Aldermore has formed an
asset-based finance division led by Ian Wilkins, group managing
director of asset finance and invoice finance.
The operation aims to provide
a one-stop shop combining asset finance, invoice finance and
commercial mortgages. Wilkins said: “A business should be able to
come through any channel, but whichever it is they will have a
single point of contact, a single credit committee and a dedicated
account handler. It might sound easy but banks have found it hard
to get this right. We are aiming for cross-selling and product
development.”
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The target market is SME to
commercial, with a typical customer able to draw on funds of £5m
(€6m) to £10m. The asset finance channel will fund kit including
construction and materials handling equipment.
“We’re looking for stable
businesses with good quality assets whether it’s for asset finance,
invoice finance or commercial mortgages,” Wilkins said.
New volumes for asset finance
rose to £45m in the third quarter of 2010, up from £34m in the
second quarter; and lending to SMEs was £279m in the third quarter,
a rise from £217m during the second quarter.
The asset-based lending division grew quickly last year,
helped in part by the acquisitions of Heritable Asset Finance in
March and Absolute Invoice Finance (AIF) in January.
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