Renaissance Asset Finance (RAF), a subsidiary of Arbuthnot Latham, the private and commercial bank, recently supported one of the UK’s most successful crane hire customers with a £1.025m hire purchase facility.
The deal, working in tandem with one of England’s biggest brokers, was to finance the purchase of a brand new Liebherr LTM 1230-5 23O tonne mobile crane, alongside their 30+ strong fleet of cranes that are already available for hire.
Investing in infrastructure is seen as a positive for any economy, bringing jobs and prosperity both locally and nationally. Liebherr cranes minimise fuel consumption and reduce noise emissions, meaning that work on sites is as sustainable as currently viable, ensuring the well-being of the site workers and local residents.
The £1.025m hire purchase facility is over an 84-month period, well within the economic life of the asset, estimated at 15-20 years. Hire purchase is a straightforward method of financing the purchase of an asset without the need for a large capital outlay. The cost of the asset is spread over the agreed term and paid for through fixed monthly instalments that will not increase even if bank interest rates rise, enabling you to budget with certainty.
Sean Taylor, Senior Relationship Manager at Renaissance Asset Finance, said: “Collaborating with the broker to support the client with this facility was extremely rewarding. The ability to support investment in key infrastructure projects is a notable example of the flexible lending solutions we can offer to help Small and Medium-sized Enterprises (SMEs) meet their goals, while also edging closer to a more sustainable future.”