United Trust Bank (UTB) has cut 1% from its
most competitive asset finance rate available for brokers in the
UK, in a bid to target more prime deals.
The bank’s pricing structure for asset finance
lending now starts at 8% for deals with a maximum 36 month-term and
a minimum £25,000 lend.
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UTB’s head of Asset Finance, Martin Nixon, who
was appointed to the role a year ago with
a mandate to boost the bank;s asset finance offering, told
Leasing Life the move was designed to attract leasing brokers who
are doing more prime lending.
“To date we’ve been doing a mix of prime and
near-prime and this gives us the option of doing more prime
business”, he said.
“That’s the motive behind the rate change; to
do more of the brokers prime business as well as the business we
are doing at the moment.”
Nixon added he expects the latest pricing,
which he said would bring UTB closer to competitors in the prime
market, to make a significant difference to asset finance business
levels.
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By GlobalData“Where we are at the moment”, he said, “is
looking, within the next 12 months, to double the size of the book.
That gives you an indication that the bank is keen to move forward
with asset finance.”
“It is very much a vote of confidence from the
bank. We like this sector and wed like to push on and grow
further”, he added.
UTB pricing now ranges from 8-12% with a
graded commission rate available for brokers.
