IRVINE, Calif.--(BUSINESS WIRE)--CG Commercial Finance Vendor Services team has completed an operating lease in the amount of $2,482,699 to facilitate the vendor’s long-term rental program for iron ore crushing equipment. As a result of the pilot finance program success, our client has the ability to extend the rental option to their entire client base. The vendor is an international full service provider of sustainable minerals and cement technologies, equipment and solutions.
Due to budgeting restrictions, one of the vendor’s customers (a top 20 international steel producer) was unable to allocate CapEx funding for the purchase of the vendor’s equipment solution in 2015. CGCF created a pilot rental program for the ore crushing equipment, allowing their customer to acquire the equipment now and immediately reduce the cost of production. CGCF and the vendor collaborated with the customer’s procurement team to refine the structure and documentation, and provide the client with maximum operational and usage flexibility. Stated W. Scott McCullum, President of CGCF, “This transaction is an important example of how CG’s extensive experience and capabilities completing large, complex finance transactions positively translates to vendors. We provide the vendor with a powerful tool to meet their customer’s needs, thereby empowering them to sell more and sell it sooner.”
About CG Commercial Finance Vendor Services
CG Commercial Finance is a global specialty finance company whose primary expertise includes financing for capital equipment, and structured project and debt financing for mid-sized and large companies. CGCF’s Vendor Services team utilizes its proven transactional knowledge and expertise to provide vendors with a powerful selling tool; flexible and creative enough to overcome the complex requirements of medium to large ticket commercial finance transactions.
