We’ve now received our full FCA authorisation. This means we are formally authorised to deal with consumers and will continue to treat customers fairly (TCF) as we always have done since we opened our doors.
Ultimately we need the FCA protection to go to all entities be they Incorporated or LLPs, as treating customers fairly should be the part of the mission statement for all brokers…. and it isn’t!!
Open and straightforward
One of our main funders, who only deals via brokers, has introduced us to a substantial customer in Essex. Essex is not our patch but the customer had a bad experience with a broker in the past so the funder said “I know the ideal brokers who are very open and straightforward to sort out you finance requirements’. We’ve just provided them with a £500k credit line for their Trucks.
The other major customer we’ve just started doing business with is close to Edinburgh. One day we’ll get some customers close to the Horsham office!
Medium sized funders are free to make decisions
We funded a Cessna 182 aircraft in July. Small problem was the seller wanted payment before she would go to the expense of transferring the aircraft onto the G (UK) register and the funder wanted it on the G register. We started to set up an Escrow account but the funder was so impressed with the customer that they released the money for the aircraft straight away.
That’s the great think about dealing with medium sized funders, they think outside the box and are not restricted by undue rules.
On the prestige/supercar front it’s been bit on the quiet side; just a couple of Range Rovers, an X5 and an Audi TTS…what a gorgeous little coupe!!
As ever, we did a boat load of other cars and vans. Interestingly one of our old customers has approached us regarding the classic BMW Z8 he’s after. We fell off our seats when he told us the price (close to £200k and is expected to appreciate considerably more in the next 5 years).
We did finance a Finlay/Terex cone Crusher…we mention that only because we’ve never funded one before.
Festival of Speed - Excess seems to be the norm
After the sensible Fleetworld motor show at Silverstone Austin thought it only right to go to the Festival of Speed where excess seems to be the norm. All you could see were so many race cars all together trying to outdo each other on the hill climb. The Nissan Juke looked out of place but when it went onto two wheels and then completed the hill climb it received a standing ovation.
Please call us on 01403 258934 if you wish to discuss finance requirements for yourself or your clients. We are always delighted to be of assistance.