The originations for the asset finance business rose by 136% last year, making it the fastest growing division in the bank, both in business volume and headcount.
The bank will continue to build upon this success by expanding its team, making investments in technology and also developing new, innovative products. UTB also announced that it will transact more higher value loans, up to £2.5m.
Nathan Mollett, head of asset finance at UTB, said: “2021 was a very successful year for UTB’s asset finance business.
“We more than doubled our new business lending year on year and we’ve grown the team in all departments.
“We have great people working at all levels of the division, all equally committed to providing exemplary broker service and putting UTB on the map as one of the best specialist asset finance lender in the market.
“The technology we’re implementing this year is designed to further simplify processes and accelerate turnaround times without sacrificing that vital USP and we’re developing some exciting new products which will help brokers develop their businesses into new markets.
“We are dealing with more brokers than we ever have before, so in addition to investing in technology, we are continuing to recruit experienced professionals to ensure we maintain those strong relationships and deliver the very best experience to brokers and their customers.”
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Towards the end of 2021, UTB recruited Mark Stokes into the new role of chief commercial officer. Stokes has over 20 years’ experience at executive committee level – including work with Lloyds Bank, RBS, Black Horse and Chartered Trust – and joins UTB from his previous role as managing director at Metro Bank – commercial banking.