have the cash to fund the purchase of new machinery.
Our team explored several finance options with the business owners – it was recommended that asset finance would be the best fit as they would not be required to provide security because the financed assets would act as collateral.
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The business agreed with the asset finance provider that hire purchase would be the most appropriate type of finance. The provider purchased the required machinery and the business leased the equipment from them over a 64-month period. At the end of this contract the business will be offered the opportunity to purchase the leased equipment at a nominal value.
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