£4m marine mortgage helps SMS Towage expand with new vessels
- £4m marine mortgage helps SMS Towage expand with new vessels
- Lombard’s finance boosts customer's fleet and increases towage capacity within the Humber area
- SMS Towage grows with Lombard’s support
Specialist Marine Services (SMS) Towage Ltd provides towage and tendering services at the ports and jetties located on the River Humber. Established at the specific request of existing port users, SMS Towage places great emphasis on the needs, requirements and expectations of its clients using modern and well equipped tugs.
SMS Towage looked to expand its fleet and take advantage of a recent growth in industry business. Lombard Origination Manager, Raj Dehel, met with SMS Towage and conversation quickly turned to how Lombard could help with its expansion. Having used asset finance before and known Lombard for many years, SMS Towage was keen to see how Lombard could fund new vessels and help with existing leasing contracts.
Dehel explains, "Lombard created a £4m marine mortgage for SMS Towage. It helped SMS Towage acquire a new modern vessel to join its fleet and increased the overall towage capacity within the Humber area. When the vessel was delivered from Germany, Lombard organised all the funding arrangements to ensure a smooth and efficient delivery to the customer."
Each vessel can have a long life span and Lombard’s flexible funding was able to be tailored to conditions that best suited the customer. Paul Escreet, Owner of SMS Towage, explains, "Lombard’s finance and marine expertise helped us fund the new vessel and supported the growth of the business. The financial support was backed up by Lombard's knowledge of our industry. I have a good working relationship with Raj and it was reassuring to know I was working with a company and a group of people who knew what they were doing."
For more information about how Lombard could help your business grow, please call 0800 028 7164. Type Talk 18001 0800 028 7164.
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