£220,000 refinance funds new contract investment
BDM Klara Hanrahan was approached by a broker assisting a company in releasing capital from some of its existing assets. The customer, an established demolition company based in Essex, had won a substantial new contract and wished to raise £220,000 to invest in the project.
The broker had identified two pieces of unencumbered plant suitable for refinancing, a Sandvik jaw crusher and a Hitachi excavator.
Once the deal had been approved by the Credit team, the Asset Finance Administration team arranged valuations and worked with the broker to finalise the documentation before paying out the deal when the customer requested.
Klara Hanrahan said: “This deal came to us from a broker who has been a longstanding and regular supporter of UTB. Although the case wasn’t particularly complex, nor did it require a very fast drawdown, the broker was able to go back to his client with a quick decision knowing that the funds would be available as and when they were needed.”
Loan – £220,000
Term – 24 months