UTB asset finance finalises “complex” refinance deal
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UTB asset finance finalises “complex” refinance deal
The lender said the process faced hurdles due to incomplete documentation and missing invoices. The financing involved refinancing part of the client’s existing fleet and several coaches owned by the target company. In March, UTB appointed Lisa Thomas as head of credit for asset finance. She has previously worked with various funders such as Syscap, RBS, and Hitachi, before joining Société Générale Equipment Finance in 2007. For confidential support call the Samaritans in the UK on 08457 90 90 90, visit a local Samaritans branch or click here for details.
United Trust Bank (UTB) Asset Finance has completed a “complex” £625,000 ($853,026) refinancing agreement to facilitate a transport company’s purchase of a coach operator.
Crystal Business Finance director Mike Austin initiated the deal, connecting with UTB’s business development manager Paul Barter to support the client, a coach operator aiming to acquire another business.
The financing involved refinancing part of the client’s existing fleet and several coaches owned by the target company.
It was underwritten by Rob Irving, UTB’s roving asset finance underwriter for the North of England.
UTB said the process faced hurdles due to incomplete documentation and missing invoices.
After fulfilling all requirements, UTB transferred funds to the client’s solicitor, who issued a letter of undertaking, disbursed the funds to the vendor upon acquisition, and confirmed the transaction’s completion.
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Austin said: “This was not a straightforward case, but I talked to Paul Barter at UTB and he quickly confirmed that they would be able to do it. Once our client was ready to go ahead, Rob Irving completed the underwriting and UTB’s operations team completed all the admin, processing and arrangements with the solicitors to enable my client’s acquisition to proceed.”
Barter commented: “We pride ourselves on being able to take on more complex deals, which benefit from having direct communication with our underwriters from the start.
“Thanks very much to Mike for giving us the opportunity to show what UTB are capable of and for the excellent support we received from him and the Crystal team in getting this deal over the line.”
In March, UTB appointed Lisa Thomas as head of credit for asset finance.
Thomas brings more than 20 years of experience in the sector. She has previously worked with various funders such as Syscap, RBS, and Hitachi, before joining Société Générale Equipment Finance in 2007.
Over the past four years, she served as head of strategic and portfolio risk at SGEF.
Source: https://www.leasinglife.com/news/utb-asset-finance-complex-deal/