Simply Asset Finance has announced a major milestone, securing a £120 million loan facility from Bank of America. This new facility, initially set at £60 million with potential to expand to £120 million, will significantly enhance Simply Asset Finance’s ability to finance businesses across the UK.
The agreement strengthens Bank of America’s position as a major player in UK asset finance and underscores its confidence in Simply Asset Finance’s experienced management team and growth potential. The facility will enable Simply Asset Finance to increase its lending to UK businesses by 30% and boost its assets by approximately £100 million within the first year.
Simply Asset Finance recently announced FY2023 profits of £5.5m on revenue of more than £52m. Since its founding in 2017, the company has funded more than 7,400 clients through 15,161 agreements, with total loans originated now reaching £1.3 billion. The company has expanded its national footprint, including opening a new sales center in Liverpool, which generated £7m in advance in its first year.
Stefan Wolfhardt, CFO of Simply Asset Finance, commented: “This level of commitment from Bank of America represents a major milestone for us at Simply Asset Finance. Being identified as a key growth partner in the asset finance market is a testament to the strength of our approach to business lending.” We have created a digital path to finance with our industry-leading technology combined with our team of experts which sets us apart.”
Founded by asset finance specialists, Simply Asset Finance provides innovative finance solutions to small and medium-sized businesses across the UK. The company’s approach looks beyond the balance sheet, enabling clients to realise their business potential through accessible and effective finance options.
Andre Cotonnet, Director of Bank of America, commented: “We are proud to announce the successful closing of a new lending facility with Simply Asset Finance, which is designed to provide the financial resources needed to invest in critical assets and deliver sustainable growth across the UK. This development underscores our “Our firm commitment to supporting one of the UK’s leading asset finance lenders in its future growth plans.”
This strategic partnership between Simply Asset Finance and Bank of America is set to provide significant benefits to UK businesses, promoting growth and innovation in the asset finance sector.