Wesleyan Bank, a specialist provider of commercial finance solutions and part of Wesleyan Group, and DND Finance have extended an existing wholesale finance facility to include asset finance.
The additional £15m asset finance facility is in addition to the £20m wholesale finance facility that was agreed in August 2018.
DND Finance is a 19-year-old Canadian-founded operation and a niche funder to professions and small business in the UK. The company has been established in the UK for ten years providing finance across the business loan, vehicle, equipment finance and leasing markets. DND has also recently expanded into the Charge Card market, offering a Visa solution to both Corporates and Individuals.
The facility, expands on the already operating Professions Loan facility agreed between DND Finance and Wesleyan Bank last year.
Bill Dost, group chief executive of DND Finance, said: “I believe this speaks to Wesleyan Banks’ confidence in us and our ability to serve the SME marketplace. It will also now allow us to provide some fantastic Asset Finance Solutions to the same marketplace.”
Wesleyan Bank has over 25 years’ experience in the equipment finance and professional loans market. Entering the wholesale finance market is part of a series of “strategic initiatives to support the Bank’s ambitious growth plans”, commented Sean Read, director of operations at Wesleyan Bank.
In December 2018 D&D Leasing announced it would set aside monthly income from its lease contracts and originations to contribute to a humanitarian charity. Humanitarian organisation WE supports teachers in schools in the UK and North America and targets poverty in villages across developing communities in Asia, Africa, and Latin America.
In October 2018 Leasing Life caught up with Bill Dost to find out more about the Canadian lessor’s plans for expansion – both in Europe and closer to home – following its latest wholesale funding deal with Wesleyan Bank.
In August, the business had obtained a £20m (€22.5m) wholesale funding facility from Wesleyan Bank – the newly rebranded Syscap – gearing up for business among UK SMEs.