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Running a business is tough enough – getting the money you need shouldn’t give you a headache too

Will my repayments increase along with BoE interest rate increases?

The vast majority of facilities that we provide are fixed rate and fixed term. This means that once the facility in place, your repayments will not react to market fluctuations. If you choose to make large repayments as part of the funder’s terms and conditions, you can reduce your repayment but the interest rate will stay the same. Lenders will either allow you to reduce your repayments or reduce the term with the same repayments. Some lenders also allow you to settle in full with no penalty.

What security is required?

Lending security spans personal guarantees, debentures, and charges, with requirements flexing based on facility type and application strength. Unsecured loans often demand personal guarantees from major shareholders. Asset finance typically secures itself through the equipment, with additional guarantees requested only for borderline or high-risk deals.

What is the minimum and maximum amount I can finance?

Generally speaking, the minimum amount that can be financed sits around £5000. However, there are exceptions to this with some lenders on our panel reducing minimum lending amounts to as little as £1000.
The panel of lenders that we operate with will consider high value deals. There is no amount restriction in place for the higher end values.

Why use a finance broker?

There are several benefits to using a finance broker. A good broker will have full sight of the financial market and be up to date with the current policies of each lender. This means that your requirement will be placed with the most appropriate home often saving you time and money. In some instances, a broker may have access to preferential rates and service with a lender due to the number of deals that they propose. There are some lenders that will only accept proposals through finance brokers, these lenders are often specialists in their chosen areas and useful for clients to have as an option. Having access to these lenders enhances the choice of the business allowing the most appropriate deal to be found.

When should I apply for finance?

Although we often turn deals around within a few hours, it is good practice to allow sufficient time between approaching a broker and the deadline for the requirement. Facility type and deal structure also affect the turnaround time. As an example, a short-term loan can be proposed, accepted and paid out within a day; but an asset finance facility including multiple pieces of equipment and suppliers could well take several days to complete.

Can I use finance for buying equipment outside of the UK?

Our lenders can support your business when buying equipment from overseas. There are several options that allow this to take place including payment to suppliers in euros, dollars etc and sale + hire purchase agreements – that allow full reimbursement of spends once kit is delivered and paid for. For full solution information on your specific requirement, please speak to us to find out more.

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