UK lender United Trust Bank (UTB) claims it has doubled its asset finance business over the last 12 months.
Martin Nixon, the bank’s head of Asset Finance, said UTB had a strong appetite to lend and had experienced a continued upward trend in business in the first quarter of 2013 but would not reveal any volume figures.
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UTB has been growing its lending book since spring 2012 when Nixon announced his intention to expand beyond the company’s traditional agricultural sector and build a strong broker network.
Nixon was appointed to the role in 2011 and UTB have since hired seven to the asset finance team which now lends in a range of wheeled and tracked asset sectors including construction equipment, buses, coaches, commercial vehicles and prestige cars.
Over the last year UTB offered a number of incentives to brokers including cutting 1% from its lowest broker rate to attract prime deals and enhancing its commission structure. The funder now lends up to £750,000 with rates ranging from 8-12%.
Nixon said UTB had taken steps to enable us to further grow business while continuing to focus on broker service.
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By GlobalData"Our appetite for lending remains strong and our first quarter performance has continued on an upward trend.
"I’m confident that throughout the rest of 2013 we will see further substantial growth in UTB’s asset finance business."
