Renaissance Asset Finance (RAF), a subsidiary of UK commercial bank Arbuthnot Latham, has provided a £220,935 financing facility to an East Midlands-based groundworks company.
RAF did not disclose the identity of the company, which will use the financing to purchase new construction equipment. This financing was facilitated by Monarch Asset Finance.
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The total cost of the new equipment amounts to £241,020, which includes a Takeuchi TB2150R crawler excavator with a tilt rotator, a Takeuchi TB350R 5t short tail compact excavator, and a Takeuchi TB325R 2.5t short tail compact excavator.
The hire purchase agreement, which necessitated a 10% deposit, allows the groundworks company to spread the cost of the assets over an agreed term.
RAF said the fixed monthly instalments offer stability against interest rate fluctuations, aiding financial planning and budgeting.
RAF head of specialist brokers Alan Beardsworth 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.”
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By GlobalDataEarlier this year, RAF appointed Duncan Childs as the director of wholesale finance.
Childs brings nearly three decades of financial expertise to the role, having previously served as head of financial services at Metro Bank, commercial director (financial services) at RBS, and relationship director at Barclays.
RAF previously joined the Acquis Lumia community, a platform launched in 2022 that acts as a central register for asset finance borrowing and offers valuable data insights within the market.
Lumia’s focus on cybersecurity is said to provide real-time visibility into a company’s asset finance arrangements, enabling lenders to make informed decisions through collaborative industry efforts.
