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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Commerce Secretary Lutnick Confident About Reaching EU Trade Deal
In an interview with CBS, Commerce Secretary Howard Lutnick doubled down on the deadline for the European Union to reach a trade deal with the U.S. Effettua l'accesso per consultare il tuo portafoglio
Yahoo
an hour ago
- Yahoo
There's a ‘scary' recession warning hidden in the too-good-to-be-true economic data, Wells Fargo warns
A closer look at recent economic data reveals a decline in discretionary spending on services, according to a recent note from Wells Fargo, which said the metric historically has fallen during or immediately after recessions. That belies the overall narrative on Wall Street that tariffs have not impacted the economy as much as feared. Recent economic data have eased fears that President Donald Trump's tariffs aren't yet causing a downturn or spike in inflation, but Wells Fargo is more skeptical. In a note on Tuesday, economists Tim Quinlan and Shannon Grein dismissed the 'false narrative' that tariffs were having a benign impact, pointing out that consumer spending data has actually been revised much lower from more upbeat earlier readings. 'It never quite rang true that consumer spending was completely unfazed by the sudden implementation of tariffs,' they wrote. 'This mirage was sustained by initial estimates of GDP growth that pegged the pace of inflation-adjusted Q1 consumer spending at 1.8% (annualized); that's three-times faster than what it turned out to be in the third estimate—just 0.5%.' In fact, data on services spending was even more skewed to the upside, as revisions put growth at just 0.6%, down from an initial print of 2.4%. Those trends continued into the second quarter and constitute a clear warning sign largely being overlooked, namely that households are indeed reducing their discretionary spending, according to the note. While discretionary spending on goods has held up, spending on services is down 0.3% through May on a year-over-year basis. 'That is admittedly a modest decline, but what makes it scary is that in 60+ years, this measure has only declined either during or immediately after recessions,' Quinlan and Grein warned. They pointed out that spending on food services and recreational services, which includes things like gym memberships and streaming subscriptions, were barely higher. Meanwhile, transportation spending was down 1.1%, led by declines in auto maintenance, taxis and ride-sharing, and air travel, which had the steepest drop at 4.7%. 'The fact that households are putting off auto repair, not taking an Uber and cutting back or eliminating air travel points to stretched household budgets,' Wells Fargo said. Even increases in spending on goods seem weaker than they appear, as categories like cars and appliances saw big surges that haven't been sustained. That's because consumers rushed to buy items before Trump's tariffs hiked prices, pulling forward purchases to earlier in the year. In addition, the muted inflation data appears misleading too, the economists wrote. Many businesses stockpiled extra inventory ahead of tariffs and have been able to draw on those supplies, allowing them to avoid passing on tariffs costs to consumers for now. Trump's on-again, off-again approach to tariffs may also be delaying those pass-throughs and even encouraging some businesses to eat the costs, especially if tariffs are seen as a temporary negotiation tactic, they added. 