United Trust Bank (UTB) Asset Finance has facilitated a finance package amounting to £252,000 ($339,948) to support a geospatial mapping company’s acquisition of advanced equipment.

According to the asset finance business, the investment will enable the purchase of a Trimble MX60 Pro mobile mapping system, which includes high-resolution dual spherical and pavement cameras, a high-speed scanner, software licences and training.

The transaction was coordinated via GSM Finance broker Roger Wood, who engaged with Thomas Edwards from UTB’s Asset Finance team and senior underwriter Oliver Hobday.

Despite challenges in the credit assessment, including a shortfall in collateral, the bank proceeded with the funding based on the overall strength of the credit proposal and the existing professional rapport between the broker and the bank’s representatives.

GSM Finance business development director Roger 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 stated: “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.”

Last month, the bank completed a refinancing deal valued at £625,000, which was aimed at aiding a transport company’s acquisition of a coach operator.  

The deal, initiated by Mike Austin of Crystal Business Finance, involved the refinancing of assets from both the client’s fleet and the acquired company, with UTB’s Paul Barter playing a key role in the transaction.