Financing a 2017 Case IH Sprayer for a New Business Venture

The Challenge:

A valued client of Rockliff Finance approached me with an exciting new venture: he and two other directors had recently formed a new company under a one-month-old ABN. They were eager to purchase a used 2017 Case IH Sprayer for $242k through a private sale. To secure the deal, they had already placed a substantial deposit on the equipment, but needed financing to finalize the purchase.

The challenge here was that, as a newly formed company, the business was in its early stages. Additionally, the sprayer was 8 years old and the transaction involved a private sale—factors that typically make securing financing more complex.

The Solution:

I reached out to over 10 lenders to find the right fit for this deal. Ultimately, I was able to secure financing with favorable repayment terms. I was able to demonstrate to the lender that business continuity was assured, as all three directors had operated in the same industry as sole traders prior to starting the new company. This insight helped the lender see the strength of the new business and approve the finance.

Next, we hit a hurdle—getting the sprayer inspected and valued. As a private sale, I needed the vendor’s full cooperation. Thankfully, the vendor was excellent to work with: responsive, cooperative, and eager to facilitate a swift transaction. The vendor’s help was instrumental in moving the deal forward.

However, during the inspection and valuation, we discovered two PPSR (Personal Property Securities Register) holds on the equipment—something I wasn’t expecting. PPSR holds occur when lenders place claims on assets that are still financed, and getting them released can be a lengthy process. But I quickly took charge of the situation, working directly with the two finance companies to secure the necessary deeds of release.

The Result:

After a few days of pushing through the complexities, including the PPSR holds and the inspection, we successfully obtained the required deeds of release. Within just four business days of submitting the application, we were able to settle the purchase and get the sprayer to the three new business partners.

The directors were thrilled to receive their new equipment and hit the ground running with their new venture.

Key Takeaways:

This case demonstrates the importance of persistence, flexibility, and strong relationships with both lenders and vendors. The quick turnaround—despite multiple hurdles—highlights Rockliff Finance’s ability to get deals done efficiently, even in complex situations.

If you’re considering financing for a private sale or need assistance with securing finance for your new business, don’t hesitate to get in touch.