Asset Finance : Deal of the Month

Please see our latest Deal of the Month below:

February 2022

Aston Martin was an early Xmas present

UTB was approached by DSG Finance with a customer looking to fund the purchase of an Aston Martin Vanquish V12. Although the festive break was fast approaching, he was very keen to pick it up before Christmas. The paperwork arrived on the 23rd December and DSG together with UTB’s outstanding Admin team prioritised the deal and pulled out all the stops to get it paid out on Christmas Eve before both offices closed for the Christmas break. Just before 2pm the funds were released, and the delighted customer collected his slightly early Christmas present.

December 2021

£1.1m RLS refinance funds company expansion

UTB was approached by a broker assisting a long-standing customer wishing to invest in their company’s infrastructure. The customer, a successful construction and civil engineering group, wished to refinance around 20 unencumbered vehicles to release substantial capital to carry out works to improve their main depots. The company had been adversely affected by the Covid-19 pandemic and subsequently UTB was able to offer them a £1.1m facility through the government backed Recovery Loan Scheme (RLS).

September 2021

RLS facility enables arcade refresh

UTB was approached to provide a £380,000 advance over 5 years to a customer in the leisure sector, funding their usual cycle of refreshing arcade machines. The sector has been heavily impacted by the Covid-19 pandemic however, the customer showed a resilient performance and qualified for an RLS facility which enabled UTB to fund assets which would usually be outside of their regular appetite. Simon Clarke from Claratus Commercial Finance said “It was refreshing to have direct access to underwriters and an RLS expert with which to discuss UTB’s approach. There are few funders that offer such a USP, and it makes a huge difference when assessing story deals. Throughout the process we were kept fully informed which helped us to manage our client’s expectations.”

August 2021

Rolls Royce Service

UTB’s Klara Hanrahan was approached one Tuesday afternoon in June to fund a pre-registered Rolls Royce Dawn at £187,500 plus VAT. The customer was a company director who was keen to pick up his new car that same week. With the customer putting down a £25k deposit and a personal guarantee, UTB quickly agreed to fund the remainder over 4 years with a £200k advance and £70k balloon. The funds were released first thing on the Thursday morning enabling the director to pick up his car when he wanted to

March 2021

Age no obstacle to this refinance deal

UTB was approached by a supporting broker to fund the purchase of some older trailers for a growing haulage company. The customer wished to finance the 9 year-old trailers over 36 months and as the Bank is not restricted by an aged asset policy, UTB were happy to oblige. A decision was given on the same day, documents received the following morning, and the £190,000 funds paid out later that afternoon.

Jan 2021

Refinanced balloon for a McLaren 675

UTB was approached by a supporting broker wishing to assist his customer with refinancing their £202,000 balloon payment for a McLaren 675 supercar. The customer wished to structure the repayments to suit his requirements and as the original finance was provided by UTB they were able to give a quick decision and set up the new agreement straight away.

December 2020

New company needed vans to expand

United Trust Bank was contacted by a broker seeking funding for a fairly young drainage solution company wishing to purchase 5 used Ford Transits to meet growing demand. The director had extensive experience in the industry and the business was profitable. The proposal was received on a Thursday and credit approval for an advance of £114k to include VAT with a 5% deposit was swiftly agreed. The deal was paid out the following Tuesday when the customer had arranged to collect the vans from the dealer.

September 2020

£175,00 finance secures Lamborghini Urus

United Trust Bank agreed to provide £175,000 towards the purchase of a £195,000 Lamborghini Urus. The funding was over 48 months with a £61,000 balloon payment. The proposal came from Vehicle and Asset Finance Ltd who regularly transact business with UTB but was the first proposal received from this individual at the brokerage. Klara Hanrahan, UTB Asset Finance BDM, said: “I’ve tried to win this particular broker over for some months and I believe it was our great service which eventually persuaded him to try us. With Covid-19 restrictions making asset inspections difficult we requested photos from the dealer instead and were able to turn the proposal around quickly. We must have impressed him because I’ve had several more proposals from him since.”