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Asset Finance Additional Security

In many cases with asset finance products the asset being financed represents sufficient security.  However there will be occasions when additional security will be required.  This will often depend upon the strength of a customers proposal taking into account their credit rating and accounting information.  In addition the security value of the asset to be finance will also be considered.

Personal Guarantee(s)

This is the most common form of additional security.  In the case of joint personal guarantees they are usually drafted as joint and several.  This means that all the guarantors are liable for the whole outstanding debt and not just their proportion.  However whilst personal guarantors are liable for the whole outstanding debt and expenses in practise the asset is usually repossessed and sold first with the guarantors liable for any shortfall.  From the finance companies viewpoint it is not so much the strength of a personal guarantee that helps a proposal.  Instead it gives them comfort in knowing that the guarantor has an interest in helping the lender to recover the equipment, ensure that the asset is complete and assist in the sale to achieve the best results for all parties.

Cross Company Guarantee(s)

Similar to personal guarantees but given by a parent, subsidiary or related company.

Landlords Waiver

When things go wrong Landlords often try to seize machinery if their rent is unpaid.  A landlords waiver simply waives this right and will allow the finance company access to the premises to recover their equipment.

Directors Loan Postponement

This is occasionally requested in cases where a Director may have a large Directors Loan account.  The repayment of the loan could potentially leave the company at risk.  With a Directors Loan Postponement the Director agrees that the Directors Loan will not be repaid before the asset finance agreement is completed.