Wesleyan Bank provides Block Discounting facility to Liberty Leasing
Specialist commercial finance provider Wesleyan Bank is supporting Liberty Leasing’s funding strategy with a £3 million Block Discounting facility. The facility will enable Liberty Leasing to fulfil the increasing demand from UK businesses for its multiple asset and vehicle finance solutions.
Wesleyan Bank’s recently launched Block Discounting offering is a wholesale finance facility. It is primarily aimed at alternative finance companies wanting to release capital from future income streams, including those businesses funding hire purchase, lease and loan agreements.
Richard Baker, Head of Block Discounting at Wesleyan Bank, says, “This should be a really exciting year for Wesleyan Bank’s Block Discounting business. Our launch into this sector allows us to further enhance our product offering through niche receivable solutions, which will assist our partners to provide additional funding to their customers.”
Baker continues, “Liberty Leasing is an established, flourishing business with extensive experience of utilising bespoke finance solutions to underpin its growth strategy. We’re delighted to welcome them as our first Block client which gives us an excellent platform to rapidly expand our Block Discounting portfolio.”
Formed in 2001, Liberty Leasing has grown to become one of the UK’s largest independent and privately-owned finance companies. The business’s core focus is providing asset and vehicle finance to a wide spectrum of businesses and high net worth clients across the UK. Over 90% of Liberty Leasing’s lending portfolio is made up of hard assets, covering all types of wheeled assets as well as plant and machinery. It can also finance specialist vehicles such as classic cars, supercars and race cars.
Allan Clegg, Managing Director of Liberty Leasing, comments, “We have historically used Block Discounting as it is a fixed cost agreement that can be utilised very quickly to fulfil business demand and boost cash flow. Wesleyan Bank’s flexibility and unique approach make them a natural fit for us and we hope this first agreement is the start of a long-term relationship.”
Clegg adds, “With the support of Wesleyan Bank and our loyal broker network, 2020 will see us continue the growth of our own finance book and drive strong levels of service.”
Wesleyan Bank provides bespoke finance solutions to support businesses to spread the cost of their investments over time. These include short-term cash-flow centric products, asset finance solutions and commercial mortgages.