CGCF was able to provide SpaceX with diversified financing at competitive rates, despite their small customer base in a niche market competing in a highly speculative industry dominated by large industrial companies.
Equipment:Shaker Rocket testing machine
Lessee: SpaceX designs, manufactures and launches advanced rockets and spacecraft. The company was founded in 2002 to revolutionize space technology, with the ultimate goal of enabling people to live on other planets.
Transaction: $528,000 structured as a 48 month Capital Lease
Highlights: Utilizing our extensive credit portfolio, we were able to secure funding for SpaceX despite the following challenges:
- SpaceX is a private company with a small customer base in a niche market competing in a highly speculative industry – space exploration
- No personal guaranties and non-traditional equity capital structure
- SpaceX was still in early growth mode and competing against large industrial corporations for government contracts
Despite these hurdles, we are immensely proud to share a small part in the success of such a ground-breaking, transformative company as SpaceX.
SPACEX LETTER OF REFERENCE
“I have had the pleasure working with CG Commercial Finance (CGCF) regarding the leasing of our various spacecraft testing, development and manufacturing equipment. Donal, Tobin and Scott have been professional, responsive and courteous. I found CGCF’s lease financing, accounting knowledge and structuring expertise to be extremely beneficial while completing our analysis. CGCF competed against a group of competitive financing companies and banks and ultimately earned our business by: • Providing competitive market rates. • Provide the desired term to meet cash flow requirements. • Structured the transaction to meet our reporting and compliance requirements and operational flexibility. • Took the time to visit our facilities and understand our business. I would recommend CG Commercial Finance to any company in need of any type of structured equipment finance.”
Finance Director, Space Exploration Technologies Corp.