UTB excels when providing a £1.7m refinance
Not all brokers are aware that United Trust Bank (UTB) provides some quite large and complex asset finance funding. For example, the Bank recently paid out £1.7m to a plant hire company to release capital from a fleet of vehicles. The introducing broker had dealt with the firm a number of years earlier and sensing that there might also be future opportunities, they were very keen to impress the business’s owners with a smooth and competitive transaction.
The broker had become a regular introducer to UTB and a look at the proposal combined with our relationship with the broker assured us that this was a transaction we could do, and do well. We agreed competitive terms and whilst processing the loan there were several opportunities for us to show the broker that the asset finance team could quickly overcome any issues. For example, some of the vehicles’ documentation was incomplete and the team dealt with this by sending one of the BDMs to the customer’s offices to match up alternative records rather than insisting on time consuming inspections for vehicles on hire all over the country. The admin team provided a chattels agreement in 45 minutes when the broker expected it in 48 hours and a last minute query threw a spanner in the works when we were in the home straight. But not for long. The UTB decision makers gathered around a table, looked at the problem together and came up with a simple solution.
That was the final piece of the jigsaw. The hard work of the UTB team and the broker enabled us to pay out the £1.7m a few days later, well ahead of the customer’s target date.
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