Classic car refinance enables collector to buy rare restoration projects
The United Trust Bank Asset Finance team were recently contacted by a broker who was new to the Bank. He requested that we consider a refinancing opportunity for a long standing customer of his, who was looking to raise funds to increase his collection of rare and classic cars.
The customer was a high net worth individual and as well as his classic car collection he had good equity in property. However, whilst in most cases when we finance a classic car purchase the security is the vehicle itself, in this instance the vehicles he was looking to purchase were in need of full restoration and they were not suitable to finance in their own right.
With the help of the broker, a number of vehicles in the customer’s collection were identified as being suitable for security purposes. Initial appraisals were quickly carried out to ensure that an approval could be given, subject to the satisfactory outcome of usual due diligence procedures which were to be carried out prior to drawdown.
The broker was then in a position to arrange for documentation to be signed with the customer at the same time as our local BDM carried out the asset inspection and due diligence requirements to enable the transaction to be processed and paid out quickly.
Loan size £200,000