Case Study: $300k Equipment Finance Line – approved with a NO DOC application
Used to fund a retail fitout
Our client, a successful retail business, was opening a new store and was seeking funds to commence a commercial fitout immediately.
Not having time to wait for a big bank process, we recommended a non bank solution from a lender we regard as having some of the best process around equipment finance.
This lender’s equipment line of credit can be used to purchase any kind of business asset with a VIN or serial number but will also fund commercial fitouts through this facility with no limit on soft costs.
The application’s assessment reviewed the business’s bank account statement and a builder’s quote for the fitout – ie no financials or ATO portals were needed to get approved.
With the simplified application process approval was received in a day with funds available immediately.
To drawdown on the facility the business owner only had to upload their builder’s invoice as each stage was completed – these were all processed and funded inside of 24 hours keeping the trades happy and the job completed FAST!
Why This Solution Was the Right Fit for This Retail Business
When faced with the challenge of opening a new store and commencing a commercial fitout, our client needed funding that was not only fast but also flexible. Traditional bank processes, with their stringent documentation requirements and long approval timelines, simply couldn’t meet the urgency of the situation. That’s where this non-bank equipment finance solution excelled, offering a streamlined and accessible option tailored to their needs.
This particular solution stood out because of its no-doc application process, eliminating the need for detailed financial statements or ATO portal checks. For many business owners, navigating complex financial paperwork can be a significant barrier, especially when time is of the essence. By focusing on essential documents like the business’s bank account statement and a builder’s quote, this lender was able to assess the client’s viability quickly and efficiently. This simplified process ensured that approval was granted in just one day—a timeline that few traditional lenders can match.
Key Features of the Equipment Finance Solution
- Broad Applicability
- One of the standout features of this lender’s equipment finance line of credit is its versatility. While it’s commonly used for purchasing business assets with a VIN or serial number, it also supports commercial fitouts, with no limits on soft costs. This flexibility allowed our client to fund not only tangible assets but also critical elements of their fitout, such as labour, design, and materials, ensuring that every aspect of their new store launch was covered.
- Staged Drawdown for Maximum Efficiency
- The ability to draw down on the facility in stages based on the completion of work was another crucial feature. Instead of receiving a lump sum upfront, the client could submit builder invoices as milestones were achieved. This staged funding process ensured that tradespeople were paid promptly, work continued without interruptions, and funds were utilised efficiently. Importantly, all drawdowns were processed within 24 hours, maintaining momentum and keeping the project on track.
- Non-Bank Speed and Simplicity
- Traditional lenders often require extensive financial documentation and can take weeks—or even months—to process applications. This non-bank solution, by contrast, prioritized speed and simplicity. The lender’s streamlined process eliminated unnecessary steps, enabling our client to access the funds they needed almost immediately. This agility was instrumental in helping the client meet their tight deadlines and avoid costly delays.
- Immediate Access to Funds
- The speed of this solution cannot be overstated. Approval within one day, coupled with immediate access to funds, meant our client could begin their fitout without delay. This swift turnaround is especially valuable for businesses operating in competitive retail environments, where timing can be critical to success.
Benefits to the Business
- Preserved Cash Flow
- By utilising an equipment finance line of credit, the client was able to preserve their cash flow, ensuring they had sufficient liquidity for other operational needs. This approach is particularly advantageous for businesses undergoing expansion, as it allows them to allocate resources strategically without overextending their working capital.
- Minimal Disruption
- The no-doc application process and fast funding meant the client could focus on running their business and planning their store launch, rather than being bogged down by administrative tasks. This seamless experience minimized disruption and allowed the business to maintain its momentum during a critical growth phase.
- Confidence in Execution
- The combination of quick approval, staged funding, and immediate processing of invoices gave the client confidence that their project would proceed smoothly. Trades were paid on time, work progressed without hitches, and the store fitout was completed on schedule—all factors that contributed to a successful launch.
Why Non-Bank Solutions Are a Game-Changer
Non-bank lenders are increasingly becoming the go-to option for Australian businesses seeking fast, flexible finance solutions. Unlike traditional banks, these lenders understand the unique challenges faced by SMEs and offer tailored products designed to meet their specific needs. In this case, the client benefited from a solution that prioritized speed, accessibility, and adaptability—qualities that are often hard to find in the conventional banking sector.
