UTB reports record breaking month for asset finance
United Trust Bank’s Asset Finance team has posted a record breaking first quarter of 2016 with lending volumes increased by 80% on the same period last year
Martin Nixon (pictured), head of asset finance at United Trust Bank, said: “The first three months of 2016 have been the Asset Finance team’s busiest first quarter since I joined UTB in 2011.
“Enquiry levels are up, transaction numbers are up, lending volumes are up and our average deal size is up. We have also widened the number of brokers we have written business with this year which is very encouraging.
“These are all excellent indicators that our approach to building a strong, broker focused business is paying off.”
Nixon attributes the division’s continued success to several factors: “Keith Sangwin and the BDMs have spent a lot of time with a wide range of both new and current UTB brokers talking about the most important elements of what we can offer them.
“Price is still high up the list of course but also being able to consider a wider range of assets, the recent simplifying of some of our processes, the flexibility and pro-active approach at the underwriting stage where brokers can discuss proposals directly with a credit manager, and our commitment to delivering consistently excellent service, means that we’re on more broker pick lists more of the time.
“Also, over the last year or so we have written a lot more business within the CNC machinery sector where our refinance product has proved very popular. We’ve also just completed a transaction in the media sector having funded some specialist camera lenses for a film making company.”
Following consultations with brokers, UTB simplified some of its processes to make it even easier to deal with.
They removed the need to see proof of asset insurance for most advances and will be using online tools more often to satisfy customer due dilligence and anti-money laundering requirements.
Nixon added: “After a very busy first quarter there is a degree of uncertainty on the horizon with the looming EU referendum. We hope that this will not lead to business confidence waning and investment decisions being delayed.
“At the moment I have the impression that most UK companies aren’t sitting back and waiting for the result but are instead out there making the most of existing opportunities. We’ve been very busy helping brokers to provide funding to individuals and SMEs looking to invest in their businesses and are keen to do even more over the coming months.”