The Bank’s Asset Finance team was approached by a broker who had a client looking to fund the purchase of a coach. It was Wednesday afternoon.
Although the transaction looked as if it would be straightforward, the broker revealed that in order to meet his client’s needs the customer needed the new coach to be in service by Saturday due to the unexpectedly early start of a new contract. On top of that, the broker was in competition with the coach vendor to provide an excellent deal and was looking for a rate below UTB’s standard terms.
The underwriting team quickly confirmed that same afternoon that they were happy with the proposal and the asset. Non-standard rates and terms were agreed using UTB’s Price Match initiative and with the paperwork completed and scanned signed documents received back to the Bank, the funding was paid out on Thursday. The customer was able to collect the new coach on the Friday, as requested and it was in service on the new contract on Saturday.
Gordon McArthur, Asset Finance Business Development Manager for the North of England and Scotland, commented:
“Our ability to provide a quick and reliable service to our broker partners is at the core of our business. We also understand that brokers are facing tough competition from many quarters and so for some customers, getting the right terms is key to sealing a deal. As a funder 100% dedicated to the broker channel, we do all we can to help brokers keep their existing customers happy and win new business.”
Loan – £200k.