At United Trust Bank we always strive to maintain a great relationship between brokers and clients alike. Whenever possible we look to reduce turnaround times to our brokers so they can provide the best possible service to their clients.
In April we were approached by a valued introducer who asked us to provide funding for an existing client’s impending quarterly VAT liability. The client happens to be a large law firm that services over 20,000 clients per year in a variety of areas and, as is frequently the case with firms working within the legal aid sector, they often find themselves in need of working capital whilst waiting for payment on a particular case.
Given this was the 4th consecutive request to fund their quarterly VAT obligation, we only required a small amount of up-to-date information to be able to provide an approval at the same level and on the same terms as we had previously: An advantage of the short-term nature of VAT funding is that we are able to provide a much speedier decision for any subsequent requests once a customer is known to us.
We were therefore able to approve funding within a matter of hours, which was greatly appreciated by the broker and their client.