UK-based mid-sized lender Metro Bank has launched a new Asset Based Lending (ABL) product.
The bank will offer credit of £2m or more against a wide range of assets such as stock, plants, debtors, machinery, and commercial property.
Metro Bank’s both existing and new customers can avail the offering, which can be used for several business needs including refinancing of existing loans, acquisition and organic growth.
Other than ABL, Metro Bank offers cashflow loans, revolving credit facility and overdrafts along with current and savings account services.
Metro Bank head of Asset Based Lending Alan Austin said: “As a specialist lender, we are thrilled to launch into Asset Based Lending. Metro Bank’s focus will be on providing truly bespoke lending solutions that are tailored to each and every customer.
“When combined with our award-winning level of service – alongside the Bank’s comprehensive banking and lending offering – we are looking forward to supporting many more businesses in the years ahead.”
Metro Bank director of invoice finance Kevin Craven said: “I am delighted that we are able to provide an increased range of options to our customers through our new ABL offering.
“Our unique, customer focussed approach helped us to grow at a market-leading rate in 2021, and the ability to offer even more choice to businesses will help us to support even more new customers going forward”.
Metro Bank was launched in 2010 to challenge UK’s high street banks; however, after its 2019 misreporting scandal, the bank has been struggling to generate profits.
In November 2021, American private equity firm Carlyle made an offer to buy Metro Bank but later decided against it.