CGCF provided competitive pricing for highly-customized collateral, the required credit capacity (far in excess of other individual finance providers capabilities), progress payments and rapid turnaround despite many transaction challenges.
|Equipment:||EMAG CNC Milling, Handling and Finishing Machines|
|Client:||The Client is a global turbomachinery engineering and manufacturing company supplying the aerospace, industrial, automotive, marine, and propulsion industries for over 30 years. From its eight production facilities, the company supplies nozzles, blades, and vanes for the steam & gas turbine markets and produces parts for automotive turbochargers, air cycle machines, micro turbines, and aero engines.|
|Transaction:||$6,887,616 for various CNC machines to fulfill the increased production requirements of the Client’s major customers|
|Highlights:||CGCF provided competitive pricing, the required credit capacity (far in excess of other individual finance providers capabilities), and rapid turnaround despite many transaction challenges including highly-customized collateral, clean-up of erroneous lien filings from past finance providers, and progress payments to foreign vendors.
“We at CGCF are honored that an industry leading company presented us the opportunity to provide financing for their business expansion and equally pleased to be chosen as the preferred financing partner for the Client’s ongoing equipment requirements through 2016.”
W. Scott McCullum, President – CG Commercial Finance
“The equipment was customized to meet our client’s expectations in regards to absolute minimum tolerances required in the manufacturing of impellers, turbines, rotors and other components of high performance rotating equipment for the aerospace industry. Many lenders could not get comfortable with this type of modified equipment but CG Commercial spent the time to understand it along with our business history and our high profile clients. CG Commercial successfully funded our transaction with a very competitive rate after solving some existing lien problems we had with past lenders. Based upon CG Commercial’s expertise and execution of this transaction we have engaged them again to provide financing for our upcoming capex needs. We value our partnership with CG Commercial.”
– Dave Zelie – Controller