Refinance deals – how best to do it and save money
We do not often refinance equipment but our lenders are telling us they get asked to do this frequently.
In September we completed 2 refinance deals – the first one was for an existing customer KDW Ltd and was to refinance a 2006 DAF commercial and a 1993 metal press pictured below.
Both of these equipment items were refinanced over 3 years using hire purchase – so ownership and annual investment allowances remain with the customer.
This is a major benefit for the customer.
If you are thinking about raising cash by refinancing equipment then it really is a benefit if you do this within 3 months of purchasing the equipment. This gets you a lower rate, whilst avoiding time consuming and possibly costly valuations.
What do we need to provide sale and hire purchase back finance?
A copy of the original invoice, evidence of payment to the supplier by you – so a bank statement or a receipted invoice, an invoice from you selling the equipment to the finance company and a signed finance agreement.
The above deals were completed using our e docs which meant funds were released almost immediately paperwork was raised.
Contact us if you would like to know how we can help you release cash from equipment you have paid for.