ING Lease (UK) Ltd has decided to close its UK leasing business to new business and to place its existing portfolio in run-off.

The National Association of Commercial Finance Brokers (NACFB) says this now leaves a gap in the leasing and asset finance market of around £1 billion.

Adam Tyler, CEO of the NACFB, has arranged meetings with a range of funders, including a meeting with both George Ashworth of Aldermore and with Investec, who advised that they have increased the amount of funds they are ready to put into the market.

Other lenders, including Funding Circle, Conister Bank, Singers and Close Asset Finance, have also signalled their support.

The NACFB said it hoped to be in a position to announce “some really positive steps forward” next week.