We’re fans of home-grown talent at UTB and often take opportunities to move people between disciplines and promote from within. Having gained his degree in Business & Management, Daniel Idowu joined the AF Operations team in 2018. Here he shares his top tips for a successful flow deal proposal, what makes UTB stand out amongst Asset Finance funders supporting brokers in the SME space, and why his musical taste isn’t just Bad, it’s Dangerous…
| Initially cutting his teeth in payouts, Daniel was keen to expand his knowledge of the AF business with a move into underwriting and when a vacancy arose, we were only too pleased to move him into Credit. That was in 2021, and since then Daniel has flourished in his new role dealing largely with flow deals and soaking up the experience of his colleagues. |
What makes a solid flow deal?
We’re very flexible on flow deals which means we can consider various elements to make a proposal work. For example, the standard strong profile is a longstanding profitable business with a sound asset and supplier. Alternatively, a weaker business profile, such as a newly formed business, but led by directors with prior experience, on favourable terms and with director guarantees can also represent a solid deal.
What do you enjoy most about your role?
1 is the people I work with. I really enjoy the culture at UTB and particularly within the Asset Finance team. We have a great sense of camaraderie which makes work so much more enjoyable than a stuffy office environment. Considering I’ve worked here for nearly seven years, I think that speaks for itself!
What does UTB do that can really help a broker secure a deal?
Unlike most AF funders, we encourage brokers to have direct access to underwriters. Our Credit team is about the same size as our Sales team which says a lot about how much time we spend on the phone talking to brokers, discussing deals and answering queries. I regularly receive calls and emails from brokers regarding existing UTB customers and our appetite for a new proposal. These discussions often lead to what is essentially a ‘pre-approval’ subject to searches and admin etc and can really help to turn some deals around quickly.
3 top tips for brokers when presenting a deal to UTB:
1) For refinance proposals and assets supplied by private sellers, it helps to provide us with as many details as possible on the asset. For example, confirming whether a coach or bus is PSVAR compliant. Extra information helps us to give more accurate asset valuations.
2) Confirm your history with the applicant. Knowing an applicant is an existing client, known to you for years, can help strengthen a proposal with weaker financials.
3) Provide background information for new start companies. Some commentary detailing the applicant’s level of prior experience and the rationale for starting the new company is essential information.
Daniel Idowu Q&A
Memorable moment (work) – I won the ‘Rising Star’ category at the Asset Finance Connect Awards in July 2022!
Favourite place you’ve visited – I went to the island of Rhodes in October 2022, and I loved it there. It has amazing beaches, is rich in Greek history and has fabulous food.
Favourite film – Terminator 2 – simply the best sci-fi action film of all time, full stop!
Last book you read – Ready Player One by Ernest Cline. The book is set in a dystopian future where humanity uses a virtual reality simulation called the ‘OASIS’ to escape the real world. The book is fun and filled with nostalgic 80’s pop culture references. Another fun fact is that in Steven Spielberg’s film adaptation of the same name, our office – City Point in Moorgate – is a location for a car chase sequence.
Favourite pastime or passion – I love listening to music and regard myself as Michael Jackson’s #1 fan!