Mitsubishi HC Capital Canada Provides Floorplan Facility to Transportation Company
MAY 31, 2023 - 7:04 am
Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC Capital America, designed a C$15 million ($10.99 million) floorplan financing solution for a transportation solutions provider to expand its physical presence across Canada and maximize its working capital.
Located in western Canada, the trucking company was looking for a financing provider to deliver a floorplan facility that would meet the needs and demands of its newly established business. After meeting with the client and further understanding its business model and the reasons traditional bank financing wasn’t an option, the Mitsubishi HC Capital Canada team designed the C$15 million ($10.99 million) solution, which relied on the credit strength of the parent company in the United States.
“Our recent integration with ENGS Commercial Finance and Mitsubishi HC Capital (U.S.A.) has created a unique and competitive value proposition that’s unmatched in the industry,” François Nantel, president of Mitsubishi HC Capital Canada, said. “With our enhanced cross-border capabilities, we’re working even more collaboratively with our teams in the United States to provide customized financing solutions to companies operating either country.”
“With fully staffed offices in both the United States and Canada consisting of credit, operations and sales leaders and executives, Mitsubishi HC Capital Canada is an expert in understanding market dynamics, local laws and regulations. When a company needs to look beyond a traditional bank — like this client — and has other avenues to support the transaction, our team can develop and implement customized financing programs quickly and efficiently.”
Now that the floorplan facility is in place, the client has been able to maximize its working capital to further advance its growth strategy and product offerings. The client has expanded beyond its initial office with a second in operation. The company also plans to open three more locations throughout Canada.
“We provide complete and comprehensive financing for our clients regardless of their geographic location. With this particular client, our team determined the best structure to meet both their immediate and long-term needs. Not many financing companies in either the United States or Canada can use collateral from different countries to underwrite a facility,” Nantel said.
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