United Trust Bank was approached by one of its valued broker partners to fund a software and services requirement for a business that had been established for around 15 years. The company wished to fund the purchase over 3 years and what made the case unusual was that the end user had already purchased the solution over the previous 9 months from cash flow, allowing them to have greater control over the project and payments to the supplier on an ongoing basis. The transaction was introduced to us via Stephen Jenkins at Tower Leasing, a very well-known business which has been operating in the IT finance marketplace for some time.
The customer offers bespoke recruitment services and had undertaken the upgrading of their website and the connected back office systems. The work added more functionality to their website, which was key to facilitate the continued growth of the business, and was completed over an extended period.
Although the customer had already purchased the software, United Trust Bank’s innovative approach to funding software and web development enabled us to agree the funding package after a few simple checks. With finance in place it released capital back into the business and put the company’s repayments onto a monthly footing over a 3 year term.
Towergate’s Stephen Jenkins said: ‘It has been nigh on impossible to fund these types of requirements until now. The existing funding panel was fine transacting these types of agreement on hard assets but generally the market has struggled to fund these types of requirements on the soft asset side. It’s certainly something we’ll look to use again in future as the end user was very happy with how the funding was structured and processed’’
Loan Amount £55,000