Commercial Finance
Metro Bank moves into asset-based lending
Metro Bank has launched an asset-based lending proposition, offering loan facilities worth up to £2m.
Through the new service, Metro Bank will lend against a range of assets, including debtors, stock, plant, machinery and commercial property.
The funds can be used for refinancing existing loans, acquisitions, funding organic growth and both management buy-ins and buy-outs.
Borrowers who utilise the asset-based lending proposition will also be able to make use of other financial support, such as cashflow loans, revolving credit facilities and overdrafts.
Alan Austin, head of asset-based lending at Metro Bank, said the lender was focused on delivering “truly bespoke lending solutions” to businesses in the years ahead.
Kevin Craven, director of invoice finance at the lender, added: “Our unique, customer focussed approach helped us to grow at a market leading rate in 2021, and the ability to offer even more choice to businesses will help us to support even more new customers going forward.”
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The move into asset-based lending comes a month after Metro Bank joined the National Association of Commercial Finance Brokers (NACFB) as a patron lender, providing the trade body’s members with access to its commercial lending product range.