Secure Trust Bank Commercial Finance moves towards £1bn milestone
Secure Trust Bank Commercial Finance has funded almost £1bn of customer invoices, as the wider group announced a year of tremendous progress and record profits.
The asset-based lending division of Secure Trust Bank Group is rapidly approaching this significant milestone of lending to SMEs, signalling the progress made by the Manchester-headquartered business since it was established in late 2014.
Customer lending balances also increased by 114% in 2016 and the business approved funding lines worth £137m over the same period.
The commercial finance team operates nationwide with regional sales directors on the ground in each of the UK regions. The team offers a range of flexible invoice finance and asset-based lending products to SMEs across the UK.
Key transactions over the period include the £4m asset-based lending facility to Trueform Engineering and the £1.75m funding line to Independent Inspections Group, alongside investment from growth investor RCapital.
John Bevan, managing director at Secure Trust Bank Commercial Finance, said:
“This has been another remarkable year of progress for our commercial finance team and we are continuing to build a profitable business. We have delivered on a key strategic objective of fostering strong relationships with the professional community and specifically those involved in the private equity market. Our portfolio has also expanded with a range of tailored lending solutions which are genuinely bespoke to the client’s needs. New technology and a more diverse product offering will continue to allow the team to enhance the client experience.”
Paul Lynam, chief executive at Secure Trust Bank PLC, added:
“We have one of the most capable teams of invoice financiers in the UK, supported by a scalable modern IT platform. This, coupled with group management’s experience in SME and corporate lending, gives Secure Trust Bank a distinct advantage when it comes to structuring transactions and responding rapidly to opportunities. As the profile of the commercial finance team has risen we have ‘punched above our weight’ winning and writing complex, and remunerative, transactions in competition with much larger lenders. We expect to make further positive progress in 2017.”