Refinancing is a quick way to access the value of assets and redeploy that value elsewhere – for example, to fund a deposit on new equipment, or unlock working capital to ease cash flow.
Benefits of Refinancing
– Efficiency – Uninterrupted use of the asset
– Spread the cost further – We take over the finance agreement from your existing provider and extend the term
– Choice – Gives your business a cash injection. The money can buy other assets that may not be accessible through hire purchase or leasing agreements.
Six important tips for refinancing a small-business loan
1. Do the math….
The whole point of a refinance is to bring the cost down. Do your homework on all the different components. These include the interest rate, closing costs and the loan term.
2. Ask the right questions….
“Over what period of time will you need to pay back the loan or other financing product?”
“What does that entail in terms of your monthly cash burden?”
“What collateral will you need to pledge?”
“What happens if you want to prepay or need to pay late?”
“How does the overall effective annual interest rate (or APR) compare with other options?”
3 Be picky about your lender….
4 Watch out for penalties….
5 Keep an eye on your lender….
6 Be a smart borrower….
Don’t over borrow.
Don’t try to mislead a lender.
What we do
– £20,000 to no maximum.
– Release cash up to the full purchase value of the equipment you own.
– We will even consolidate existing finance agreements to improve cash flow.