Fleet News

Big-ticket finance package for fleets

TAILOR-made finance packages which have traditionally been reserved for larger players in the market are now available to fleets following the launch of a new service.

Lloyds TSB Corporate's new Corporate Asset Finance (CAF) service uses the expertise of managers usually accustomed to dealing with multi-million pound deals for 'big ticket' items, such as planes or boats.

A team of Lloyds' regional representatives have been appointed and is working together to offer the service based from Scotland to the south east of England.

Mike Chappell, national head of the new venture, said: 'CAF is making available to 'medium market' asset procurements such as fleets, the technical expertise usually enjoyed on £40 million plus 'structured' asset finance transactions.

'This typically means individual treatments on deals, which until now have carried costs that are too high for mid-market transactions. One week they may focus on a major aircraft leasing, the next on a CAF-originated fleet of buses or commercial vehicles.'

CAF wants to encourage batch orders from fleets and anything totalling £1 million can qualify for CAF team treatment. This should result in deal structuring aimed at maximum cost efficiencies according to the group.

Chappell said: 'The aim of CAF is to make the asset financing skills of the bank march in step with both the demands of clients, and offerings of manufacturers. With our regional bases, both manufacturers and fleet buyers shouldn't be more than a stone's throw away from their nearest CAF adviser.'

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