After working with other finance providers, who after several months, failed to deliver the required funding, New-Com moved its business to CG Commercial Finance who finalized the transaction in time for New-Com to make the payoff to the bank.
|Equipment:||Yellow Iron, Hydraulic Hammers, Work Trucks and Tractors|
|Lessee:||New-Com is one of the largest self-performing infrastructure construction entities in the Southwestern US. New-Com has been focused on heavy civil construction for over 55 years building public sector projects such as waste treatment facilities; highway, bridge and airport concrete paving; large diameter sewer, water, storm drain and jet fuel piping systems; alternative energy production plants; and numerous municipal projects throughout the Western United States.|
|Transaction:||$4,322,880 structured as a sale-leaseback in order to monetize existing assets in order to meet liquidity requirements.|
|Highlights:||In this instance, due to a shift in commercial bank underwriting, New-Com’s local bank decided to end its decade long lending relationship and required a payoff even though New-Com’s operating results were strong and trending higher. New-Com decided the most expedient and efficient way to meet the bank’s payoff request was to complete a sale-leaseback transaction. After working with other finance providers, who after several months, failed to deliver the required funding, New-Com moved its business to CG Commercial Finance who finalized the transaction in time for New-Com to make the payoff to the bank.
“Given the restrictive nature of institutional financiers in the new regulatory lending environment, many companies are turning to CGCF to provide the credit capacity necessary to remain competitive within their given industry. A relationship with CGCF provides far more flexibility and attractive terms especially when compared to our bank counterparts. This transaction is a great example of the CGCF team stepping in to fill the financing gap.” – W. Scott McCullum, President, CG Commercial Finance.
“Thanks for your efforts towards the successful refinance of my company. While we took the time to finalize the deal I felt comfortable that there would be far less execution risk associated with working with the team at CG. Thanks again. ”
– Greg J. Paulk
President, New-Com, Inc.
CG Commercial Finance gives you competitive advantages with our robust funding capabilities which include long-term installation funding, numerous delivery schedules and the ability to finance soft costs and services to provide over 100% financing, which in turn maximizes profit for you.