UTB asset finance finalises 'complex' refinance deal
Crystal Business Finance director Mike Austin initiated the deal, connecting with UTB's business development manager Paul Barter to support the client, a coach operator aiming to acquire another business.
The financing involved refinancing part of the client's existing fleet and several coaches owned by the target company.
It was underwritten by Rob Irving, UTB's roving asset finance underwriter for the North of England.
UTB said the process faced hurdles due to incomplete documentation and missing invoices.
After fulfilling all requirements, UTB transferred funds to the client's solicitor, who issued a letter of undertaking, disbursed the funds to the vendor upon acquisition, and confirmed the transaction's completion.
Austin said: 'This was not 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.'
Barter commented: '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.'
In March, UTB appointed Lisa Thomas as head of credit for asset finance.
Thomas brings more than 20 years of experience in the sector. She has previously worked with various funders such as Syscap, RBS, and Hitachi, before joining Société Générale Equipment Finance in 2007.
Over the past four years, she served as head of strategic and portfolio risk at SGEF.
"UTB asset finance finalises 'complex' refinance deal" was originally created and published by Leasing Life, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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