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April 18, 2017updated 18 May 2017 10:49am

Praetura sees asset finance rise by 35% in Q1

By Brian Cantwell

Praetura Asset Finance has had its strongest Q1, the business said, with lending up by 35% across the UK.

The lessor said it doubled the total amount lent in the North increased the number of deals going live in the Midlands by 92%.

Although the options of hire purchase and lease continue to command a strong proportion of Praetura’s book, lending on re-finance deals increased by more than two and a half times, with a 56% increase in the number of businesses using this tool, compared with the same period in 2016.

Mike Hartley, managing director at Praetura Asset Finance said: “The growth we’re experiencing proves the way that Praetura works, in partnership with our brokers, is what SMEs up and down the country need. We are people, dealing with people, not a faceless institution judging with a tick-box credit scoring mentality.

“The asset finance market as a whole is making an increasingly significant contribution to enabling small and medium sized businesses in this country realise their full potential. The advantages of utilising the resources of a ’consultant-lender’ such as Praetura, can only enhance that further.

“Praetura has already grown from a business that started with seven staff, to one with over 25 skilled specialists. And we’re not stopping there! We have tripled our business development team in the South already this year and are bringing in a dedicated Scottish sales team too”.

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