CGCF was able to provide more competitive pricing, sufficient capacity, progress funding, required structure, customer service and quick approval, and the ability to credit approve with only reviewed statements.
|Equipment:||Five Mazak Vortex 1060V/8S CNC machine tools, two Doosan DBC 250H and 110H Boring Mills, Hankook VTC Milling and VTB Turn machines, rotary tables and other production equipment utilized in the manufacturing of complex machined and fabricated aviation parts.|
|Lessee:||The Lessee is a closely held company started in 1946 that in order to accommodate increased business volume, decided to move its operation to a larger facility which required 5 new, highly sophisticated CNC machines.|
|Transaction:||The $4,190,000 transaction was structured as a 60 month operating lease with option to extend 12 months at EOT.|
|Highlights:||Management chose CGCF over competing banks as we were able to provide more competitive pricing, sufficient capacity, progress funding, required structure (achieved desired lower payment by lengthening lease term and increasing residual), customer service and quick approval, and the ability to credit approve without audited financials (reviewed statements).|
“Thank you for the fine job that CG commercial Finance (CG) did setting up the lease program for the financing of the new equipment [five new, highly sophisticated CNC machines]. CG quickly approved our transaction, provided a competitive rate and set up three different lease schedules to accommodate the different delivery dates for the equipment coming from the OEMs in Japan & South Korea. They also established an interim credit facility to pay the requested progress payments to the vendors. CG successfully worked with us in understanding our reviewed financials. In our experience, many lenders and banks shy away from a transaction unless they are financing a company with audited financials. We are exited about continuing our relationship and look forward to working with CG on our future needs as a preferred lease provider.”
– John Zielinski