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UK asset funding bank purchased

The Bank of Ireland has just agreed to sell its British based Asset Funding Lender- Burdale to the US banking giant Wells Fargo. This will produce around 690 million euros for the Irish bank.

This massive purchase and sale will not affect anyone directly and the money gained in the sale will be used to reduce the banks debts.

Back in 2005 The Bank of Ireland purchased Burdale for 71 Million Euros.

Burdale had loan commitments of £1.3 Billion by the end of November 2011.

This financing giant funded the purchasing of some of the biggest retail firms such as Woolworth’s, Jaguar and Royal Worcester. The company made a huge profit of £20.7 Million in 2010.

Burdale has also set up and offer asset based lending in the US. This has become an incredibly popular form of alternative funding, especially for businesses in the USA.  This business has been included in the deal to Wells Fargo and carries a range of real estate.

yet another success story in the alternative funding industry. The amount of American businesses using asset based funding and factoring is huge compared to the amount in the UK. Although those using alternative funding has risen, we have a great problem that not many people know about such terms as Factoring or worry that they will be left in worse debt than before.

Luckily Select Factoring has the tools and expertise to educate people and show them there are options when it comes to finding ways of financing your business. It can be very stressful ploughing profit and personal funds into a business, but it need not be that dramatic. Factoring is very flexible and can offer you a wealth of solutions allowing you to gain a lump sum of capital, that will allow your business to continue seamlessly.

Try Factoring and Invoice Discounting.

 

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