Refinance
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The Key Information
Multiple assets can be included, but the minimum advance for a refinance agreement is £20,000 and only tangible assets such as vehicles, plant machinery, and CNC machines can be considered. Lenders will release up to 120% of the asset(s)’ value, regardless of age. If there is any outstanding finance on the asset, a good rule of thumb is that you would need 60% equity for refinance to be a viable option, and the lender would settle the existing finance as part of the transaction.
We don’t leave anything to computers and algorithms; every application is looked at by an experienced, human professional.
How Does Refinance Work?
Step One
Application Process
Apply online or call us directly to speak to an account manager. Your application will be assessed by an internal underwriter who will narrow down our panel of over 50 specialist refinance lenders to those that suit the assets you own, your budget, and credit profile.
Step two
Signing Agreement
Your acceptance will be issued in as little as 24 hours, and your tailored agreement will be prepared ready for you to review and sign. You can choose either e-sign, visiting our offices, or we will arrange to come and see you at a location of your choice.
Step Three
Funds Released
If no existing finance is outstanding, the full payment is issued directly to your nominated business bank account. If there is outstanding finance, this would be settled directly by your new lender and the remainder would be sent directly to your nominated business bank account.
How Origin Can Help
Your dedicated account manager will work with you to understand your exact requirement and timescales, and confirm whether your existing assets are eligible, to ensure refinance is a viable option.
At Origin, we’ve helped many businesses release working capital tied up in equipment they already own, regardless of their industry sector. From sole traders to blue-chip companies, we’re here to help.
Common uses of refinance include debt consolidation, business acquisitions, management buy outs (MBOs), management buy ins (MBIs), fulfilling upcoming contracts, general growth, and expansion. This is also a great option for businesses that are facing challenges preventing access to more traditional finance products such as asset finance and business loans. Such challenges include active CCJs, negative media, HMRC arrears and adverse credit.
Refinance Key Points
Refinance enables businesses to access capital already tied up in existing assets.
Multiple assets can be included and the minimum advance is £20,000.
You can make overpayments, part settle, or settle in full at any stage.
Repayments can be spread over 2 – 7 years.
Continue using the equipment as you normally would throughout the agreement.
Equipment with outstanding finance is eligible for refinance.
Tangible assets only, such as vehicles, plant machinery, and CNC machines are suitable for refinance.
Business Refinance FAQs
Can I use refinance for debt consolidation?
How do I know whether I’m eligible for business finance?
I already have finance on my assets. Can I still apply for refinance?
What different finance solutions does Origin offer?
What is the minimum amount I can borrow with refinance?
Which assets can I refinance?
OTHER FINANCE OPTIONS
Funding without the fuss
We offer a range of finance solutions to businesses of all shapes and sizes and in every sector.
