For more than 30 years, Keywest Asphalt has been a trusted, family‑owned paving company serving communities across British Columbia. Their reputation for quality work and reliability has helped them grow steadily—and in 2023, they were introduced to Essex through a referral from an existing customer. What began as a single referral has since grown into one of Essex’s largest customer relationships in BC.
As CEO Ricky Dhatt explains, that referral marked the start of a noticeably different financing experience:
“From the beginning, it was just easier dealing with an independent lender — we could connect after hours, in the evenings, even on weekends. With banks, you’re often waiting days just to get a response. With Essex, you can pick up the phone and get answers right away.”
In October 2025, Keywest Asphalt approached Essex Sales Representative Jason with an urgent challenge—and a rare opportunity.
A Critical Real Estate Opportunity With a Tight Deadline
A property was coming onto the market with a tight closing window, creating a unique opportunity for Keywest to acquire land that could transform their operations.
Owning this property would allow them to:
- Build their own maintenance facility
- Centralize their equipment in a single yard
- Support their growing fleet and expanding operations
However, the closing timeline was extremely compressed — well beyond what a traditional commercial mortgage could accommodate.
As Dhatt noted, this type of transaction simply wouldn’t have been viable through a bank:
“A bank wouldn’t have even processed the application in that time.”
The only way to secure the property appeared to be paying cash upfront, something that wasn’t feasible without the right financial support.
The client had significant free and clear equipment available as collateral, but needed a fast, flexible solution to act quickly.
Jason reassured them: “We’ll find a way to make this happen.”
Behind the Scenes: Essex Builds a Creative, Multi‑Step Financing Strategy
Working closely with Ross and the Essex credit leadership team, Jason helped develop a financing structure designed specifically for this urgent and complex situation.
1. A Demand Note to Secure the Deposit
Essex first provided a Demand Note that allowed the customer to put down the required cash deposit. The free and clear equipment was then pledged as collateral to support the note.
2. Reviewing Existing Contracts to Raise Additional Capital
Essex reviewed Keywest’s larger active contracts and determined there was enough combined equity to further support the financing needed for the property purchase. All this work took place behind the scenes, preparing for a potential win—knowing the closing window would be tight if the client was awarded the property.
Awarded the Property—With Only 7 Days to Close
On October 30, Keywest Asphalt won the bid.
But instead of the expected two‑week close, they were given just seven business days to finalize everything—something nearly unheard of for a commercial mortgage.
Jason immediately connected with the Essex credit and documentation teams to assess whether such a fast close was even possible.
Their response? Let’s get it done.
Dhatt later reflected on the intensity of that moment: “The Essex team worked around the clock to make it happen — and they delivered 100% funding.”
Executing the Plan: Refinancing + Commercial Mortgage
3. Refinancing Four Large Existing Contracts
The first step involved refinancing four major contracts, covering more than 80 assets. The equity from these refinances was used to strengthen the deal structure and support the mortgage.
4. Funding the Commercial Mortgage Within Seven Days
With all moving pieces aligned, Essex deployed its commercial mortgage product—successfully funding the deal and helping the customer close within the seven‑day deadline.
This all happened during the transition period following Essex’s acquisition of ATB’s Capital Asset Financing Division, making the accomplishment even more impressive.
From October 30 to November 7, Essex completed:
- Refinancing 80+ assets
- Structuring multiple layers of collateral
- Coordinating with credit and documentation teams
- Funding a commercial mortgage under an unprecedented deadline
Quite simply, as Dhatt puts it: “That opportunity wouldn’t have happened without Essex.”
No other financing partner could have completed a deal like this—but Essex did.
A Lifeline for Growth—and a Partnership Built on Trust
For Keywest Asphalt, securing this property was a major milestone in their long‑term growth strategy. By acting quickly and creatively, Essex helped them seize an opportunity that would have otherwise slipped away.
What started with a single referral is now a strong, strategic partnership—and a reflection of how Essex goes beyond traditional financing to support the success of businesses across Canada.
