United Trust Bank (UTB) Asset Finance has provided £252,000 to enable a geospatial mapping company to purchase a complete Trimble MX60 Pro specialist mobile mapping system including high resolution dual spherical and pavement cameras, high speed scanner, software licenses and training.
Broker Roger Wood, business development director at GSM Finance, liaised with Thomas Edwards (pictured) of UTB’s Asset Finance internal sales team and senior underwriter Oliver Hobday to structure the finance package.
The credit was complex and required specialist valuations which identified a collateral gap.
However, the overall credit covenant and proposition together with the longstanding relationship between Wood and Hobday meant that UTB was happy to support the proposal despite a security shortfall.
Wood said: “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.”
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.”
