The customer was looking for short term funding in order to continue with the development of a select group of holiday lodges with a new equestrian centre and swimming pool. The customer had been let down at the last minute by his existing funder and he was in need of an alternative source of funding which would be quick to complete. Christmas was fast approaching and he was worried that the holiday period could add further delays.
The customer is a keen collector of classic cars and his collection is currently estimated to be worth in the region of £10m, therefore noting another recent United Trust Bank case study where the Bank funded the purchase of a very rare Aston Martin, the broker immediately thought of us.
UTB were subsequently offered the customer’s 1960’s Aston Martin DB4 to refinance. The proposal was swiftly agreed by the credit committee, subject to suitable valuation and evidence of clear title. A joint visit was soon carried out at the customer’s premises involving the customer, a UTB team member, the broker and a specialist valuer.
The visit proved satisfactory and with the documents signed and processed, the money was paid out within just a few days, enabling the customer to continue with the development and enjoy his Christmas.
Loan Amount: £600,000