£1.1m refinance of specialist vehicles
A customer new to United Trust Bank was introduced by a supportive broker who had himself been referred through a strong banking relationship. The customer wished to raise funds against a large number of vehicles and equipment that had been purchased outright over the previous eighteen months. The list of items included a number which were quite specialist in nature and required detailed knowledge of the sector so a third party valuation was swiftly arranged. In view of the size of the requested facility, a senior member of the UTB management team was required to accompany the broker when visiting the customer to assess the feasibility of the transaction.
Having received a favourable valuation of the various assets required as security for the refinance facility, working together with the broker we quickly agreed terms acceptable to all parties, Documentation, including a chattel mortgage secured against the equipment, was prepared and signed after our local BDM had carried out the required asset inspections. The facility, one of the largest UTB’s Asset Finance team has underwritten, was then drawn down within the timeframe required by the customer.
Loan Size: £1.1 million