What is Asset Refinancing?
During these challenging times for businesses brought about by the Coronavirus pandemic, ensuring you have enough working capital is more important than ever before.
Did you know that you can utilise existing assets owned by your business to provide an injection of funds by way of refinance?
As with conventional asset finance, once a business asset is refinanced, the finance company takes ownership of the asset and the business makes agreed monthly payments over the contracted period until the sum, plus any interest, is repaid. At the end of this period ownership of the asset usually transfers back to the business.
Asset refinancing is usually only available on hard assets, such as equipment, plant and machinery and vehicles, that the business owns in full and not those that are currently subject to any existing or outstanding financing arrangements.
As well as for cash flow purposes, businesses of all shapes and sizes can benefit from the introduction of working capital for a variety of reasons, including expansion, new contracts or setting up new projects.
To find our how we can help your business to not only survive, but thrive – get in touch today to discuss the options available to you. Complete our contact us form and a member of our team will be in touch with you as soon as possible.