Business Funding Process
What Is Asset Finance?
Asset finance releases cash against existing assets or can be used to obtain additional assets without having to pay the upfront costs. Typically, the upfront cost is incurred by the lender, and then the borrower will pay regular instalments for a set period of time to pay back the principal and interest payments.
The most common types are leasing and hire purchase. The “asset” in question comes in all shapes and sizes, from a haulier’s fleet to a manufacturer’s machinery. The most common forms of asset finance are Hire Purchase, Lease Financing and Asset Refinance. Hire Purchase occurs when the borrower intends to purchase the asset at the end of the period. Lease Financing is when the funder continues to own the asset. However, the borrower has use of the asset during the term. Asset Refinance allows a borrower to release cash tied up in an asset they already own.
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