The sky’s the limit as refinance funding rockets
Praetura Asset Finance has posted results of yet another record-breaking Q1, as the business goes from strength to strength.
A stand out statistic is the growth of the number of SMEs using the tool of refinance, to either expand or stabilise their business. The number of completed cases grew by a third, with the funding provided increasing by 54% year-on-year.
The total amount lent rose by 16%, with strong growth across the UK. Highlights include double digit growth in the number of deals going live in the Midlands and Scotland and more than tripling the levels of funding provided in the South.
The variety of businesses now utilising asset finance as a funding source continues to diversify and the list of assets being funded gets longer. In the first quarter of 2018, alongside the ‘usual’ plant, machinery and vehicles, Praetura provided funding for classic cars and motorcycles, fairground rides and even an antique steam engine.
Mike Hartley, managing director at Praetura Asset Finance said:
“Once again, we’re posting record-breaking numbers, which is testament to the service we offer, in partnership with our supporting brokers.
“We are a ‘consultant lender’ whose job is to listen and advise, then make decisions based upon understanding and experience. This can make a big difference to the businesses we are funding.
“Praetura was founded on firm principles: the needs of the SMEs must always come first! We’re not here to lend money by ticking boxes and signing forms; we’re here to provide a service, so the funding we offer can make a significant difference.
“It is thanks to the people at Praetura and their dedication that we’re helping more and more of our brokers and their clients every month. But we are also aware that there are a great many businesses out there that aren’t aware of the benefits of asset finance, so we will continue in our efforts to take this industry’s message to them.”