Hard assets quick turnaround.
we need some creative financing. We have a new system that converts open top hopper rail cars (unused coal carrying cars) into a closed hopper system. We have a group of 76 cars that are immediately available. They are easily converted by adding a roof and changing the discharge pans. The following is a cost break down on purchasing and converting the 76 cars:
Material $ 6,585 X 76 = $ 500,460
Labor $ 4,783 X 76 = $ 363,508
Freight $ 350 x 76 = $ 26,600
Profit $ 1,904 X 76 = $ 144,704
Roof Subtotal $1,035,272
Rail cars $25,000 ea X 76 = $1,900,000
Roof and Pan Installation $ 7,800 ea X 76 = $ 592,800
The cars when complete lease for about $600 a month on a 60 month operating lease. The cars also have a 7 year straight line deprecation. We are looking for funding for the purchase of the 76 railcars, $1,900,000. The title to the cars stays with the entity funding the purchase until the cars are transferred to the end user. My partner can fund the conversion and we can provide leases. My partner in this has a takeout letter from Pacific West Equipment a bank that will take out the cars as soon as they are converted. The total turnaround time on the conversion is about 120 days.
We have a short time frame to secure the cars. They are inspected and fully certified for use. Is this something you can work with?
Can they move quick?
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