Recent incorporation proves no barrier to financing two specialist trucks
We were contacted by a broker who was new to United Trust Bank with a proposal to finance the acquisition of two highly specialised trucks for a recently incorporated company.
The trucks were to be operated in the drainage sector and although the company was recently formed, the main director was highly experienced in the field and the company had already been awarded a large regional contract.
Specialist knowledge of the assets was required so a professional valuation was swiftly carried out. As part of the approved finance package, put together in partnership with the broker, bespoke documentation was designed to enable a third party company to provide a form of additional security to enable the transaction to proceed within a tight timescale.
The broker was then able to document the deal and proceed quickly to pay-out.
Head of Asset Finance, Martin Nixon, commented: “Newly incorporated companies can often find it hard to obtain credit from ‘tick-box’ lenders but the United Trust Bank approach is to look at every aspect of a proposal and try to find a solution. Although we were lending to a new company the management were able to demonstrate a strong track record of success in their sector and the confirmation of the new contract together with additional third party security meant that we could create a bespoke package that helped our broker secure the business.”
Loan – £300,000