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Success story spotlight: 6 top deals from 2023 PART ONE

Finishing at $52 million in settlements, 2023 was another mammoth year for the Nero Financial team. From securing cracking deals to expanding our broker team and welcoming back long-term clients - it’s safe to say it was one for the history books.

In celebration of the year that was, we’re taking a deep dive into our Top Six Success Stories. Read on for Part 1 - this is why we do what we do!

1. Rory McGrath: Finance to secure $1.6 million for our client in additional contracts

Rory’s client Rachel operates a mobile crushing and screening business for mine sites. She urgently needed a loan to purchase a new rock crushing beltline, but like so many small business owners, had fallen behind on her bills. Her credit rating was poor and banking conduct problematic. She needed options - fast.

Where other brokers had turned her away, deeming her situation too challenging, Rory looked at the bigger picture. He designed a multi-step approach to not only secure Rachel’s much-needed machinery, but improve her financial standing.

First, Rory looked at leveraging Rachel’s property; bolstering her case to our lender panel with an accountant’s letter that outlined revenue projections. The new equipment would see a weekly production of 2500 tonnes of crushed material, equating to an impressive $1.6 million in additional revenue (year one).

Safe to say, Rory was able to secure Rachel a $125,000 second mortgage over a 12 month term. He capitalised the loan (including all interest and fees in the loan amount) to alleviate all out-of-pocket costs for the term of the loan. This gave Rachel some much-needed breathing room.

But, just as the finance was approved, Rachel was plunged into limbo again as the machine she wanted was sold to another client. After a week of searching across Australia, Rachel found an alternative rock crushing beltline - and Rory had the loan settled in just four days.

The final step? Rory has paired Rachel with a Credit Repair agency, and soon she will be in a position to refinance her second mortgage to a Tier 1 lender. Not only will she be in a far stronger financial position, but she’ll benefit from more favourable borrowing terms.

It’s a win-win for our client, and a testament to Rory’s tenacity and client-centric approach. Well done Rory!

2. Chanel Cicchiello: Locking in the Instant Asset Write-Off

If there is one sentiment that encapsulates our client support manager Chanel, it’s her ability to forge authentic connections with clients - and her deal with Luke was no exception. In March, Luke reached out to the Nero team for a no-obligation chat about loan options for his business. He was interested in purchasing a new tipper truck, but wasn’t quite ready to take action.

Fast forward to May, and Luke had secured a brand new truck with a dealership in Melbourne and put down a deposit. He called Chanel to secure finance to pay the balance, eager to finalise the deal prior to End of Financial Year (EOFY). In doing so, he’d be eligible to claim the instant asset write-off - which until June 30 2023, allowed eligible businesses to instantly write off up to a whopping $150,000 in business assets purchased that financial year.

But, a spanner was thrown into the works when Luke’s new truck never showed up - and there was no stock in any dealerships around Australia. Many brokers might have considered it the end of the road, but for Chanel, it was just the beginning.

Over the next week, Chanel called just about every dealership across the country in search of the best tipper truck on the market. She finally found a dealership in Bendigo with a demo truck available. Two days later, the deal was settled!

Chanel’s commitment to the best interests of her client, and willingness to roll up her sleeves, allowed Luke to finish the financial year in the best position possible. In his words, “While running a business, I can’t afford the time of day to be stuck on phone calls to different dealerships and she has done all that for me like a total boss”. Way to go Chanel!

3. Daran Thomson: Staying Ahead of Rapid Expansion

Rapid expansion is something most small business owners dream of, but when it happens, intense pressure on your cash flow can mean the rapid unravelling of everything you’ve worked so hard for. Daran’s client Stefan understood this, so in early 2023 when his 4WD aftermarket parts and repair shop was booming, he reached out to proactively explore his finance options. With a turnover of more than $100,000 a month, Stefan presented as an open-shut deal.

The catch? Stefan immigrated to Australia from South Africa and, despite his success in business, wasn’t eligible for a commercial loan. He was (understandably) frustrated, but Daran assured him that as soon as his visa was approved, he’d be there to secure a loan tailored to his business.

Every month, Daran checked in on Stefan and his operations. It was during one of these monthly calls, several months later, that Daran found out Stefan had just obtained his visa - and everything fell into place. Daran jumped on the case, and quickly found a $100,000 line of credit facility with a top tier lender that would secure Stefan’s cash flow moving forward.

This success story highlights the true value of working with a Commercial Broker long-term. Thanks to their regular communication, Daran had developed a thorough knowledge of Stefan’s business and his future ambitions. Not only did that allow him to approach a lender who would appreciate the strength of Stefan as a client, but also secure a loan option that allows Stefan to access funds as he needs them - rather than one lump sum payment.

Stefan continues to go from strength to strength in his business and appreciates the security the line of credit affords him. Nice work Daran!

Stay tuned for Part 2 of our 2023 success stories. In the meantime, kickstart your business year with a tailored finance solution from the Nero Financial team. Get in touch today or call us on 1300 025 949

*Disclaimer: names of people and businesses have been changed for privacy reasons.