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XL Business Finance Blog » Blog Archive » Refinancing existing plant and machinery for one off projects

Refinancing existing plant and machinery for one off projects

As we know the banks are still being difficult when it comes to raising cash for bespoke or one off projects. Whilst you may be able to justify a project from a future profitability point of view unless you have got adequate security lodged with the banks it is more than likely they wont be interested.

At XL Business Finance we are seeing an increase in enquiries  for business finance from decent and profitable business needing additional cash. An example was a engineering business’s needing £100k to help with a deposit on a new machine and also to  help with the the reorganisation of the factory. The business was able to refinance existing plant  and machinery to help raise the additional cash required.

Refinance of existing machinery is a very specialist market and whilst the high street banks occasionally surprise us in terms of what they do it is extremely unlikely they will offer refinance in its purest form. A business that has plenty of equity in a commercial property or has excess headroom in the debtor book is and is  offered refinance is only potentially tying up further forms of available finance. A remortgage to release cash or an invoice finance facility by way of factoring or invoice discounting are all valuable options and should be left open for future needs

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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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