Renaissance Asset Finance (RAF), a subsidiary of Arbuthnot Latham, the private and commercial bank, recently supported an East Midlands groundworks company with a £220,935 facility.
The deal, brokered by Monarch Asset Finance, was to finance the purchase of several new assets to replace their old equipment.
The new assets came to a total of £241,020 made up of a Takeuchi TB2150R (crawler excavator and tilt rotator), a Takeuchi TB350R 5-ton short tail (compact excavator) and finally a Takeuchi TB325R 2.5-ton short tail (compact excavator).
The hire purchase agreement, which required a 10% deposit, is a straightforward method of financing the purchase of an asset without the need for a large capital outlay. The cost of the asset is spread over the agreed term and paid for through fixed monthly instalments that will not fluctuate with interest rate changes, enabling businesses to budget with certainty.
Alan Beardsworth, Head of Specialist Brokers at Renaissance Asset Finance, said: “Our team, in collaboration with the broker to support the client with this facility, found this deal extremely rewarding. The ability to support clients in securing new assets to improve their business is a tangible example of the flexible lending solutions we can offer to help SMEs meet their goals.”
