£1m refinance funds factory growth plans
At United Trust Bank we have gradually increased our appetite for considering larger transactions as our own book has continued to grow. This year we have already completed a number of £1 million plus transactions in various different sectors. This latest proposal, from one of our specialist brokers, was for a company that required a substantial sum secured against some of its existing CNC machines. The money will be used to fund the move and fit out of an additional factory required as part of their continued growth plans.
The Group structure and shareholding was not straightforward and a number of other funders required settling off as part of the overall deal. Although a number of hoops needed to be jumped through these issues were quickly resolved. Asset inspections were swiftly carried out and an offer was made in line with our broker’s requirements to enable the deal to progress within the customer’s desired timescale.
Our Head of Sales, Keith Sangwin, arranged to meet the customer, along with our broker, to get all of the relevant documentation signed. The transaction was paid out immediately afterwards.
We are increasingly being approached to consider funding larger transactions the size of which would have been outside of our lending parameters a year or two ago. We are now able to offer our brokers an even wider range of facilities and options for their customers which can more often make United Trust Bank their first choice funder
Loan size: £1 million