A finance broking firm has claimed a niche stake in the market through assisting racehorse trainers in securing loans to purchase equipment and other essentials.
According to Mhairi MacLeod, founder and principal of Astute Ability Finance Group, “The growth of the equine business shows the value of brokers in securing finance for customers in unusual industries and circumstances.”
“But you also have to do your homework and understand the market,” she noted.
The endeavour began with helping people who wanted to buy horse floats obtain financing, but has expanded into working with thoroughbred trainers such as Ciaron Maher Racing and internationally recognised equine equipment manufacturers like GG Engineering.
MacLeod explained, “Everyone does finance for home loans and cars, but finance for the equine sector wasn’t being looked after.
“Thoroughbred training businesses need this innovative infrastructure to remain competitive. But like any business, they have staff to pay and cash flow to manage so it makes more sense to secure a loan to obtain this equipment that can cost hundreds of thousands of dollars.
“If the client is having custom-made equipment, we can get the pre-approval while the equipment is being built, so when it is completed, we can settle the loan within 24 hours.”
The business founder says that equine financing has generated “huge growth” and has Astute looking to expand to new markets such as New Zealand.