Getting finance doesn’t have to be complicated. Here’s a list of the most commonly asked questions.

Do you offer business loans?

Yes, we now offer secured business loans. 

Our business loans are only available to Limited Companies and need to be supported by personal guarantees and legal charges against personal property of any guarantor or other individual willing to support your business by providing security. Unsecured options may be available to listed companies.

Do you offer Asset Finance and Asset Refinance?

Yes, we offer secured asset finance and secured asset refinance (also known as sale and lease back) on hire agreements.

Our agreements are only available to Limited Companies and need to be supported by personal guarantees and legal charges against personal property of any guarantor or other individual willing to support your business by providing security.

Can I settle my agreement early? Are there any penalties?

Yes, you can settle the agreement early and there are no additional penalties for doing so.  The settlement calculation is simply, all the contractual payments that would have fallen due are added together along with any notice period and a discount of 2% is applied and this will form the settlement figure.  

If I refinance my equipment what are the potential fees and charges?

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 can be some of the following:
An intermediary fee, A documentation fee, An arrears fees if you go into arrears, A risk fee if you do not prove you have insurance, 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 advice of a solicitor before entering into any agreement, guarantee or legal charge.

What security will you require?

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 over your residential property and/or business property and/or any guarantor’s residential 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 charged a security fee of 10% to remove the security once the agreement is finished.

Will there be VAT on the funds I receive from you?

Yes, on a refinance agreement (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.

On a Loan there is no VAT on the amount you receive nor on the monthly payments,

Will there be VAT on my monthly payments?

Yes, on asset finance or refinance agreements all monthly hire 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 Loan there is no VAT on the monthly payments.

How long can the finance be over?

From 12 months to 5 years.

How long does it take to get approved?

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.

Does my business qualify for business finance?

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.

What information do I need to give to get approved?

In some instances the information we require can be obtained through the searches we do or via companies house if you are a Ltd Company,  in other cases three months up to date business bank statements, a personal statement of new worth for each person involved is required and general information about the business and affordability checks 

What rates do you charge?

On asset finance or refinance agreements there is no 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 loan agreement please see the interest box on your agreement which tells you the amount of interest you need to payback in addition to the loan amount. 

What sort of equipment can I finance?

Any equipment, shop fitting, machinery, vehicles or even building works. We can also include delivery and installation as part of the finance package.

When I apply for finance can I choose either a Loan or an asset finance agreement?   

You can tell us your preferred option.  It is however, ultimately our underwriter’s decision on the offer you receive based on many factors, including time trading, sector, equity, geographics’, turnover, risk, assets and many other things. 

You may be offered both options in which case you can decide which product to take, or alternatively you may only be offered one option and you can therefore decide to proceed or to not proceed with that offer,  this is solely your decision. 

In the event that you do not meet our strict criteria, it may be that we are unable to offer you any products.