Equipment Financing: How to Secure Financing for a New Piece of Technology

December 6, 2021

WORKS By: mhf FINANCE

Equipment Financing: How to Secure Financing for a New Piece of Technology

Clients often call us looking for help with securing equipment financing for common earthmoving equipment such as dozers, cranes, and excavators, but what about when the product you need financing for is brand new to the market? That’s exactly what happened recently with our recent client Leigh Surveyors. 

Leigh Surveyors is a Brisbane-based company focused on surveying for their clients’ road and civil construction projects. They recently wanted to finance new technology – the MX9 Mobile ScannerThe MX9 provides Leigh Surveyors with the capacity to deliver large-scale scanning missions and field-to-finish workflows.

Comprising industry-leading technology to capture survey-grade data sets at highway speeds, the MX9 is transforming the way spatial data is captured, accelerating the quality and richness of digital BIM models and providing all project stakeholders an engineering deliverable.

Leigh Surveyors would need to secure a 7-figure funding package to enable the purchase of the MX9. If Leigh Surveyors were able to secure the funding, the new service they could offer with the MX9 would mean they could employ 4 new people and expand their business. 

We were introduced to Leigh Surveyors through Brent at UPG (Ultimate Positioning Group) which is located locally in Brisbane, Queensland. UPG provides best-in-class geospatial solutions and supports to simplify the workflow between the office and field for geospatial professionals across Australia. There is a longstanding relationship between Brent and mhf Director Ian Ogilvie, so Brent approached us to help Leigh Surveyors to secure financing for the Trimble MX9. They brought this opportunity to mhf because they knew we would be able to find them a solution!

Who did mhf go to for this high-tech equipment financing challenge? 

With such a unique piece of technology, our brokers reached out to Westpac to secure this funding. Westpac is a lender we have used many times and has a dedicated section of their business for Equipment Finance. An equipment loan at Westpac allows flexibility for businesses looking to borrow more than $1 million dollars, which is the price point of a new Trimble MX9. Thanks to a detailed business plan, Westpac was able to see that this investment was an excellent opportunity for Leigh Surveyors to further grow their business.  

How did Leigh Surveyors go about finding insurance for the Trimble MX9?

These kinds of new technology investments can be costly to protect. While we were discussing the loan needs, Leigh Surveyor asked if we were connected to any insurance professionals who might be able to give them better coverage definitions and premium pricing for the unique item, than they had already received. We reached out to Luke Anderson, an insurance adviser at Insurance Advisernet Ashgrove with whom we’ve developed an enduring relationship over the years. He was able to professionally analyze the risks present and negotiate an improved premium outcome, which after being presented to Leigh Surveyors, found them significant savings on protecting the valuable item. 

At mhf, our service doesn’t just stop after we’ve secured the financing you need for the equipment you require. We will work to make sure the entire ecosystem of finance, insurance, and securing the equipment is handled so that you can focus on running your business. 

Here at Materials Handling Finance, we’ve partnered with a range of competitive lenders to provide you with the right lending solution. As your earthmoving equipment brokers, we compare products, recommend the right solution that matches your needs, and take care of the process from start to finish so you can get a great cash investment from a reliable lender.

Want to know more about our equipment financing solutions? Then drop us a line and we’ll contact you right away!

Email us: kstone@mhf.com.au / Call us: +61.7.3256 0666

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