'Another too-good-to-be-true development with respect to tariffs is how broad measures of inflation have yet to register a worrying inflationary shock,' Quinlan and Grein said. Others on Wall Street are less downbeat but still see tariffs weighing on the economy. Capital Economics sees tariffs causing a slowdown but not a recession, forecasting GDP growth of 1.6% this year and 1.5% next year. JPMorgan expects growth of 1% in the third quarter, about steady with gains in the first half of the year, which saw a contraction in Q1 and a rebound in Q2. Wells Fargo's more contrarian view comes amid a sharp debate over the economic outlook and whether the Federal Reserve should resume rate cuts sooner rather than later. Fed Governor Christopher Waller has pointed to weak job readings in arguing for a rate cut this month. But other policymakers prefer to wait, saying the economy has been resilient while tariffs have yet to full show up in the inflation data. The retail sales report released on Friday showed a bigger-than-expected jump last month with broad gains. But that dataset mostly covers spending on goods. Meanwhile, the latest consumer price index came in below expectations again, but still showed signs that tariffs were putting upward pressure on inflation as well as indications that weak demand may be limiting the ability of businesses to hike prices even higher. 'Consumer spending is simply not as sturdy as we previously thought it was or even as it was first reported to be,' Wells Fargo said. 'We've long held the view that a stable labor market can offset tariff-induced inflation, and that may still be true and would prevent more of a recessionary impulse from ensuing. But consumers have shifted their behavior in the wake of tariffs.' This story was originally featured on Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
British Open 2025 prize money: Full payout from the $17 million purse at Royal Portrush
Along with the claret jug, Scottie Scheffler earned another hefty paycheck at the 153rd Open Championship. The world No. 1 added to his mind-numbing money totals with $3.1 million of the $17 million purse at Royal Portrush. He is now just shy of $100 million in official career earnings and over $19 million for the season. Here's a breakdown of the total purse from the men's final major of the season: FINISH PLAYER EARNINGS 1 Scottie Scheffler $3,100,000 2 Harris English $1,759,000 3 Chris Gotterup $1,128,000 T4 Wyndham Clark $730,667 T4 Matt Fitzpatrick $730,667 T4 Haotong Li $730,667 T7 Robert MacIntyre $451,834 T7 Xander Schauffele $451,834 T7 Rory McIlroy $451,834 T10 Bryson DeChambeau $304,650 T10 Corey Conners $304,650 T10 Brian Harman $304,650 T10 Russell Henley $304,650 T14 Rickie Fowler $240,000 T14 Nicolai Hojgaard $240,000 T16 Jesper Svensson $185,258 T16 Hideki Matsuyama $185,258 T16 Tommy Fleetwood $185,258 T16 John Parry $185,258 T16 Justin Rose $185,258 T16 Rasmus Hojgaard $185,258 T16 Tyrrell Hatton $185,258 T23 Maverick McNealy $138,040 T23 J.J. Spaun $138,040 T23 Lucas Glover $138,040 T23 Dustin Johnson $138,040 T23 Ludvig Aberg $138,040 T28 Harry Hall $119,950 T28 Oliver Lindell $119,950 T30 Daniel Berger $104,850 T30 Akshay Bhatia $104,850 T30 Keegan Bradley $104,850 T30 Kristoffer Reitan $104,850 T34 Sergio Garcia $86,517 T34 Aaron Rai $86,517 T34 Jon Rahm $86,517 T34 Justin Thomas $86,517 T34 Christiaan Bezuidenhout $86,517 T34 Lee Westwood $86,517 T40 Shane Lowry $68,340 T40 Jordan Spieth $68,340 T40 Jason Kokrak $68,340 T40 Takumi Kanaya $68,340 T40 Nathan Kimsey $68,340 T45 Matt Wallace $51,186 T45 Matthew Jordan $51,186 T45 Thomas Detry $51,186 T45 Henrik Stenson $51,186 T45 Jordan Smith $51,186 T45 Sam Burns $51,186 T45 Thriston Lawrence $51,186 T52 Adrien Saddier $44,350 T52 Sepp Straka $44,350 T52 Marc Leishman $44,350 T52 Sungjae Im $44,350 T56 Phil Mickelson $42,334 T56 Jhonattan Vegas $42,334 T56 Tony Finau $42,334 T59 Antoine Rozner $41,550 T59 Justin Leonard $41,550 T61 Dean Burmester $41,100 T61 Romaine Langasque $41,100 T63 Riki Kawamoto $40,280 T63 Andrew Novak $40,280 T63 Viktor Hovland $40,280 T63 Ryggs Johnston $40,280 T63 Francesco Molinari $40,280 68 Jacob Skov Olesen $39,400 69 Matti Schmid $39,100 70 Sebastian Soderberg $38,900 Note: Non-qualifiers after two rounds: Leading 10 professional golfers and ties $12,350; next 20 professional golfers and ties $10,300; remainder of professional golfers and ties $8,750.
