At United Trust Bank we always try to work closely with our brokers to ensure that even when a deal is not quite strong enough to be approved as proposed, every effort is made to explore alternative solutions to get the transaction over the line.
One case in point was when we were asked to fund a new tipper truck for a relatively young business where the financial information did not support the advance required. The business did not have significant funds to enable much of a deposit to be paid but had a good long term contract offer in place for the vehicle. Unfortunately there was little in the way of personal worth either which can sometimes provide some comfort by way of a director’s guarantee.
However, our broker, knowing from past experience that we are keen to consider every angle and having discussed the proposal with us at length to gauge our initial thoughts, came back to us with the offer of taking title to an unencumbered vehicle that had previously been purchased by the business outright.
The opportunity to take an additional vehicle as security for the loan made the transaction a very different proposition. A quick valuation of the proposed vehicle, subject to a final asset inspection, allowed us to provide an acceptance to our broker and our customer was able to proceed with the delivery of their new tipper in line with their new contract.
A joint effort, between us and our broker working closely together to construct a solution for our mutual customer, enabling them to take a significant step forward for their business.