Introduction
In the transportation industry, keeping the fleet moving is essential. Any delays can mean significant losses in revenue and diminished trust in the company’s abilities. Timing is critical. And when one of our clients needed an advocate to keep trucking, it was important to them to work with a trusted partner who understands their industry.
Challenge
An east-coast truck mechanic training company came to us as a current client looking to renew their loan. In the span of 24 months, they had added over $500,000 in new equipment and needed to restate their note quickly so they could secure the capital necessary to ensure continued growth.
Solutions
This client chose us for two reasons. First, they were a current client of ours, which made it easy to restate their note with extra collateral and close the loan restructuring process quickly. Second, we know the industry. Our familiarity and experience, paired with the previous relationship, allowed us to close with our client within 2 weeks.
Results
With Loeb’s help, the client received a $2 million loan that included the newly acquired equipment. We were able to advocate for our client and keep their business rolling, with only a couple weeks of processing time. The value of the recent equipment acquisitions was officially recognized, and the client was able to seamlessly integrate them into their business.
If you feel like you’re at a crossroads, and you know you need a loan, contact a member of our team today. You can also learn more about our loan process here.
