Until now stand alone asset refinance has only been available from specialist and traditional more expensive finance companies. However, a prime funder has now entered the market offering to refinance plant machinery and tangible assets providing it is for the right reason. Funds might be required for expansion, deposit on a new machine, an MBO or an MBI.
The balance sheet of the business must be reasonable and the business must have been trading for more than three years. Providing there is a strong rationale for the refinance and the equipment has good value we have a very good chance of obtaining some funding. Businesses which are struggling and need to refinance kit because they and are struggling to pay creditors may still be able to obtain funding but it will be via a very different type of lender.
Normally it is possible to provide an indication of what is available within 24 hours. All we need to get the ball rolling is a list of plant and machinery to include age make and model. We can then get a value of the kit for refinancing purposes which enables a quick assessment of the viability of the refinance. XL Business Finance is one of the Uks leading funders in asset finance and refinance and we have 15 years experience in doing such deals.
Tags: Asset Finance, asset refinance
