Activity in the Asset Finance market has enjoyed something of a rebound according to the latest FLA figures. New business increased by 7% in April compared to the same month in 2017 and helped growth over the previous 12 months creep up by 3%. There was a solid gain in the plant and machinery finance sector in the same period, increasing by 8%, but growth in the commercial vehicle finance sector has stalled. There was also a 56% drop in business in the very big-ticket sector including ships, planes and rolling stock.
More uplifting is the indication that the broker channel is growing more quickly than the direct and sales finance channels with a 10% increase in broker introduced business in the 12 months to April compared to a 2% increase in direct and 6% increase in sales finance. Growth in the broker channel is even more impressive given that competition in most aspects of the asset finance market is fierce.
The future of our business is dependent on the success of our broker partners, so we do all we can to ensure the service we provide helps you to retain existing customers and attract new ones, especially if the challenge is coming from direct and vendor sales forces. With brokers facing fierce competition from all quarters you may be pleased to know that we’ve extended our willingness to match pricing and commission on transactions for strong credits and reduced the minimum qualifying deal size to £10,000. Terms and conditions apply of course but for the right customers and the right deals we’re able to offer pricing from as low as 4.5% together with competitive commissions. Please call us to discuss any proposals you believe will fit the bill for a price match.
Of course, it’s not always about price. Often, it’s the speed of decision, turnaround and pay-out which pushes one lender to the top of the table. So, if you want direct access to underwriters, bespoke credit decisions, lightning fast admin, 24 hour pay-outs and a willingness to be flexible on pricing and commission for the right transactions, we’re hard to beat. Now there’s a challenge.
If you have a client who might benefit from our individual approach to asset funding and re-finance please speak to your United Trust Bank BDM or contact us to speak directly to a credit manager on 020 7190 5555, or email [email protected]