What is Refinancing?
Refinancing is a method of accessing cash from unencumbered items like machinery or vehicles owned by a business. Assets already owned by the business can be refinanced as a way of releasing funds for use elsewhere across the company.
It’s a straightforward process that involves a lender purchasing your current equipment, and leasing it back to your company for a fixed period. Think of it as similar to Equipment & Asset Leasing or Hire Purchasing agreements, except that rather than buying new assets for your business, the lender is buying machinery you already own, from you.
An advantage of using this system is that payments remain fixed for the duration of the agreement so that you can budget effectively, in line with the fixed repayments.
Our competitive finance solutions can help support your business growth. Speak to a member of our team on 01273 961755
What can be Refinanced?
For this method of accessing funds to be considered a viable option, the asset usually has to be regarded as ‘business critical’ and relevant to the day-to-day operating of the business. Several lenders will offer refinancing for specific industries or assets, but some will consider a wide range of items.
Most indispensable assets that a business owns that hold notable resale value can be refinanced. We search for the right lender for your specific refinancing requirements, so you don’t have to, and we work to source you the most suitable lender at the most competitive price, drawing from our extensive network of trusted lenders. Finance through this method can be approved in as little as 24 hours.
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