Commercial mandate boosts Lombard lending pot

Ian Braham, head of Lombard Marine says, “The enhancement to our commercial vessel product allows us to lend against more expensive vessels than previously and also allows us to increase the loan percentage against value. In addition, we are making a further £100m available to commercial marine customers.

“While Lombard Marine has remained committed to lending throughout the economic downturn, we still have capacity to lend more. Having recognised that many commercial companies need to make investments to secure growth as the recovery takes hold, we are keen to offer them the means to do this.”

The division’s commercial customers include operators in the oil and gas sector and offshore windfarms, as well as island ferries, tug boats and excursion vessels.

Specialist Marine Services (SMS) Towage Limited, one of Lombard’s customers, has expanded its fleet by adding a new modern vessel using a marine mortgage facility that has been tailored to its specific needs.

Paul Escreet, owner of SMS Towage says, “Through Lombard’s combined finance and marine expertise they were able to help us fund the new vessel which supported our growth plans.”

“Using asset finance to fund vessels provides greater financial flexibility and allows commercial organisations to free up cash to invest elsewhere in their business to supports growth and expansion plans, added Ian Braham.

“Many of our customers have already recognised the benefits offered by funding vessels through marine finance. Our commercial options are very accessible and as the recovery of the economy becomes increasingly evident I’m certain that we’ll see our commercial customers increasing their investment in marine assets.”