Business lending soars at Secure Trust Bank
Secure Trust Bank Commercial Finance has witnessed a 72% growth in its lending balances in the first six months of 2017.
The firm agreed £94.2m worth of lending to UK SMEs in the year to 30 June 2017, up from £54.5m over the same period in the previous year.
The commercial finance arm of the bank offers a full suite of asset based lending solutions to support growth, ranging in value from £500k to £30m. The firm provides funding for a range of situations, including management buyouts and buy-ins, restructurings and turnarounds and service-led refinances.
The commercial finance team announced it had funded over £1bn of client invoices, with total facility limits agreed in excess of £160m, placing it in the top 10 independent providers of asset-based lending facilities in the UK.
In the first half of the year, the firm has provided funding to SMEs in a range of industry sectors across the country. Notable transactions over the period include a £2m asset-based lending facility to Todd Doors, along with a £750k finance facility to BCE Distributors, the global supplier of Riley Snooker tables and cues.
John Bevan, managing director at Secure Trust Bank Commercial Finance, said:
“The commercial finance team have continued to impress, with its strong credit performance and unrivalled flexible facilities that have brought expansion across the business. We are now recognised as one of the top 10 providers of asset-based lending, which is staggering considering the commercial finance division was established only three years ago.
“Our commitment to delivering tailored solutions to businesses in such a short time frame has given us a strong reputation in the market, and we are facilitating more deals than ever. We are confident we can continue this exceptional growth into the second half of the year and beyond.”