Southampton-based lender Corporate Asset Solutions (CAS) has relaunched its business with divisions dedicated to services for brokers and services for lenders.
CAS operations director Trevor Pirie said that the relaunch was designed to clarify the business’ offering to brokers. CAS no longer runs a broking division but does provide services to brokers.
CAS has always been a lender, but also used to broker finance on behalf of other lenders, which has long since stopped. The business however now offers lending services to brokers, Pirie told Leasing Life.
“The re-branding of the broker services Alpha and Omega is to assist us to promote a message of crystal clarity to the broker market and remove any doubts as to what CAS is and does,” he said.
The broker services division is split into its ‘Apha’ and ‘Omega’ offering for brokers.
The Alpha offering allows a product lending up to £500k; requires stronger counterparties; funds hard and soft assets and includes funding for the RateSetter hire purchase proposition which includes ‘capital only settlements’ and can allow 120% advances for hard assets.
The Omega offering to brokers allows lending up to up to £100k; permits weaker counterparties including start-ups, and has different credit criteria that links the time the business has been trading with the amount of lending required.
The business is also offering lender services in the form of its lending portfolio platform software.
The contract portfolio management software CAS-tellan allows separate loans and leases to be created for those businesses.
CAS partnered with RateSetter in July last year to administer and run its hire purchase business loan product, which has helped drive the Alpha offering.
It then purchased a book of business from PEAC of over around 1000 lease agreements in December 2017 which became the foundation of the Omega offering.