Leasing and Asset Finance

leasing company gains extra funding

admin — Thu, 20 Mar 2008 16:50:03 +0000

Small ticket leasing lender, 1pm plc has secured an extra £500,000 from existing lenders to finance its business.

The company moved away from sub-prime deals a year ago after experiencing bad debt losses of £482,000. However, with new management the company returned pre-tax profits of £24,000 for the six month to 30th November 2007

Siemens Financial Services sells invoice factoring operation to bibby

admin — Thu, 20 Mar 2008 13:21:04 +0000

Siemens said it decided to sell the business after a strategic assessment revealed the division no longer fitted in with its core offering. The transaction will include the entire portfolio of clients and employees relating to the single invoice factoring operation.

Bibby Financial Services have bought the business for an undisclosed sum. Whilst Bibby have a strong asset finance equipment lease lending book they are very active in factoring and invoice finance

Bank of Ireland pulls out of asset & leasing finance

admin — Sun, 02 Mar 2008 20:02:49 +0000

The Bank of Ireland has announced it will no longer be offering asset finance and leasing in the mid-ticket range and has made 73 job cuts.

The group has written to borrowers and intermediaries saying a review of its growth strategy showed the sector was “unlikely to generate the returns we acquire at an acceptable level.”

new commercial mortgage from ING

admin — Thu, 10 Jan 2008 09:41:11 +0000

ING Lease UK launched into commercial mortgages this week. The lender will focus on offering prime commercial investment and owner-occupied business with loans ranging from £100,000 up to £10 million.

Chris Stamper, chief executive of ING Lease UK said: "His arrival allows us to expand the ING Lease portfolio into this extensive market. Continuing with our strategy to operate solely through introducers and using our proven operational systems and excellent customer service delivery, we are looking forward to building strong relationships with brokers in the commercial mortgage field".

ING Lease is one of Europe’s five largest leasing companies – with a portfolio in excess of €13 billion and presence in 14 European countries including Germany, France, Italy, the Netherlands and the UK.

Sub-prime commercial mortgage lender

admin — Mon, 26 Nov 2007 16:59:58 +0000

Sub-prime lender Blemain Group announced changes to its case processing for residential and semi-commercial lending in the wake of gaining £900 million new funding.

The lender said that on securing its new funds it had to review processes to ensure its risk is suitable to funders. Gary Bailey, group director said: “Lending continues to be responsible in the current climate and to maintain efficiency with the increased volumes.”

Blemain wants submitted cases to include a fully completed application forms with credit search, valuation, mortgage reference, proof of income and identity. It also wants sight of the original credit agreement, legal charge and office copies of Land Registry details.

It added that any cases outside the new criteria which went live this week would be referred to the lender’s credit committee.

Earlier this week Blemain announced it had secured £900 million fresh funding through a banking syndicate led by the Royal Bank of consisting of a £500 million securitisation and a £400 million syndicated loan.