Nearly three-quarters (73%) of UK brokers have been approached by companies looking for short-term finance after being turned down by their usual lender, according to a survey by lender United Trust Bank.
The same research also found that 62% had been approached by companies seeking short-term funding in order to solve cash flow problems.
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Martin Nixon, head of asset finance at United Trust Bank said the findings support the bank’s experience having been approached to lend money for a range of different uses secured against various types of wheeled and tracked assets.
He said: "Our broker research reveals the extent to which companies are now exploring alternative sources of finance in order to invest in their businesses or even, in extreme cases, to remain trading.
"Brokers recognise that one of the key advantages of smaller, bespoke lenders is their flexibility and willingness to construct creative funding solutions when other lenders pull down the shutters."
When asked to select the most important factor when choosing an asset finance lender, 29% of respondents to the survey chose "flexibility", 21% chose "service" and a further 21% said "fees and charges".
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By GlobalData
