Streamlining daily operations with asset finance
With over 20 years’ experience, this company primarily manages wet waste management services such as drainage, sewers and road sweeping for a variety of customers, including local councils, blue chip clients and emergency and residential clients.
The business was looking for a funding solution which would enable them to purchase a new hard asset to help streamline their daily operations. They approached Ultimate Finance through introducer Michael Watson of Anglo Scottish Asset Finance who had previously worked with Jamie Glenn, regional director at Ultimate Finance.
Michael explains, “’We were approached by a client with a complicated back story who was struggling to obtain finance for a large tanker costing over £350,000. After working with Ultimate Finance in the past, we approached Jamie, discussed the deal at length and then, upon obtaining some additional supporting information, it was all approved quickly by their Underwriting team. The customer was delighted by the service offered as the funding allowed them to fulfil new profitable contracts. Additional funding requirements have also already been discussed for the future, an excellent result all around!”.
Jamie adds “We were able to help the company with a £350,000 hire purchase solution, allowing the business to make monthly payments towards the asset rather than have to find the cash to buy it outright, with the option to purchase fully at the end of the term. With our 20 years’ experience in asset based lending we know that not every ambition has a straight road through, and because of that we don’t rely on algorithms to underwrite deals for us. We rely on great relationships and great stories to make sure our team goes deeper than the surface, and we end up being able to assist businesses who may have seen many lenders turn away before us because they perhaps lacked the understanding of what makes the business unique or why a particular asset could help turn a good company into a great one”.
Michael concludes “‘We will be looking at further funding as the business expands and keeps servicing its customer base with a first-class service”.
With the asset finance solution in place, the business looks forward to meeting its growth ambitions for the rest of the year as they plan to focus on maximising the usage of latest asset to keep their business moving.