Specialist commercial finance provider Wesleyan Bank has extended a £3m block discounting facility to Liberty Leasing, according to Wesleyan.

This is to enable Liberty Leasing to fulfil an increasing demand from UK businesses for its asset and vehicle finance solutions.

Under block discounting arrangements, a bank offers specialist finance companies discounted advances which allow clients to operate their own finance schemes.

The block discounting facility was recently launched by Wesleyan Bank and is a wholesale finance facility primarily aimed at alternative finance companies wanting to release capital from future income streams.

These include businesses funding hire purchase, lease and loan agreements.

Richard Baker, head of block discounting at Wesleyan Bank, said: “This should be a really exciting year for Wesleyan Bank’s Block Discounting business. Our launch into this sector allows us to further enhance our product offering through niche receivable solutions, which will assist our partners to provide additional funding to their customers.

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“Liberty Leasing is an established, flourishing business with extensive experience of utilising bespoke finance solutions to underpin its growth strategy. We’re delighted to announce Liberty as our first signed facility, which gives us an excellent platform to rapidly expand our Block Discounting portfolio.”

Liberty Leasing was formed in 2001 with its core focus on providing asset and vehicle finance to a wide range of businesses and high net worth clients across the UK.

Over 90% of Liberty Leasing’s lending portfolio is made up of hard assets, wheeled assets and plant and machinery.

Allan Clegg, managing director of Liberty Leasing, said: “We have historically used block discounting as it is a fixed cost agreement that can be utilised very quickly to fulfil business demand and boost cash flow. Wesleyan Bank’s flexibility and unique approach make them a natural fit for us and we hope this first agreement is the start of a long-term relationship.”

Wesleyan Bank provides finance to support businesses, these include short-term cash-flow centric products, asset finance solutions and commercial mortgages.