The Customer
Ambulance and EMS Provider
The Challenge
- The company is a subsidiary of a larger parent company.
- But they have the ability to make decisions to purchase ambulances on the company level.
- We requested and received internal financial statements with the credit package.
- We quickly uncovered that the company does not prepare a corporate tax return as all of the income is reported to schedule C.
- After requesting a few times, we were told again that the Parent Co. would not provide a corporate guarantee.
- The Ambulances were being delivered within the 2nd quarter of the year, so the client needed an approval quickly to be able to take delivery.
Done Deal.
First national approved a 100% Advance rate and an availability of $2milion for a Capex line to order brand new Ambulances.
The year prior we completed a $5.5 million loan on a corporate jet for the parent company.
We levered our relationship with parent company to allow FNC to utilize the corporate guarantee.
The customers continues to utilize FNC’s capital so we can increase their capacity as the company grows.
Business Cycle Volatility
Wider credit appetite for companies in all phases of the business cycle.
