Rewarding Refinance

Nathan Mollett – Head of Asset Finance – United Trust Bank

Below you’ll find some recent cases of customers raising funds for a variety of uses by releasing capital from various vehicles and machinery.

1. £750k refinance using extended High Value Car collection
A broker partner approached us with a client wishing to borrow £750,000 towards the purchase a £2m racing car. As we only lend on road legal vehicles, we had to find another way of securing the finance the customer needed. Unsurprisingly, they had several other desirable vehicles in their collection, and we suggested that we could refinance some of the customer’s other cars to raise the funds required. We subsequently carried out the asset inspection on the broker’s behalf and approved the credit, taking security over two Lamborghini Aventadors, a Mercedes G500 and a motorhome, putting the customer in pole position to complete their purchase.

2. £407k refinance for Transport company
We were approached with an opportunity to support a refinance proposal for a customer who was new to UTB but very well known by our broker partner. The customer was a long-established family run transport business looking to improve their premises and restructure their finances by consolidating some existing debt. Our Credit team and the broker worked closely to obtain a supportive valuation of the assets and an approval of the payment profile within 48 hours and we subsequently advanced the £407,000 required.

3. £278k refinance for workshop refurbishment
A longstanding customer of UTB, which had been trading successfully for 13 years, required funds to further grow their business by refurbishing their workshop and replacing out of date equipment. Our broker partner liaised with our Credit team to release equity from eighteen of the business’s commercial hard assets, some of which were unencumbered whilst others had outstanding finance to settle. With satisfactory valuations in place and terms agreed, we advanced the £278,000 the business required to fund the next phase of its growth.