A new customer to UTB wished to raise funds against a number of unencumbered coaches in order to assist relocation/fit out costs to move to a new, much larger operating site. The company had outgrown their existing premises and did not wish to approach their bank for further borrowings, in view of their ongoing working capital requirements.
In partnership with our broker, we quickly valued their coach fleet and agreed the number of vehicles which would need to be taken as security for the loan facility. Documentation, including a chattel mortgage secured against the vehicles, was prepared and signed within a few days, our local BDM carried out the required asset inspection, and the facility was drawn down within the short timeframe needed to meet with the customer’s requirements.
Loan Size: £125,000