Businesses often have a lot of money tied up in their assets, capital which may be put to better use elsewhere. As well as having a keen appetite for refi, brokers approach us knowing that refinancing to release a lump sum can be a better strategy than stressing a business’s cash flow to meet expenses.
At UTB we consider ourselves adept at swiftly appraising cases and releasing capital from a wide variety of vehicles and machinery, helping businesses to seize opportunities, invest and grow.
Here are just two recent examples of how UTB has worked with broker partners to support their SME customers.
£1.5m Refinance for Business Acquisition
Broker partner, Caledonian Independent Leasing, contacted UTB’s Gordon McArthur with a client looking to raise £1.5m to enable them to purchase another business. 16 unencumbered trucks were offered as security and with UTB’s specialist knowledge of the sector they were able to confirm suitable valuations. With a quick approval of the refinance from the mid-ticket credit team followed by a swift pay-out, the customer was able to complete their acquisition as planned.
£233,000 Refinance Funds PSVAR Conversions
Broker partner, Steven Toshack from Premier Asset Finance, approached us to help their customer raise £233,000 needed to complete Public Service Vehicles Accessibility Regulations (PSVAR) conversions on 10 coaches in their fleet. Having additional PSVAR compliant vehicles available would allow the company to fulfil more contracts and increase their market share. We refinanced 5 older coaches to release the cash and get the upgrades quickly underway. Furthermore, releasing the tied-up equity meant the business didn’t have to delve into their cash flow to foot the upgrade bill.
Astrid Michael – Head of Sales – United Trust Bank
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