UTB completes £950k, 27 vehicle refinance package
United Trust Bank’s Asset Finance team was approached by a broker who had dealt with a long established bus and coach operator since the company was formed. The company is now being managed by second generation family members having originally been set up by the father who worked in the bus and coach industry all of his working life.
The current management is undertaking a significant growth and acquisition programme including taking over 20 vehicles from two bus companies working on contracts in the Midlands as well as expanding their operations in the North West and the South East. Although the additional contracts and expansion significantly increased revenue the managers wished to bolster their working capital to keep money in hand for further opportunities, legal fees and other associated costs.
The broker was looking at the possibility of refinancing a number of vehicles already on finance with other funders but with good equity positions. A proposal was submitted for the refinance of 27 vehicles for a combined £950,000 facility which would include the settling off of existing finance plus leave the company with a considerable boost to their cash reserves.
Valuations were quickly sought with asset inspections taking place at a number of different sites. With valuations agreed, the broker worked hard to get all of the documentation signed promptly and UTB released the settlement amounts and remaining equity to the customer within a matter of days.
Paul Taylor, Asset Finance Business Development Manager at United Trust Bank, commented:
“We worked closely with the broker to ensure that this sizeable refinance was agreed and completed quickly. The company was in the midst of a significant period of expansion so with lots going on it was important to them that the refinance proceeded swiftly and smoothly. This is one of the largest refinance deals we’ve transacted at UTB, certainly in terms of the number vehicles involved anyway. The hard work of the UTB team, the broker and our valuers, ensured that the customer secured the funding they needed swiftly and without fuss.”
Loan Amount: £950,000
Term: 60 months