Only 38% of SME firms understand how invoice finance works according to Close Brothers’ latest business barometer. The research also revealed that more than half (57%) of these firms are not aware of any alternatives to funding outside of traditional banking, Despite the lack of understanding towards alternative finance, 49% of SME leaders now believe […]
Octopus Property has completed £6.4m of loans with new distributor Black Book Finance within a single working week. The range of loans were secured against four assets and included an acquisition bridge loan to support a purchase in Woolwich and a refinancing in Wimbledon. D’mitri Zaprzala, head of sales at Octopus Property, said: “Having written […]
Aldermore has extended over £200m in block discounting facilities to its clients. The bank launched its block discount offering in 2011 and provides facilities ranging from £1m upwards. Hywel Prewett, business development manager of wholesale and structured asset finance at Aldermore, said: “Our block discounting business has achieved strong growth in recent years. “We’re keen […]
MarketInvoice achieved its best quarter and month of invoice finance funding since it started in 2011. The value of invoices funded was up 160% from £81.1m in Q1 2016 to £129.6m in the first quarter of 2017. What is more there were £54.7m of invoices funded from UK businesses in March. Anil Stocker, chief executive […]
Aldermore has appointed Jon Flagg as risk director for asset finance and Clive Gould as risk director for invoice finance. Flagg has over two decades of asset finance risk experience, holding senior positions at National Australia Bank and HSBC, and joins the bank from GE Capital. Gould has a similar wealth of experience, and brings […]
Northamptonshire based Eureka Produce has agreed a new finance facility worth £500,000 with Aldermore. The independently owned business has seen a £3.2m growth in sales over the last seven years. Robert Hudson (pictured), managing director at Eureka Produce, said: “Eureka has gone from strength to strength since launch, however we took the decision to move […]
Asset based finance to businesses is up 13% since last year hitting an all-time high of £22.2bn, the lastest figures from the Asset Based Finance Association have found. The figures were up £1.8bn from the £20.6bn reported in the previous year. The ABFA said that a key driver of this rise is that the UK’s biggest […]
Aldermore has appointed Rachel Lintott as head of internal sales and support for asset finance. Lintott has over 16 years of experience within financial services, beginning her career with Lombard in 2001, before spending the last 13 years supporting the development of Deutsche Leasing’s UK business. During her time at Deutsche, Lintott held several senior […]
Magellan Homeloans has joined the Black Book Finance lender panel. Black Book Finance launched in November last year and assists brokers with both mortgages and seconds; commercial and development deals as well as asset and invoice finance and specialist wrap services for new and existing landlords. Black Book Finance will offer a packaging service for […]
United Trust Bank has reported a 36% increase in profits before tax to £20.7m. For the year ending 31 December 2016 the specialist bank increased its loan book by 42% to £617m, operating income rose 29% to £40.8m and customer deposits grew by 46% to £664m. Gross income was £56.3m and return on equity was […]