Speedy refinancing pays for LEZ conversions and a surprise tax bill

An existing United Trust Bank borrower approached us via one of our supporting brokers as they were looking to raise funds to settle an unexpectedly high tax bill and to pay for several of its vehicles to be converted to London emissions zone (LEZ) compliance. The conversion would enable them to be able to work on contracts involving trips into Central London. Conversion was a much more cost effective option for them than having to buy newer vehicles that were already LEZ compliant.

Our customer had a vehicle on finance with another funder and they believed that there would be sufficient equity in that vehicle to enable us to settle the existing finance and raise the additional funds they required. A valuation was quickly carried out and following further discussions with our broker, payment terms were agreed within a very short timescale.

Settlement figures on the vehicle were obtained and documentation swiftly completed allowing us to settle their existing finance and release the additional funds to enable the LEZ conversions to proceed on time.

Loan of £80,000