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In late 2005, Cole Insurance Brokers* and McMahon Insurance Brokers merged to form Cole McMahon Insurance Brokers.
As part of the merger agreement the ownership of the commercial property, owned by McMahon, needed to be transferred to the merged entity. The newly merged company had sufficient equity in the property to secure a $2.5m loan, however, a working capital facility previously secured by the property needed to be secured by another asset. Bank of Melbourne was able to provide a $600k working capital facility against commission income.
Coupled with this, Bank of Melbourne was also able to provide Cole McMahon with an Insurance Brokers Package providing a competitive deposit interest account for the funds in the firm’s broking account and concessionary fees.
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* The practice depicted in this scenario is fictional, however is representative of a number of Bank of Melbourne customers.