Quick turnaround enables a bus-iness opportunity
An existing United Trust Bank customer wished to fund a number of buses being offered for sale by the Administrator of a local operator which had ceased trading.
Our customer had negotiated an attractive price for the vehicles and had also agreed to take over the contract which the vehicles had previously been employed on. In view of the significant short term investment involved in taking over the contract, cash-flow requirements were critical and the transaction had to be structured accordingly to ensure that it matched the expected contract revenue.
The deadline was also very tight due to settlement figures with another funder which were due to expire within a few days. The Asset Finance team were able to swiftly agree the structure of the finance and our broker was able to secure the business based on our ability to quickly turn around the transaction from approval to pay-out, ensuring the borrower could proceed within the timescale required.