Klara Hanrahan, one of UTB’s asset finance BDMs, commented, “Lots of businesses have many hundreds of thousands of pounds of capital tied up in their existing assets and refinancing is a quick and cost effective way of releasing that capital. In this case it was to fund building works at the company’s base, but the funds released by refinancing vehicles, plant and machinery can be used to raise capital for a number of different uses.
"For example, refinancing can be used to provide a working capital buffer when starting a substantial new contract, it can be used to fund expansion plans such as acquiring other businesses and it can also be used to purchase parts and materials. In most cases the funds are paid out to the customer within a day or two so when speed is important, refinancing can be a much quicker alternative to companies approaching their existing business bank for a loan or increased overdraft.”
For further information please call Keith Sangwin on 07585 772120, or contact your designated UTB BDM.