XL Business Finance
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Asset Finance leasing for a new start business

Arranging any kind of asset finance for a new start business can be a daunting task. It can even more difficult in the current economic climate.  With very few leasing companies lending money and the ones that are left lending money can be most difficult to deal with. They are only lending money on their terms and don’t expect to be paying any cheap interest rates. The good news is that arranging hire purchase and finance lease facilities can be relatively straight forward in terms of information require by the leasing companies. We will not require elaborate business plans and cash flow projections

 At XL Business Finance we have many years of arranging asset finance for our clients. Many suppliers and introducers come back to us because of our ability to arrange funding at the most competitive rates for long established and profitable companies. In addition they know that as an independent finance company we can quickly determine whether a potential new start business will be eligible for finance.

Without doubt we will be able to let you know in a five minute conversation as to whether you will be eligible or not. First with out a doubt you must be a home owner. The finance company don’t necessarily require a charge over your property. It is just that if you screw up you are more likely to do a runner if you are a tenant. If you are setting up a limited company then it is a non starter if you don’t want to provide a personal guarantee.  If you are a home owner with plenty of equity in your personal property you are a far better risk. Also if you have any adverse personal credit information then it also becomes more difficult. It is imperative that if you are thinking of starting a new business don’t take your eye of your personal finances.

If you are also looking to take advantage of invoice finance such as factoring or invoice discounting this approach will also help you in your entrepreneurial adventure.

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