With the help of Beacon Funding's financing programs, Sandel Cranes, in Long Island, NY, was able to utilize crane financing to advance its business and accelerate their growth. Sandel Cranes financed a 110-ton crane, and also refinanced 2 others, which enabled Sandel to take on larger steel jobs, therefore generating more revenue.
Established in 2008, Sandel Cranes is owned and operated by Dave Sandel in Long Island, NY. The crane rental business caters to large-scale projects in need of heavy lifting including moving trusses, trees, signs, HVAC machines, steel beams, and generators.
Being in the business for over 12 years, Sandel knows that crane rental businesses demand significant capital to get heavy duty pieces of equipment. The founder had his eyes on a 110-ton crane that had a further reach than his current equipment, and therefore had the ability to pick up larger steel beams. While this new crane would lead to a new revenue stream, procuring it came with a number of headaches. Sandel says the crane was a 100-percent risk due to the age, size, paperwork, and unexpected costs of obtaining it. After seeking one alternative lender and coming up dry after two leasing attempts, Sandel turned to Beacon for assistance. From the crane search and negotiations, to the inspections and seller complications, Beacon was there to help every step of the way. Sandel Cranes was approved for financing in August 2015 after four months of searching for a solution. Not only did Beacon finance the 110-ton crane, but they also refinanced the first two cranes he has previously gained from an alternative lender.
On top of financing the equipment, Beacon was there to help with additional shipping costs, repairs, and complications. Beacon added the cost of shipping into the financing deal after the first funding was complete, helped negotiate a lower price with the shipper, and pushed out the first full payment a month due to titling issues.
After working with Beacon, Sandel Cranes can now handle larger steel jobs thanks to his new crane. Sandel Cranes is able to take on a whole new genre of work because of Beacon's adaptability.
To showcase this equipment acquisition, Sandel Cranes agreed to participate in Beacon Funding's Success Spotlight Program. In more than two decades, Beacon Funding has worked with many clients that have not only used equipment financing to their advantage, but also have leveraged it as a business practice to improve volume and increase market reach. The Success Spotlight Program highlights these businesses in order to share best practices and provide real-life examples of how equipment financing can foster business growth.