United Trust Bank (UTB) Asset Finance has completed a £625,000 refinance to support a business acquisition for a coach operator.
Mike Austin, director of Crystal Business Finance, approached Paul Barter (pictured), business development manager at UTB, to arrange the deal.
The client needed to refinance part of their own fleet as well as some vehicles owned by the business being acquired.
Rob Irving, roving asset finance underwriter for the North of England at UTB, underwrote the case.
The deal required valuations and proof of title on seven vehicles.
There were challenges in securing all the necessary documents and invoices, but both teams worked together to resolve the issues.
UTB sent the funds directly to the client’s solicitor, who confirmed the funds would be held to the bank’s order.
Once the purchase and asset transfer completed, solicitors released the funds to the vendors and provided confirmation to UTB.
Barter said: “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.”
Austin said: “This wasn’t 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.”
