UTB Asset Finance provides £319,000 HP facility to waste management SME

United Trust Bank (UTB) Asset Finance has completed a £319,000 hire purchase facility to support the growth of a waste management SME in the South-East of England.

The funding has enabled the business to acquire a Caterpillar 360 material handler as it continues to expand its operations.

The transaction was introduced to UTB Broker Relationship Manager Thomas Edwards by Martin Ball, Sales Director at First Business Finance.

During the underwriting process, UTB required further information regarding the company’s debt position. Senior Underwriter Rob Irving worked with Ball to obtain additional financial information from the customer’s accountant before agreeing the £319,000 facility.

Martin Ball, Sales Director at First Business Finance, said: “This wasn’t a vanilla proposal, but Rob quickly requested the extra financial information he needed, analysed the customer’s position and offered the funding required on competitive terms.

“This combined with excellent support from Thomas Edwards ensured the deal completed on time and enabled our customer to continue growing their business.”

Thomas Edwards said the transaction demonstrated the importance of direct communication between brokers and underwriters when dealing with more complex funding requirements.

“The customer had a complex debt position but once Martin had provided Rob with all the information he needed, Rob was able to view the whole picture and structure competitive terms to meet the customer’s requirements,” he said.

“By combining expertise with a flexible, supportive approach UTB continues to deliver great service to brokers and excellent outcomes for customers.”

The transaction adds to UTB Asset Finance’s activity in providing broker-introduced funding to UK SMEs for the acquisition of business-critical equipment.