£680K hire purchase agreement for crane hire business

A client needed a funding solution to upgrade a crane for their hire business

Our clients approach

A Yorkshire based crane hire business required a funding solution to upgrade an older crane with a new model with a greater lifting capacity.

The client required a solution that allowed them to purchase the crane, whilst not putting pressure on day-to-day cash flow or business capital.

How MAF Finance Group supported the client

From completing a review of the client’s business, MAF with the client identified that a hire purchase solution would suit the nature of the asset being financed.

A hurdle that MAF Finance Group and the client had to address was that the asset was being supplied by the crane’s manufacturer in mainland Europe, which meant options for funding were reduced.

From the extensive panel of funders MAF has relationships with, we were able to find a funder who understood the client’s intentions and could complete the deal. The funder was able to purchase the Euros for the client and pay the supplier directly once the asset had arrived in the UK.

How MAF Finance Group facilitated the intended outcome 

As a result of the time, communication and perseverance shown by those involved, the client secured a £680,000 hire purchase agreement over a 5-year term for the new crane.

From the business acquiring this new asset, they have been able to add a crane to their fleet available to hire that is more technologically advanced, reliable and efficient than their previous model, therefore offering an improved range of cranes for their customers.

To learn more about our financial products, you can email us at [email protected], or if you want to speak to us directly, you can call us on 0115 958 6872, and a member of our team will be happy to speak to you.