United Trust Bank Asset Finance completes £511,000 Refinance
United Trust Bank (UTB) Asset Finance has successfully completed a £511,000 refinance facility to assist a well-established civil engineering company in the further expansion of its business.
The transaction was introduced to United Trust Bank BDM Kerry Stuart by Sam German at trusted broker partner PMD Business Finance. PMD has a long-standing relationship with the customer having assisted the borrower several times in securing competitive funding for vehicle and equipment acquisitions as well as refinancing opportunities.
The borrower operates a diverse civil engineering business across the UK with a client base including well known corporations and PLCs. The 4-year, £551,000 facility consists of the refinance of 16 commercial vehicles and construction equipment with the funds released to secure and stockpile a large quantity of materials for future tenders.
All the assets were out working on a PLC corporate site so the asset inspection was carried out by Kerry Stuart as the UTB representative and Sam German, representing the borrower.
Sam German, Business Development Director at PMD Business Finance commented: “I have worked with the borrower’s group of companies for over 3 years and on this occasion, they had an opportunity to secure and stockpile materials for future tenders to mitigate rapidly rising costs and gain a competitive edge when tendering for new multi-million-pound contracts.
“After working through the asset register, we highlighted 16 assets that were either unencumbered or had little finance outstanding and sent this to UTB for valuations. Kerry Stuart and underwriter Oliver Hobday were both quick to action valuations and the acceptance was turned around quickly.
“The speed at which Kerry and Olly worked at on this deal was amazing and the refinance rate I was given was very competitive in the current market conditions. Massive thanks to the UTB team on assisting me get this deal over the line.”
Kerry Stuart, Business Development Manager – Asset Finance, United Trust Bank commented: “We were very happy to support Sam German at PMD Business Finance and his long-standing customer. I had the pleasure of meeting with the customer to carry out the asset inspection for the 16 assets and I was very impressed with their professionalism and operation. I look forward to providing additional funding to assist with further expansion plans in the future.
“We are keen to work with experienced brokers helping companies to source and secure the funding they need to invest and grow. At UTB we encourage brokers to talk directly to our underwriters to help them get deals approved quickly. There are no tick boxes at UTB, just a desire to find a way to support our brokers when placing cases, big and small.”