At UTB we’re all about making connections and building strong partnerships for the long term. Senior Underwriter Peter Price has over 30 years of experience in the asset finance industry, having previously worked at NWS/Bank of Scotland and ING Lease UK, and now leads UTB’s Flow Underwriting Team.
| Over his career Peter has built up an enviable knowledge of the industry, as well as a long list of trusted broker and sector relationships. With his diverse experience he frequently looks at a wide variety of deals, especially now the Bank has expanded the types of assets it will fund. |
In your view, what does UTB do better than anyone else?
It’s not really for me to say whether we do this better than anyone else, but I think at UTB we always value the relationship between the broker and us, as a funder. That relationship is crucial in my book. In fact, a lot of the brokers we deal with I’ve known for many, many years……too many in some cases!
What does UTB do that can really help a broker secure a deal?
I know we talk about this a lot, but letting brokers have direct access to the underwriters, always makes a big difference, and it’s something I’ve always advocated – those who know me well enough, would agree, I will always give a straight answer to any question asked!
Our Credit team brings together a lot of experience across various sectors and we constantly communicate with each other, which I believe is equally as important as regular engagement with brokers.
This collaborative way of working, helps to develop consistency by sharing knowledge and experience within the team.
I’m always willing to share my experiences with my colleagues, within underwriting or the wider AF team, sometimes whether they want it or not!
We’re also a team of underwriters, who look at all the components of a proposal, including the strength of the customer, the financial information, the asset, the rationale for the funding, the terms being offered, etc. etc. and, unlike some funders, we always have time to listen to a story deal where the merits of the case may be obscured by poor numbers when taken at face value.
We don’t just focus on the financials, that’s the main difference between an underwriter and a credit analyst.
What range of deals do you get involved in?
Although I lead the Flow Underwriting Team, I regularly look at all types of deals as I don’t consider myself a “one trick pony”.
I’ve funded all types of assets over the years, which is particularly important now as we develop our appetite across wider asset classes.
Historically UTB has been known as a very good funder on what I would refer to as standard hard assets: cars, commercial vehicles, construction plant and agricultural equipment, etc. The type of asset which generally has slow depreciation and provides good security.
However, just recently we announced that our appetite has expanded and we’re now able to consider a wide variety of ‘non-standard’ assets which may depreciate more quickly and hold less security. With these deals our decisions are based more on the strength of the customer than the security provided by the asset.
What’s the most unusual asset you’ve ever funded?
That’s tricky as there have been quite a few unusual deals over the years including a herd of cows, beer kegs and robots. However, I think the most memorable was a lovely 1920s vintage car which the owner had lent to a museum. It’s still the only car I’ve ever done with a landlord’s waiver.
3 top tips for brokers when presenting a deal
1) Please read though your proposal before pressing “send” and always ensure that the information you’re providing is both relevant and proportionate to the proposal you’re sending in.
2) If you feel there’s information which would help us to make a positive decision, tell us. This might include your longstanding relationship or experience with the applicant, the availability of guarantees, or anything else which might sway a borderline decision.
3) Remember that any underwriter will almost certainly not have met the proposed customer or have a full understanding of their background or rationale for the funding. We are reliant on what a broker is telling us or providing us, in addition to the checks and searches we carry out.
Peter Price Q&A
You like to travel. Where’s your favourite place you’ve been? – My wife and I have been fortunate to travel to many
places and we intend to see many more, so it’s difficult to pick an out and out favourite. To date, there’s never been a place we’ve regretted visiting.
Having said that, the place we love visiting time and again is Barcelona. It has something for everyone: sunshine, art, culture, good food, fantastic people watching and it’s big enough to find somewhere quiet to relax…it’s also very easy to get to, as we live just 20 minutes away from Gatwick.
What destination is on your bucket list and why? – That’s a very big list and ever increasing!!!!
You walk into a pub. What drink do you want to find sitting there waiting for you? – I would hope to see a good local craft beer, preferably a pale ale.
Favourite film – There’s so many, but the two main ones are The Godfather Part 1 & 2 (I refuse to accept there was a Godfather Part 3).
Tell us something most brokers don’t know about you – To be honest, I’m not sure there is as I’m pretty much an open book.
I do love listening to music though, whether it’s live, at home, in my AirPods…I need music.
My tastes are pretty eclectic too. I regularly confuse Spotify’s algorithms with my playlists and I can’t wait to see my 2024 Wrapped list!
My wife recently gave me a guitar for my birthday, which I aim to teach myself to play.