BRIDGING VISA · NEW VENTURE · 20% DEPOSIT
Truck and Dog Finance Approved for a New Tipper Business on a Bridging Visa, Plus a Cashflow Top-Up When Payments Ran Late
| ASSET | 2009 Kenworth T402 6×4 Tipper and 2007 Sloanebuilt Tipper Dog Trailer |
| AMOUNT | $105,000 |
| INDUSTRY | Tipper haulage and earthmoving |
| CREDIT ISSUE | Bridging visa, and a new business with no trading history |
| CASH DEPOSIT | 20% |
| STRUCTURE | Bloom Rent-to-Own, followed by a cashflow top-up released against a van he owned outright |
| PURPOSE | Starting his own tipper business with work already lined up |
Scenario
The client is an experienced truck driver who wanted to stop driving for someone else and start his own business. He had found a truck and dog combination, had a work source lined up for it, and had saved a 20% deposit.
The sticking point was his residency. He was in Australia on a bridging visa, and most lenders require permanent residency or citizenship before they will finance a vehicle. Combined with a brand-new business and no trading history, he had very few places to go.
Solution
We looked at what actually mattered for the deal: his experience behind the wheel, the work waiting for him, his 20% deposit, and a truck and trailer with solid resale value. That was enough for us to back him through Bloom Rent-to-Own. Bloom bought the Kenworth and the dog trailer, and he pays regular rent out of his haulage income.
Once he was on the road, payments from his work source started arriving later than agreed, which is common for a new subcontractor. To bridge the gap, we released equity from a van he already owned outright. Bloom bought the van and rented it back to him through the same Rent-to-Own structure, which gave him a cash injection to keep the business moving while he waited to be paid.
Outcome
The client is running his own tipper business in Australia with his own truck and dog. When slow payments put pressure on his cashflow, he had a lender who already knew his business and could act quickly, instead of starting again with someone new.
WHY THIS DEAL COULD BE APPROVED
Experience and Work Lined Up
He wasn’t new to trucks, only new to running his own business. With a work source ready before settlement, the income to cover the rent was already in sight.
A 20% Deposit and Bloom Owns the Assets
A 20% cash deposit showed commitment and gave a buffer on day one. Under rent-to-own, Bloom owns the truck and trailer for the term, so his visa status didn’t need to be a deal-breaker.
An Unencumbered Asset for the Top-Up
The cashflow top-up was secured by a van he already owned with no finance on it. Because we already knew his business and how it was tracking, we could approve it quickly.