CAS (Corporate Asset Solutions), a subsidiary of Close Brothers, has said that Asset Advantage has become the first independent lender in the UK asset finance sector to benefit from its new block discounting facility.
CAS’s relationship with Asset Advantage is the result of 12 months of development work on the product, according to a press release.
“Aimed at existing lenders and those looking to evolve into managing their own lending book, block discounting enables independent finance providers and own-book lenders to release capital invested in customer finance agreements,” the press release said.
Richard Baker, sales director for CAS, led the development and introduction of the block discounting product: “This first drawdown with Asset Advantage is an incredibly exciting moment in CAS’s evolution because we’ve spent the last year bringing the right people on board and refining the product to the point where we are completely confident it will be successful.
“It’s perfect for lenders like Asset Advantage because it allows them to reinvest the capital released into new finance agreements, improve cashflow and accelerate growth in a safe and secure way
Jonathan Eddy, managing director of Asset Advantage, said: “Taking advantage of the CAS Block Discounting product was a logical step for us because their offering complements our existing Block funding panel with competitive facility terms and is supported by an experienced team that can deliver the standard of service we expect.”