The asset finance division of United Trust Bank (UTB) grew originations by 136% in 2021 to become UTB’s fastest-growing division by business volume and headcount.
The performance helped to push UTB’s asset finance loan book beyond £200m for the first time in UTB’s history.
14 people joined UTB’s asset finance team last year across sales, operations and credit with no fewer than four underwriters having joined UTB’s asset finance credit team since the start of 2021. Astrid Michael joined to become the new head of sales for asset finance whilst Louise McIntosh joined as head of operations.
Last year UTB increased its loan transaction size to £2.5m and has its sites set on becoming “the go-to funder for higher-value car finance,” it said in a press release.
Nathan Mollett, head of asset finance at UTB, said: “2021 was a very successful year for UTB’s asset finance business. We more than doubled our new business lending year on year and we’ve grown the team in all departments. We have great people working at all levels of the division, all equally committed to providing exemplary broker service and putting UTB on the map as the best specialist AF lender in the market.
“UTB is one of very few funders that still encourage brokers to talk directly to our Credit team and that’s certainly been a significant contributing factor to last year’s success. The technology we’re implementing this year is designed to further simplify processes and accelerate turnaround times without sacrificing that vital USP and we’re developing some exciting new products which will help brokers develop their businesses into new markets. Talking of which, we are dealing with more brokers than we ever have before so as well as investing in technology we are continuing to recruit experienced professionals to ensure we maintain those strong relationships and deliver the very best experience to brokers and their customers. In 2021 we built a great team and set out our stall. Now watch what we do in 2022.”