ING Lease (UK) limited , the UK’s biggest asset finance and leasing company, yesterday announced that as from the end of November they are withdrawing from the UK market. All deals must be completed from start to finish by the end of November. This will undoubtedly leave a big whole to fill as they advanced approximately £40m every month. There will obviously be consequences for UK businesses as the alternative finance companies tend to be more expensive and their underwriting requirements are more onerous. Thankfully XL Business Finance has access to alternative funding lines and we are well placed to find the next best solution.
Archive for October, 2012
ING Lease wiithdraws from UK market
Tuesday, October 30th, 2012Invoice Finance Facility Secured for multi-million pound enginering co
Tuesday, October 23rd, 2012XL Business Finance is delighted to have negotiated and secured a new and flexible invoice finance deal for a multi million pound north west based engineering company. Having 3 businesses within the group, multi currency accounts and a high level of export debt this deal was not going to be be for every finance company. Whilst the business was profitable an erratic trading performance over the last few years prevented their current high street bank from funding to appropriate levels. The good news was that a specialist invoice finance company was able to provide an increased £2.0m facility, funding at a higher prepayment, full export funding and cheaper credit insurance. Of the dozens of invoice discounting and factoring companies operating out of the UK only two or three are capable of transacting such a deal and XL Business Finance was able to use its experience and expertise within the industry to help the customer find the right funding solution.
Confidential Factoring
Monday, October 22nd, 2012Need working capital but dont want your customers knowing that you are factoring? Confidential factoring provides the best of both worlds. For businesses which are not eligible for full undisclosed invoice discounting but need some form of credit control confidential factoring could provide the perfect funding solution. The finance company will provide a dedicated credit controller phoning in your company name. This provides the funder more comfort and control and will enable them to provide the confidential facility that you require that otherwise may not have been available. XL Business Finance has been providing factoring advise and solutions for over 10 years. Call Mark Redman on 07748 635206 to find out how we can help your business.
