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As many brokers know, although asset finance is in demand all year round, it peaks between May and July, given the potential tax advantages of completing asset and equipment purchases before the end of the financial year.
But what if you have several hard-working, minimum criteria SME clients, for whom the typical asset finance loan isn’t a good fit?
Brokers across the country have recently been telling us about the need for an easy, next-to-no-doc asset finance product. We heard you, and we’ve acted on it.
Banjo has just introduced Asset & Equipment Finance Express, currently the only loan product of its kind in the market with:
- next-to-no doc requirements
- fast turnaround
- no need to be backed by property
- ideal for $20K to $250K loans
- no deposit for loans under $150K (10% deposit for $150-$250K)
Banjo Head of Asset Finance, Chris Cam says, “This is the easiest asset finance loan yet, designed to quickly help hard working business owners get the plant and equipment they need to move forward. It can free up valuable working capital and is an alternative to other borrowing such as overdrafts or working capital loans.”
With the 2023 Budget announcement of the extension of the $20,000 instant asset write-off, businesses who were minimum criteria now have a real option to purchase equipment needed to grow or run their operations, using this fast, next-to-no doc loan.
As non-property backed loan specialists, Banjo has built up a broad SME client portfolio over the last 8 years, working closely with brokers and accountants to help move business forward.
It’s ideal if you have clients who are not property owners, but want to replace existing assets, or purchase new or second-hand equipment. Broadly speaking, provided the business has at least a 1-year trading history and is GST registered, they can be eligible. Sorting out the right finance for them no longer needs to be a laborious experience, with Banjo’s customer support, competitive rate and everything managed in one place providing a faster, smoother credit risk assessment process.
“For brokers who specialise in finding the best asset and equipment finance for their minimum criteria clients, this is a sensible ‘look-no-further’ solution. It allows the client to acquire the asset, spread the cost over time with smaller regular payments, and get back to doing what they do best,” explains Chris Cam.
“With this product, asset finance has never been more achievable for your clients.”
Asset & Equipment Finance Express is applicable to a wide range of industries including manufacturing, with the popular categories likely to be transport & logistics, civil construction, and agribusiness.
It’s mainly suited to primary and secondary income-generating, serialised assets, that typically include cars/vans, utes, trucks or yellow goods such as construction and earth-moving equipment, quarrying equipment, and fork-lifts.
One of our broker partners recently had a construction business client, whose excavator broken down in the middle of a key job. Having had to hire a replacement, they were burning through cash, but were too focused on getting the job done to devote the time to go through the lengthy loan process to buy a much-needed new one. The Banjo product gives them a faster, easier option than traditional borrowing, whether they want to buy a new or second-hand excavator.
Another example is a business that won a new manufacturing contract but needed a laser cutting machine to reduce turnaround time and save on manpower. They had sourced a suitable one in Germany and were able to capital raise against an existing unencumbered asset as security to purchase the new one quickly.
Banjo is able to consider all transaction types, including:
- dealer
- private sale
- mid-term refinance
- balloon refinance
- sale & buy-back
- capital raise.
Talk to one of the Banjo team to find out how Asset & Equipment Finance Express can help your SME clients.
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