Cambridge & Counties Bank has reacted to the current competitive asset finance market conditions by waiving certain fees in order to attract more business and grow market share.
It hopes to attract more business through waiving its documentation fee for all asset finance classes (excluding classic car finance) on applications received and approved during July, August and September.
The offer is available on a range of asset classes for both finance lease and hire purchase agreements.
Cambridge & Counties Bank will complete the agreement documentation on behalf of brokers, saving significant time and effort for the broker and their clients.
The typical documentation fee charged by the bank is £200, which the bank said was competitive in the market.
Cambridge & Counties Bank’s SME asset finance products are targeted at vehicles, construction equipment, plant & machinery, agricultural plant, cars & LCVs, waste management, product & packaging, cranes and CNC machinery.
Simon Hilyer, senior business development manager at Cambridge & Counties Bank, said: “Cambridge & Counties Bank has been a welcome addition to the UK asset finance market since launching in 2016. Our proposition and our professional, personal service has been welcomed by our partner introducers and we expect this campaign to further cement our broker relationships. We offer funding solutions to all types of businesses, financing key assets and capital expenditure for business growth.
“Asset finance can be a compelling solution for many businesses, helping to fund expansion plans, for instance, or release finance locked into fixed assets, provide a cash flow injection and help finance balloon payments, among others.
“We hold a positive outlook for the asset finance sector in the UK and are looking to grow our work with brokers who are seeking competitive funding options”.
In February, Cambridge & Counties said that its balance sheet had topped $1bn for the first time.
The bank attributed its growth in balance sheet to lending to its core client base of real estate investors, property developers and SMEs, primarily through brokers and intermediaries, with significant growth in its core East Midlands and North West markets.