Investec Asset Finance hits £2bn milestone

The announcement follows the recent statement issued by the Bank of England showing that Investec Bank plc was the second largest net lender to SMEs in Q2 among banks using the government’s Funding for Lending scheme. Investec Bank plc provided net funding of £136m to SMEs last quarter.
 
The £2bn in lending has been aided by the £264m securitisation deal, completed at the end of 2013. IAF sold bonds backed by £264m worth of SME equipment leases to a range of leading institutional investors, the first of its kind in the UK. The securitisation deal includes almost 36,000 finance leases and hire purchase contracts providing asset finance to UK SMEs. The deal was heavily oversubscribed with investor orders of just under two times the bonds actually sold.
 
Commenting on the recent announcement Mike Francis, Head of Asset Finance at Investec, said:
 
“The £2bn in funding IAF has provided to over 100,000 UK businesses is testament to the importance of asset finance to the continuing success of UK businesses, big and small, and to the strong relationships we have with a network of leading brokers across the country. At IAF we will continue to strengthen and enhance our offering to provide both brokers and ultimately businesses with the best service possible.”