UTB Asset Finance funds £252K for specialist mapping camera system

United Trust Bank (UTB) Asset Finance has provided £252,000 to a geospatial mapping company to finance the purchase of a Trimble MX60 Pro mobile mapping system, including high resolution dual spherical and pavement cameras, a high-speed scanner, software licences, and training.

The deal was brokered by Roger Wood, Business Development Director at GSM Finance, who worked closely with Thomas Edwards from UTB’s Asset Finance Internal Sales team and Senior Underwriter Oliver Hobday to structure the funding.

The transaction involved a complex credit assessment requiring specialist valuations that revealed a collateral gap. However, UTB proceeded with the deal due to the strong overall credit covenant and the longstanding relationship between Wood and Hobday.

Roger Wood commented: “This wasn’t a typical asset but once UTB had agreed to consider the proposal it was a pleasure to work with Thomas and Oliver in getting the deal through. The finance was all set up and ready to go when my client wanted to finalise their purchase and this investment enables them to continue their growth plans.”

Thomas Edwards added: “This is one of the more unusual assets we have funded since expanding our credit appetite to include a much wider range of equipment, media technology and machinery.

“Once Roger and I had discussed what the customer wanted to purchase and established that it was a deal we might be able to support, Oliver Hobday and Roger spoke directly, enabling Oliver to get a full story of the proposal and the customer. Oliver and Roger’s longstanding and trusted relationship was a big factor in UTB funding a very niche camera, scanner and software package with a £252,000 facility. And once we were comfortable, we also agreed in principle to support the business with future purchases to facilitate their ongoing success.”