Aldermore Asset Finance has expanded its scope for lending by allowing brokers to submit proposals for financing soft assets.
The UK bank will branch out from its usual hard asset base to provide funding for items such as IT and communications equipment, security equipment, telecoms equipment, furniture & fittings, office equipment, software and other assets with a "low intrinsic open market resale value."
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To qualify for funding, the assets must have a minimum economic life of three years, have and unique identification, such as a serial number, be "relatively easy to repossess", and have a secondary market. Assets can be financed on lease finance or hire purchase and soft costs, such as installation and services, are limited to 20% maximum of assets funded, with software limited to 40%.
George Ashworth, managing director of Aldermore Asset Finance, said: "This development is part of our strategy to become the leading independent provider of asset finance facilities in the markets that we choose to serve, whilst at all times remaining as easy to do business with as possible.
"We hope it will enable asset finance brokers to offer their clients a comprehensive financial solution, which not only includes hard assets such as plant and equipment, but also those assets which, to date, have been more difficult to fund."
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