Quick decision secures a sought after crane purchase
United Trust Bank’s Asset Finance department was approached by a valued broker partner acting on behalf of an established crane operator. The customer was seeking funding to purchase an eight year old crane which, despite its years, was much sought after and a quick turnaround was needed in order for the operator to secure the purchase.
Although the financial information indicated that our prospective customer had turned his operation into more of a lifestyle business in recent years, there was still a long history of trading satisfactorily in the sector through some difficult times.
In order to meet the customer’s cash-flow requirements, the proposal was for a five year funding period, together with a VAT deferral and a small deposit. As we do not have an age restricted policy, the fact that the crane would be thirteen years old by the end of the loan term was no barrier to considering the deal.
A third party valuation was swiftly carried out and credit approval was given by return. This assurance enabled our broker to secure the transaction and having got the documentation signed quickly and PDF copies emailed to us to avoid delay, we arranged a same day pay-out to complete the crane purchase.
The crane was delivered to the customer’s satisfaction which enabled it to go out on contract the very next day.
Loan size £400,000