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As a business owner, being able to manage your debt in a cost-effective way is vital. If you have expensive debt repayments that are squeezing your cash flow or have loan terms that no longer suit your business, debt refinancing could be the solution. It allows you to restructure your existing debt to make the repayments more manageable.
When you replace one loan with another, it’s important that the new debt is on the best terms available. And that’s where we can help. At UK Business Finance, we access the whole market to find the best refinancing deals quickly and efficiently, while ensuring your company’s requirements are catered for. Whether you want a loan with a longer term, lower rate or to release funds, we do the hard work for you to find a deal that makes sense for your business.
Business debt refinancing allows you to reorganise your financial obligations by replacing your existing debts. If you’re paying over the odds for a loan or want to change the terms of your current deal, we can help you find a new loan with preferable terms. You then use those funds to pay off the existing loan and repay the new loan over the agreed term.
Refinancing an existing loan can be an effective way to reduce your monthly repayments and free up working capital. You can refinance existing debt using a secured or unsecured loan - this is something we can discuss with you. But whatever option you choose, you need to switch to a deal with a term, rate and monthly repayment that’s the right fit for your business.
Business debt refinancing gives you more control over your company’s debts. You can:
You should always check to see if there are exit fees or early payment penalties on your existing loan before you refinance. You should also be aware that taking out a loan over a longer period may increase the total cost of the loan, even if the interest rate is lower.
Here are some of the reasons why you might decide to look for a refinancing deal.
The eligibility criteria differs from lender to lender. However, you’ll typically need a turnover of over £100,000 and a minimum of two years trading history. The new and existing loans must also be for business purposes. If you have CCJs or an adverse creditor record, you can still refinance and we know which lenders to approach to get the most competitive deals.
We search the whole of the market to bring you the best business refinancing quotes. There are no fees to pay or exclusivity contracts to sign and we even write the loan applications on your behalf. Request a quote or get in touch to discuss your funding requirements with our team.
We work across a wide range of sectors throughout the UK, providing specialist advice to each sector.
Can I use property as security for a business loan?
Secured business loans require one or more assets to be put forward as collateral. This protects the lender from financial loss if a company cannot afford to keep up with the repayments at any stage.
Does my company have a credit score and how can I improve it?
Limited companies do have credit scores and they’re used for a similar purpose as individual credit ratings. Lenders use them as a guide to creditworthiness, but a business credit score is also useful for suppliers and investors to gain insight into your company’s financial situation.
What is bad debt and how can I protect my company?
Bad debt presents an insidious threat to the financial stability of your business. It places strain on your working capital and creates uncertainty in paying your bills, but this can be addressed successfully if you take proactive steps to protect your company.
What is the difference between open and closed bridging loans?
Bridging loans are short-term forms of secured finance that literally ‘bridge’ a gap between funds going out of a business and monies coming in.