Northampton-based Billing Finance has arranged extended lending facilities of £50m and appointed a sales director to lead its product expansion.
Royal Bank of Scotland has supported Billing Finance since 2014 with a revolving financing facility and the company has said Commerzbank has joined and extended the financing facility to £50m.
Oliver Mackaness said: “Billing Finance is delighted with its new facility and excited about Commerzbank becoming an important partner in the Billing family. Our ambition for the company is sensible growth and to continue to put our customers at the heart of everything we do. We have worked closely with Royal Bank of Scotland for the last 4 years and are grateful for their continued support of the business.”
Stuart Stevens from Asgard Partners assisted Billing as an advisor for the deal.
Eoin Moore, managing director in the Asset Solutions & Structured Finance team within the Corporate Finance division of Commerzbank, said: “Commerzbank has a strong track record in providing tailored financing solutions to independent asset finance companies in the UK. We are delighted to partner with Billing Finance on this facility, which will support the continued growth of the Billing Finance business”.
Northampton based Billing Finance is a family owned, independent provider of hire purchase finance, principally for second hand cars, light commercial vans, leisure vehicles and motorbikes. Founded by James Mackaness in 1983 as a general asset finance company, the company is celebrating its 35th birthday on 23rd May 2018.
Hugh Riddlesdell, from Royal Bank of Scotland’s Commercial & Private division, said: “Royal Bank of Scotland has a long and trusted relationship with Billing Finance and we are delighted to be able to work with Commerzbank to build on three decades of success and help it achieve its growth aspirations for the future.”
Billing is now offering a fixed-APR hire purchase product depending on the amount financed, with no document fee and an option to purchase fee of only £1.
Oliver Mackaness said: “We want our customers to know exactly what the cost of their hire purchase agreement is, with no hidden fees or extra charges. We believe in ‘getting our customers where they need to be’ with a simple, straightforward product.”
The business said the product was to add to its efforts to treating customers fairly as a core value.
‘Since January, Billing Finance has made the decision to waive all letter fees and late payment interest. The company believes that it should not increase the debt of customers who, for example, may simply have missed a payment because their salary was paid late or in more serious circumstances if they are experiencing financial difficulties,’ the business wrote.
Billing has promoted Gary Hill to sales director, after a successful stint working for the business for the past ten years, where he maintained excellent relationships with the broker community, said Billing.
‘Gary is well-known to the whole car finance community. Billing is grateful for the contribution he has made to the growth and success of the company… and is delighted to make him sales director,’ wrote the business.
Gary Hill, sales director, Billing Finance