Carl Moore, owner of Whitmoor Vac Services, was ready to own property after years of leasing. His company has a fleet of 18 large trucks, 3 trailers and 7 pick-up trucks, and offers potable water services, septic waste removal and equipment rentals in the Fort McMurray, Alberta region and British Columbia.
When he found a suitable property for his business, Moore approached BDC for financing assistance. “We were looking for a loan to purchase land locally so we could expand our business in the area,” affirms Moore. In addition, the purchase would give his business more stability: while leasing, Whitmoor had to move three times in just over two years.
BDC recognized the company’s potential and considered Moore’s labour and material investment in the property as equity. With the loan’s higher leverage and longer amortization, the company has built equity and preserved its working capital, which has been particularly helpful during the economic downturn.
“We are now enjoying our new property and the fact that we no longer pay rent,” says Moore. No longer concerned about rental property issues, Whitmoor is firmly focused on operations. The business has expanded and is leasing its excess space, which has helped grow working capital.
“Thanks to BDC’s great, friendly service, we have achieved our goals,” agree Moore and sales director Rebecca Irving. “We will be using BDC in the future and will highly recommend them to our colleagues.”