The customer is a publicly held mining operation with over $500 Million in revenue operating in the precious metals mining business. The company was founded in 1891 and operates internationally as well as domestically.
This customer did not require financing and would only take it if the rates were extremely aggressive and if the process was easy and smooth. In addition to these stringent requirements, the customer had operations in Canada, Alaska, and the U.S. with much of the equipment to be financed located underground– used deep inside a mine.
First National was successful at providing more aggressive rates than the competition. In addition, we were able finance all locations with only one set of lease documents. Streamlined documentation saved the customer tremendous time and money in reviewing the documents, since all new documents were reviewed and negotiated with their counsel.
The finance transaction ensured minimal interruptions and distractions in the customer’s daily course of business by leveraging the combined efforts of sales, documentation and credit. Completion of the funding could only be accomplished through First National’s unique position as a private and nimble lender. The customer was so pleased that they let us finance all their CAPEX requirements for the year.