CGCF was successful over Walthall’s own bank group by providing a very competitive rate and consolidating Walthall’s debt with a upcoming 45% equity balloon payment for the aircraft
Lessee: Walthall, a family owned business established over 60 years ago, is the leading lubricant and fuel distributor in the Southeast with partnerships from small business to multiple Fortune 500 companies.Transaction: $1,750,000 structured as a 72 month operating lease Competition: Multiple banks with principle competition from Walthall’s bank group – Wells Fargo Highlights: CG Commercial Finance faced stiff competition due to Walthall’s excellent credit rating and top management expertise. CGCF was awarded the transaction, beating out Walthall’s own bank group Wells Fargo, by providing a very competitive rate and consolidating Walthall’s debt with a upcoming 45% equity balloon payment for the aircraft.
CGCF also structured the transaction to increase the term to 72 months in order to preserve Walthall’s cash flows and maintain compliance with bank covenants. CGCF has continued to provide financing for additional assets for and has established a relationship of trust with Walthall.
I am writing this letter to thank you for your work on the equipment finance transaction your team put together for my company. You spent the time assessing our needs and proposed a competitive financing solution for our recycling processing equipment, which resulted in an additional revenue stream for us.
Consultants Group provided a timely credit approval after understanding that the equipment was not new, and promptly turned around closing documentation, which resulted in a funding that met our operational goals, including:
- Being able to move rapidly through the funding process
- Providing flexibility and willingness to go above and beyond other lenders
- Taking the time to understand the assets and achieving an advance amount of 100% of the invoice amount for used assets
I look forward to a long and rewarding partnership.
Chief Financial Officer – Walthall Oil Company