NCF business finance can be used to cover a wide range of requirements for your business. From expansion to stock purchases, from working capital to a tax bill an NCF Business finance agreement can help you spread the cost of key area of expenditure in your business. Finance terms typically range from 6 months to 5 years.
If you are a Start Up Business please see our Start UP page.
To be eligible for our business finance agreements your business needs to be registered as limited company or you will need to incorporate for us to consider your business for funding.
If you have been trading less then 3 years or are a Start Up Business please see our start up page.
If you are not a start-up we require three months business bank statements to progress your application
Any equipment, machinery, vehicles or even shop fitting & building works. We can also include delivery and installation as part of the finance package.
Agreements run from 12 months to 5 years, making this is very flexible option rather than an outright purchase
In some instances we would require no financial information from you as the information can be obtained through the credit searches we do or via companies house if you are a Ltd Company, in other cases two months up to date business bank statements is all we require.
Our process is extremely quick and in most cases funding can be agreed within 2 hours, meaning you do not have to wait long periods of time wait for a decision.
Yes, on a finance lease agreement all monthly payments will carry Vat at the standard rate. This is fully reclaimable in the normal way providing your business is VAT registered. On a Hire Purchase agreement the VAT is payable up front meaning there is no VAT on the monthly payment.
On a finance lease/Hire there is not an APR as it is a hire agreement. However if you add up all the payments that you are making including any fees due, this will tell you how much you are paying back. On a Hire Purchase agreement rates can start from as little as 5%.
Yes, you would sell your goods to the Funder and you would receive the proceeds (funds) into your business account. Your business would then hire back the goods for a primary period at a fixed monthly amount whilst keeping use of the goods. The proceeds you receive will include vat and your monthly payments would also be subject to vat that you would reclaim in the usual way if you are vat registered.
The potential fees and charges depending on product can be some of the following:
An intermediary Fee, Documentation Fee, Arrears fees if you go into arrears, various Collection and Default fees if you default on your payments (please see you agreement), A Risk fee if you do not prove you have insurance, an Bi-annual maintenance fee, Secondary rentals, a Security fee. We suggest you read and understand all the terms and conditions of any offer or agreement before you proceed, if there is anything you do not understand you should seek the advise of a solicitor before entering into any agreement, guarantee or legal charge.
Yes, you can settle the agreement early and there are no additional penalties for doing so, however, you will pay exactly the same amount if you settle the agreement early or if you let the agreement run full term. The settlement calculation is simply, all the contractual payments that would have fallen due are added together along with any notice period with no discount and this will form the settlement figure. We suggest to clients that are considering to settle early to use your surplus funds within the business or put into an investment / high interest account, as settling the agreement early has no saving and no benefit due to the settlement procedure that follows a strict funding covenant. .
Yes, on a sale and lease back, any money you receive from us will be an inclusive of VAT amount and therefore will give you a VAT liability at the standard rate on the sale of your goods to us. You will claim back the VAT element on the monthly repayments
You will be required to give personal and/or corporate guarantee(s) to support the Agreement with your company and you maybe asked to provide a guarantor to guarantee your businesses liabilities, in addition, dependent on agreement and amount borrowed and the credit status the lender will require a unilateral notice or Legal Charge or over your personal residential property and/or business property and/or any guarantor’s personal residence or business property. A fixed and floating charge over the assets of your company or any corporate guarantor (a “debenture”) will also be required. You will be charge a security fee of 10% to remove the security once the agreement is finaished.