The Bank of London and the Middle East (BLME) is to provide an £8m asset-based lending facility to independent finance provider Regency Factors and has stated it aims to grow its asset-based lending business over 2013.
The two year facility will be secured against Regency’s trade receivables due under full service factoring agreements and purchase finance arrangements, and the company plans for the finance to be used to grow its own client base.
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Maurice Craft, Regency’s managing director, said by bypassing the "traditional tick box approach" of mainstream lenders and "adopting a flexible approach when considering applications for facilities by SMEs" the company could concentrate on its client’s customer base and order book to provide cash flow and working capital.
Jervis Rhodes, BLME head of corporate banking, said it is important for finance providers like BLME and Regency to "step into the gap" left by the government and traditional financing. He added that BLME and Regency had similar "principles and approach", developing bespoke products for clients and believing in "partnerships founded on the principles of trust, understanding and accountability."
BLME recently appointed two senior figures from ING Lease UK as directors of its leasing team and stated it aims to grow its broker-led business.
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