A new customer to United Trust Bank, was introduced to us by a broker with whom we have a strong existing relationship. The borrower, a well-established firm of independent funeral directors, wished to fund the purchase of two Mercedes hearses to add to their existing fleet.
This sector of the market is rather specialised and not all funders are willing to consider these types of vehicles. However, we have always viewed this sector as relatively recession proof and comparatively low risk and therefore we were keen to consider the transaction further.
The business had been trading for many years and was well known to the broker introducer. To preserve cash flow, the customer only wished to put down a small deposit but we were able to take into account the trading history and track record with our broker, together with a suitable valuation of the vehicles, to agree terms that the customer required.
Just prior to drawdown the customer was offered a third vehicle at a very attractive price by the same supplier and we quickly agreed to an increased advance to cover the additional vehicle and so enabled the purchase of all three vehicles to go ahead.
Loan of £80,000