Leasing Life spoke to Tom Picton, partner at law firm Ashurst LLP, who offered the following viewpoint on the scheme:
“Whilst SMEs in the leasing space may be able to take advantage of government-backed funding under CBILS, it may also be possible for non-bank lenders of asset finance to indirectly benefit from BoE schemes aimed at banks (such as the TFSME).
“This would be the case in respect of funding obtained by a non-bank lender via a securitisation issued to supportive bank investors who in turn are able to take advantage of such schemes.
“For assets such as leases that may be more typically funded in private securitisation warehouses – as opposed to more standard ‘public’ transactions that are widely syndicated – these private securitisations can still be structured to be eligible for the TFSME through the obtaining of a public rating and listing and setting up the issued securities to be held through the clearing systems. <