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Interest Rates Stable This Month
Longer term interest rates have remained stable this month. We have received the latest cost of finds through from our lenders and there are negligible changes for all periods up to 7 years.
HGV Asset FInance
Asset finance for HGV’s represents an important part of our business. This week we have obtained approval for 10 x Used “Ex-Rental” 2011 Mercedes Benz Tractor Units for a company based in the South East. The proposal was received following a referral from a satisfied customer with whom we have dealt for 15 years. If you are purchasing new or used HGV’s and require asset finance then please contact us now for free help, advice and quotations.
Machine Refinance
This week we have assisted an engineering company in the South East who were about to have their machines repossessed. They were significantly in arrears with their asset finance agreements. This was due to a shortage of working following a change in company structure in 2012. However the underlying business was profitable and we were able to restructure their asset finance agreements to not only clear their arrears but also to provide a boost to cash flow and reduce their monthly repayments.
Please contact us for more information on machine refinance.
Machine Refinance For Cash Flow
Machine Refinance remains a very important option for boosting cash flow. Often banks are moving customers away from traditional overdraft facilities to sales invoice finance such as factoring or invoice discounting. This can be an expensive option and machine refinance can often be a much more competitive option. It is usually possible to borrow up to the trade value of your plant and machinery and you get good title back at the end of the finance period. Please contact us for free, help, advice and quotations.
FCA Compliance – Asset Finance Brokers
The NACFB Expo took place this week. At the forefront of all asset finance brokers and lenders minds is the new FCA Compliance regime and it is clearly a concern for us all in the asset finance industry. All asset finance brokers and lenders now have to re-apply for their Consumer Credit Licences in order to continue to write Consumer Credit business. However in addition most of the lenders also require asset finance brokers to hold Consumer Credit Licences in order to write unregulated corporate business as well.
Many of the new requirements are good for the industry and will benefit us all in the long run. Professional standards will improve and there will be more transparency with products, pricing and the way the products are sold.
By now all asset finance brokers and lenders will have obtained interim permission and some may have already gone through the application process for their new Consumer Credit licence. Our date for application is not until October 2015. I am hoping that by this time an element of common sense will have emerged once the FCA have a better understanding of the type of business most asset finance brokers and lenders write. However the two main points at present which I feel need to be reviewed are as follows.
- Less than 10% of our and many other asset finance brokers business is actually regulated business within the Consumer Credit Act. If the lenders agreed that a Consumer Credit Licence was unnecessary then some asset finance brokers could decide not to handle regulated consumer business. They could then continue trading with unregulated business customers, similar to the position in the mortgage market.
- Do asset finance brokers really need categories D & E on their licence? Some of the lenders are insisting that this is the case. The only time most asset finance brokers get involved with debt adjusting is when an asset is placed in part exchange and the asset still has outstanding finance to be settled. Does this small area really need the extensive extra provisions of categories D & E?
I am pleased that the NACFB have decided to host some compliance seminars that are being sponsored by Aldermore Bank. This is a time when all of us in the industry will benefit from co-operation and the sharing of knowledge and experience. It will be interesting to see how things develop as we move forward.
Keith Pallett, Managing Director.
Longer Term Interest Rates Rise
The market has seen a rise in longer term money costs over the past month or so. This has resulted in some of our lenders increasing their fixed rates by around 0.2% – 0.3% for 2-5 year periods. Those that haven’t yet increased have indicated that they are likely to do so from 1st July. Therefore if you are thinking of completing an agreement shortly you will almost certainly receive a better deal this month than in July.
New Lender – Societe Generale Equipment Finance
We have now completed our first agreements with Societe Generale Equipment Finance. The rates and service have been excellent and have helped us to give a great service to our customers. They are a very valuable addition to our panel of lenders. If you require asset finance for a new or used machinery then please do not hesitate to contact us for more information and quotations.
New Asset Finance Lender – Societe General
We are delighted to report that we have added Societe General Equipment Finance Ltd to our panel of lenders. S G Equipment Finance Ltd are supportive of UK manufacturers and provide asset finance services. They are a very valuable addition to our portfolio. S G Equipment Finance only deal with a limited number of finance brokers and will help us to provide an even better services for our customers.
If you would like any further information then please do not hesitate to contact us.
Raise cash for your business with a unique Business Loan
We have a new and unique way of raising finance by accessing equity in your property. It can be for the following purposes.
- Business Purposes
- Investing in a property
- Helping to expand Buy to Let portfolios.
However this new product has no monthly payments so there is no impact on your cash flow. The loan is repaid along with a share of any increase in property value. Read here about modern business handling read this pay stub software review.
Loans are available up to 20% Loan to Value and are available to both the employed and self employed. Loans are secured via a second charge and are available on Buy to Let and Owner Occupied properties. If you are considering to apply now for a loan, here you can learn about finding the right direct lender for your quick loan.
Please contact us for more information.
Digital Press Finance
The past few years has seen big changes in the print industry. The expansion of the internet and the growth of websites, email marketing, online manuals and document processing has significantly reduce the demand for printed material. There has also been a decline in sales of traditional printing presses but growth in the sale of digital presses.
However Digital Press Finance is more difficult to obtain. This is due to the rapid changes in technology causing existing digital presses to depreciate more quickly than traditional presses causing many finance houses to shy away from financing them. At Premier Business Finance we are able to arrange finance for digital presses. We have very competitive rates available for well established businesses and we can also help those who are less well established. We can also provide Machinery Damage & Breakdown cover to protect your investment for up to 7 years.
Please contact us today for free help, advice and quotations.