Trailer refinance funds workshop expansion

United Trust Bank’s Asset Finance team was approached by a supporting broker representing a successful trailer hire and MOT/servicing business based in Bedfordshire. The company wished to refinance a number of unencumbered curtain sided trailers to release £125,000 towards the renovation and expansion of their workshop, service and office buildings.

The broker had dealt with the company for nearly 20 years and was able to show a strong business performance and solid repayment history on previous funding facilities. There was also clear evidence of title for all of the trailers being refinanced.

Having agreed to provide the funding requested, Klara Hanrahan, one of UTB’s asset finance BDMs, carried out a number of asset inspections at locations where the trailers were on hire. Satisfied that the assets were in order, UTB released the requested funds to the customer soon afterwards.

Klara commented: “Lots of businesses have many hundreds of thousands of pounds of capital tied up in their existing assets and refinancing is a quick and cost effective way of releasing that capital. In this case it was to fund building works at the company’s base, but the funds released by refinancing vehicles, plant and machinery can be used to raise capital for a number of different uses. For example, refinancing can be used to provide a working capital buffer when starting a substantial new contract, it can be used to fund expansion plans such as acquiring other businesses and it can also be used to purchase parts and materials. In most cases the funds are paid out to the customer within a day or two so when speed is important, refinancing can be a much quicker alternative to companies approaching their existing business bank for a loan or increased overdraft.”

UTB is currently running a refinance promotion which enables registered brokers to receive a luxury Harvey Nichols hamper for a refinance case over £50,000 which completes by the end of January 2018. The broker will receive a case of champagne for a second or any subsequent qualifying transactions completing by that date. For further information please call Keith Sangwin on 07585 772120 or contact your designated UTB BDM.