As we are now well into the final quarter, we continue to help our clients fulfil their capital expenditure plans before the year end. We have seen a marked increase in business levels across the board year on year, with diverse opportunities across all sectors.
We are currently involved in three separate large business purchases, in each case utilising existing equipment to raise funds, which ultimately supports the overall amount required. One case in particular, had been promised a facility from their main bankers for over 6 months, only to be let down at the last minute. As such, we were parachuted in to assess where we could help and presented a £250K credit backed facility to them within 48 hours.
As a result, it meant they could continue with the purchase having originally given up hope. This further underlines our flexibility and knowledge of the marketplace, whether it is planned or reactive we can assist your business with any asset purchase.
Market News – Finance & Leasing Association (FLA)
New figures released this month by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 3% in August, compared with the same month last year.
The plant and machinery finance sector reported new business up in August by 4% compared with the same month in 2016, while new finance for business equipment was up by 8% over the same period.
Commenting on the figures, Chief Economist at the FLA, said:
“The asset finance industry has reported solid new business growth so far in 2017. Growth in asset finance provided to manufacturers has been particularly robust, with new business for production and processing plant up by more than 40% in the first eight months of 2017.”
The Business Influence Group (BIG)
Affinity is proud to say we’re an active member of the above collective, a select group of businesses/individuals who specialise in their fields. The group is essentially formed of like-minded business people, from various sectors and professions, sharing business ideas and helping each other gain new business opportunities. We would only ever recommend trusted individuals/business services to our customers, therefore this provides the perfect platform to assist you as our client’s. We meet on a monthly basis and attend various events as a group to help raise it’s profile. Please let us know if you would be interested in hearing what other members in the group have to offer.
National transport business realises the benefits of using Affinity Asset Finance…
We were introduced to this client by a trusted source, who had a relationship with them going back a number of years.
As an established business, their own Bank and its Asset Funding arm had historically funded all their vehicles but this was never a quick and easy process which caused a number of delays to fulfilling contracts for their end clients.
In early Summer, after their own Bank had failed to react quickly to a number of urgent purchases, the client turned to us to ‘see what we could do’. The first purchase was completed in less than two days from putting in place a credit acceptance to payment and delivery of the vehicles. This gave us the perfect opportunity to impress with our speed, flexibility and focus of customer service. This has enabled us to continue placing finance for them, year to date we have funded over £250K of vehicles and look forward to continuing to support this business.
Re-finance of 3 classic cars helps remove an expensive facility…
We were approached by a trusted introducer source to help their existing client. The brief was simple, they needed to raise £85K against 3 classic vehicles to clear down a bridging loan. They had taken the loan originally until some apartments had sold, unfortunately the last plot was taking longer than expected to complete, therefore the monthly costs of the bridging loan were becoming expensive. We quickly valued the cars at no cost to the client and had an approved offer in a matter of days. The facility was totally flexible and considerably more competitive, enabling the client to pay off the bridging loan and move forward.
Remember…...From plant, machinery and performance vehicles to IT Equipment, cars and HGV's we can provide you with the advice and funding you need when you need it.