Do you own any equipment, machinery or vehicles? Why not release money from them for use in your business? Equipment Refinance is a vital method of raising cash for your business.
If you need additional working capital or simply want to restructure any existing finance agreements you have, then Equipment Refinance is an excellent option for raising funds quickly.
We can refinance any equipment you or your business owns. Do you realise that there is money tied up in your equipment? We will untie it and give the money back to you. You sell your equipment to the Funder and hire it back for an agreed primary period. Commercial refinancing can be 100% tax-deductible; you may be able to offset all payments against your tax bill. We offer both unsecured and secured funding, depending on underwriting we may require additional guarantors to support your finance agreement.
We do not offer any loans or regulated consumer finance agreements of any kind. We can only deal with businesses.
Why NCF Equipment Refinance?
- Fast ProcessRefinance is a quick way of raising capital. Provided you have "any" equipment which your business owns, we can refinance it.
- Funds in 24 Hours - we process your refinance application very quickly and you can receive funds in 24hours.
- Consolidate Existing Finance AgreementsRefinance can be used to consolidate existing agreements into one, releasing additional funds.
Please speak to an account manager today or apply online. – We are open 7 days a week.
Unlike a business loan, our refinance agreements do NOT have out-of-date credit questions that waste your time.
We offer fast business refinance on tax-efficient agreements. Your application will have a decision within 2 hours and we will try everything to approve your funding.
We understand opportunities may present themselves and you need to act fast. Our fast and modern thinking approach guarantees you will have your funds within 24 hours.
You have the flexibility to settle the finance agreements early and there are no additional penalties for doing so, you will pay exactly the same amount whether you settle the agreement early or you let the agreement run its full term.
The settlement calculation is simply all of the contractual payments that would have fallen due on the agreement added together along with any notice period with no discount and this will form the settlement figure. We suggest that clients who are considering settling early use their surplus funds elsewhere, as settling our finance agreements early offers no saving or benefit due to the terms of settlement that follows a strict funding covenant.
Once your business has been accepted by us for funding you and any guarantors will be sent a URL link which will enable each of you to read a document outlining our Business Process and so that you can fully understand what we will do and what you should expect to happen very quickly and before you or any guarantors are asked to sign any documents or make any other commitment.
All officers of the applicant limited company will be required to provide their personal guarantees to support the finance agreement. If your business is not currently incorporated as a limited company you will need to register it as a limited company before we are able to offer it any finance.
Business Agreements Only
Also, any relatives or others who are willing to provide their personal guarantees will have to be a Director, Company Secretary and/or shareholder of the company so that we can be sure they are supporting and actively involved in your business and therefore have a benefit and incentive to provide a guarantee.
The proposed finance agreement together with any personal guarantees and charges to be provided will be posted by us to the relevant individuals in advance of the appointment which will be arranged for our representative to visit in order to get them signed by those individuals.
Dedicated Account Manager Support
It is VERY IMPORTANT that the applicant and any others who are giving personal guarantees, or property charges read the documents posted to them immediately they arrive. If there are any questions or there is anything you or any guarantor does not understand then he/she should telephone our Account Manager without delay and before our representative is due to visit and have those documents signed. Any questions you or any guarantors may have MUST be dealt with by telephoning your Account Manager as the representative who attends with the documents for you to sign has NO AUTHORITY to deal with any queries or give any advice or representations on our behalf save that he will provide some relevant information from a pre-prepared script and which all parties signing documents will be asked to sign acknowledging that they have been given and have understood this information.
Key Features - Potential Fees and Charges
The potential fees and charges depend on if the product is a Hire Agreement or Hire Purchase Agreement, however all are listed below:
A documentation or credit fee at the start of the agreement. Primary monthly rentals (these are your normal monthly payments). Arrears fee if you go into arrears. Various collection and default fees if you default on your agreement or if the agreement is terminated due to non-payment or another breach of agreement. A risk fee if the equipment financed is used or not covered by manufactures warranties or if you have not provided prove of business insurance. A Bi-annual maintenance fee for collecting rentals and preparing vat schedules and copy documents. The Notice period and secondary rentals if you would like to continue into an extended secondary period (normally used for large companies which may keep assets off the balance sheet). An option to purchase fee so that the ownership of the equipment may pass back to you again. A security fee for the security taken to be released including debentures or a legal charge. We suggest you read and understand all the terms and conditions of any offer or finance agreement before you proceed, so that you understand your liability and all the charges and potential fees due. If there is anything you do not understand or charges and fees you would like to know more about please just ask us. In addition we recommend that you should always seek the advice of a solicitor before entering into any finance agreement, guarantee or legal charge.
Once an agreement has been signed there is no cooling off period.
We recommend that all individuals giving a personal guarantee and/or charge against their property should take independent legal advice before signing.. YOUR HOME AND/OR THAT OF ANY GUARANTOR MAY BE REPOSSESSED IF YOUR BUSINESS DOES NOT KEEP UP REPAYMENTS ON THE FINANCE AGREEMENT SECURED BY A CHARGE ON IT.
That we do not fall within the ambit of the Financial Ombudsman Service nor are we regulated by the Financial Conduct Authority as we only offer our asset finance and refinance agreements to corporate entities and we are a direct funder not a credit broker or introducer.
We Want to Support Your Business
Nevertheless, we always strive to treat our customers fairly and to build strong relationships with our customers resulting in many of them returning whenever they need finance time after time. We support very small businesses all the way up to some of the largest companies in the UK and we are proud to have all as our customers.
Take Your Time
We are excited and are fully supportive of your funding project and will do our very best to help you and approve your funding needs very quickly. However, with all this excitement please do not feel pressured to enter into an agreement too quickly, take your time and proceed when you are ready especially as you and your friends or relatives will be asked to sign as guarantors and secure the finance against their personal properties so they will ultimately be liable and those properties may have to be repossessed if your business fails.