Investec Asset Finance has recruited a
mid-ticket asset finance team to develop broker business for deals
over £500,000.
Transactions will be sourced from current
broker relationships but the lessor is keen to develop
relationships with new brokers.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Investec, which previously focused on
transactions below the £500k figure, has appointed Mark Booth,
formerly of Lombard, to develop its broker business on a national
basis.
The majority of assets funded will be
traditional “hard assets” such as cranes, other yellow goods and
commercial vehicles but will also include IT and funding service
contracts to blue chips through managed service contracts,
according to Investec.
Mid-ticket space launch
Mike Francis, managing director of Investec
Asset Finance, told delegates at the recent NACFB broker expo the
bank’s broker base has increased 25% in the last 12 months and said
the bank-owned lessor has set a target for “metal and wheeled”
assets of 20% of its portfolio for 2012-13, up from 3.6% in
2010-2011 and 13.5% in 2011-2012.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLee Barnsley, who leads the mid-ticket team and will be based in
Reading with Investec’s vendor finance team, said: “The equipment
finance business is going from strength to strength and we are
excited about developing the mid-ticket sector to support existing
broker relationships, and enhance our funding support for SME
clients.
“Mark’s expertise and long-standing track
record in the asset finance industry, understanding of the sectors
we are targeting and excellent broker relationships are a strong
asset.”
Booth said: “What attracted me to this position most was Investec’s
reputation for speed and transparency of the underwriting process,
quick decision making and excellent broker relationships.
“The launch into the mid-ticket space is the
natural next step for the Asset Finance team, and I am sure that
our expertise and excellent track record will help us succeed.”
grant.collinson@vrlfinancialnews.com
