UTB funds £250k trailer purchase from foreign supplier
United Trust Bank’s Asset Finance BDM for the North and Scotland was approached by a broker with a client looking to fund the £250,000 purchase of some new trailers.
The customer was an established trailer hire company and the new trailers were being supplied by a German company. Although the trailers were being delivered prior to payment, the supplier wished to be paid directly as soon as they were received by the customer. There was also the added complication that the customer was hiring out the trailers to a single client of theirs on a long-term hire agreement for a period of 5 years.
The deal was proposed and, as UTB was able to accommodate the unusual long-term hire period the customer had agreed with their client, we gave credit approval the same day. Documentation was subsequently completed and once the trailers were delivered UTB’s Asset Finance administration team paid the supplier straight away.
UTB North and Scotland BDM Gordon McArthur said:
“As a flexible funder, UTB always tries to accommodate client and broker requests, however unusual. That might include dealing with foreign suppliers, the purchase of specialist plant and vehicles and sub-hire arrangements which may put other funders off. If you have any requests that seem a little out of the ordinary, don’t hesitate to speak to your UTB BDM as we will always try to find a solution which works for you, your client and the Bank.”
Loan size – £250,000