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Obtaining Finance for equipment

iceXL Business Finance has over 10 years of helping businesses obtaining finance for equipment by way of finance lease or hire purchase facilities. Never has it been more difficult to obtain funding. Most of the high street finance companies have totally withdrawn from  the asset finance and leasing  sector. The likes of Bank of Scotland and  Barclays used to have very active asset finance divisions which they have completely closed down. It didn’t matter if you didn’t bank with either of these two companies they would do lease and hire purchase deals for just about anyone. Nowadays they wont even do deals for their own customers. If hey do they tend to do it on loan facilities and obtaining funding is very difficult as you will be dealing with the usually slow banking process.

Thankfully there are one or two finance companies still lending money via the broker market however they have become more choosy as to what deals they will do. It is simple supply and demand. They don’t have as much cash as they used to do and they have far more delays to do then they used to have. Combined with an increasing bad debt provision it becomes understandable as to why it is getting harder to obtain credit.

It is therefore imperative that any application for finance is presented to the finance company in the best possible manner. WE don’t necessarily require projections business plans and cash flow forecasts. However we do need an understanding as to the rational for the purchase and we also need to evidence serviceability. So long as we have some recent management accounts and 3 months bank statements we will be very quickly be able to provide an indication of terms for  any available finance. It is far better to get all this information up front rather than presenting it to the finance company in dribs and drabs. We can help a business get the right information together.

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XL Business Finance Ltd is a privately owned and independent business financing company with established links to many of the UK's leading finance houses. XL Business Finance provides a viable alternative to high street banks that lack the flexibility and imagination to provide a solution to most business users requirements. XL Business Finance can provide a full range of business financing solutions and we ensure a high level of customer service and pride ourselves on quick decisions. Our independent status will ensure any offer of funding and asset finance leasing is best suited to our customer’s needs.

XL Business Finance, Eaton Place Business Centre, 114 Washway Road, Sale, Cheshire M33 7RF UK.

 

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