CG Commercial Finance Completes $6.9MM CNC Machinery Lease for TURBOCAM International – Industrial Parts Manufacturer
November 20, 2015 | By Business Wire News
IRVINE, Calif.
CG Commercial Finance (CGCF)announced it has provided lease financing totaling $6,887,616 for various CNC machines to fulfill the increased production requirements of TURBOCAM’s major customers.
TURBOCAM is a global turbomachinery engineering and manufacturing company supplying the aerospace, industrial, automotive, marine, and propulsion industries for over 30 years.
CGCF provided competitive pricing, the required credit capacity and rapid turnaround despite numerous transaction challenges. These challenges included highly-customized collateral, a clean-up of erroneous lien filings from other finance providers, and progress payments to foreign vendors. As noted by TURBOCAM’S Corporate Controller, Dave Zelie, “Many lenders could not get comfortable with this type of modified equipment but CG Commercial spent the time to understand it along with our business history and our high profile clients. Based upon CG Commercial’s expertise and execution of this transaction we have engaged them again to provide financing for our upcoming Capex needs. We value our partnership with CG Commercial.”
“We at CGCF are honored that an industry leading company such as TURBOCAM presented us the opportunity to provide financing for their business expansion and equally pleased to be chosen as the preferred financing partner for TURBOCAM’s ongoing equipment requirements through 2016.” said W. Scott McCullum, President of CG Commercial Finance.
About CG Commercial Finance
CG Commercial Finance is a domestic and international financier of equipment and industrial projects related to the growth, expansion and efficiency initiatives of large corporations. CGCF delivers highly customized lease and financing solutions to meet complex operational, accounting, and treasury requirements. Projects typically range from $1MM to $300MM in cost and include diverse assets such as transportation (titled vehicles, air, rail, and marine), industrial plants (manufacturing, food processing, assembly, etc.), distribution centers, material handling, mining, energy, and technology assets.
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CG Commercial Finance
Jonathan Albin, (949) 720-9511 ext. 340
jon.albin@cgcommercial.com
