Tile, Marble, and Mosaic Installation

Business Stage
Established Business
Industry
Manufacturing
Time In Business
5 Years
Employees
12 Full Time
Equipment Type
Weak Collateral
Ticket Size
$70K - $100K
Equipment Details
Used Tile Repair Equipment
Equipment Purpose
Replace damaged equipment
Weaknesses (Cons)
  • Company revenue shrunk from $6MM in 2007 to $3MM in 2009
  • Guarantors funded their business using their personal credit lines, which drove credit scores low enough to not qualify for other C-credit funders
  • Guarantors decreased their salaries by half from 2008 to 2009 and had to cut their work force down to just 12 employees in order to keep expenses in check
Strengths (Pros)
  • Good annual revenue, TIB and employee count
  • Strong ROI in the equipment due to not having to pay the massive repair costs for their old equipment
Creative Solution
We were able to approve weak collateral for guarantors with credit issues by placing a second lien on the production facility, which had a $200k equity position. With our lease payment and labor factored in, the lessee is now saving $2,500 in monthly outsourcing, and will likely purchase the equipment for further use at the end of term.
Team Sales Rep
Mike Wright