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Aldermore to finance ‘soft assets’

POSTED: 14th May 2013
IN: Newsroom
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British challenger bank Aldermore has extended its asset finance proposition by enabling approved brokers to submit new business proposals for the financing of 'soft assets'.

Soft assets include IT & Communications equipment, security equipment, telecoms & video conferencing equipment, furniture & fittings, office equipment, software and any other assets with a low intrinsic open market resale value.

George Ashworth, Managing Director of Aldermore Asset Finance, said: "This development is part of our strategy to become the leading independent provider of asset finance facilities in the markets that we choose to serve, whilst at all times remaining as easy to do business with as possible.

"We hope it will enable asset finance brokers to offer their clients a comprehensive financial solution, which not only includes hard assets such as plant and equipment, but also those assets which, to date, have been more difficult to fund." 

For guidance the following minimum credit criteria are applicable to incorporated companies, partnerships and sole traders: 

  •  Assets can be financed on lease finance or hire purchase
  • Assets have a minimum economic life of 3 years
  • There is unique identification on the asset ie: serial number
  • In case of need, there is relative ease for the asset to be repossessed
  • There is a secondary market for the asset
  • Includes business critical equipment
  • Soft costs (installation, in life services etc.) are limited to 20% maximum and software should be limited to 40% maximum of assets funded.

Aldermore has approximately 15,000 SME customers and has lent more than £2.5 billion (a combination of commercial mortgages, residential mortgages, asset finance and invoice finance) since first opening its doors for business in the summer of 2009.

 

**Ends**

 

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.

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