Your questions answered

Who is Asset Finance for?

Asset Finance is for both limited and non-limited companies who want to invest in assets such as equipment, machinery or vehicles without needing to pay for them up front.

How much will it cost me?

You will pay a fixed interest rate which will be outlined in your agreement and is dependent on a variety of factors including the amount borrowed and the duration of the repayments. The monthly cost of these repayments will then remain the same.

Do I own the assets that I buy?

Although you get exclusive use of the assets you’ve bought, they still remain the property of Ultimate Finance. If you have a hire purchase we will give you the option to buy the assets outright, at the end of your agreement, for a small fee. If you have a lease agreement you can continue to hire the equipment or we can arrange a sale.

How can Asset Finance help with my cashflow?

Purchasing businesses assets can result in large up front cost but Asset Finance allows you to spread out the cost with fixed repayments so you'll know exactly how much money you’ll be paying each month.

How does your refinancing facility work?

Refinancing gives you the chance to release the capital tied up in your existing equipment. For more detailed information, please get in touch and one of our team will be happy to help.

Why is there a maximum value of £500,000 for a single asset purchase?

In our experience of this sector, single purchases in excess of this amount are uncommon. However, some specialist equipment may cost more and should this be the case please get in touch to see how we can help.

Who is a Bridging Loan for?

Bridging loans are for businesses that need access to cash in order to buy or renovate commercial, buy-to-let or private property until long-term finance is arranged.

How quickly will I receive the money?

If your application is successful then you’ll have proof of approval within 72 hours and the money will be in your account within a week.

How is the loan repaid?

You can choose from monthly, serviced repayments, compounded repayments or retained interest repayments. For more detailed information, please get in touch and one of our team will be happy to help.

Is there a limit to the number of bridging loans I can apply for?

Providing they are all for different properties and assuming you meet all of our eligibility criteria then there’s no limit on the number of bridging loans you can apply for.

Who is Cash Advance for?

Cash Advance is for businesses, with a good credit score, that need a fast short-term injection of cash.

How is Cash Advance different to other loans?

Cash Advance is a simple, short-term funding solution for businesses that do not want or need to borrow money over a longer period of time. You borrow what you need and pay it back within 30, 60 or 90 days, totally hassle-free.

How much will Cash Advance cost me?

We don’t charge set-up fees or other admin costs*. Instead, we have a set interest rate which will be outlined in your agreement. This starts at 1.5% per 30 days and is based upon your business credit score.

*Late payment charges may apply.

Can I take out Cash Advance if I am already using another product?

Absolutely - Cash Advance can work for businesses that just need a one-off boost or businesses already using another financing route but need cash quickly.

What if my circumstances change?

If you take a Cash Advance and suddenly find you can’t pay it back as quickly as you thought, then get in touch with us and we’ll see what we can do.

Who is Construction Finance for?

Construction Finance is for construction-related companies that are paid on a monthly or contractual basis and need a helping hand with their working capital.

Why would I take Construction Finance?

New contracts can often mean buying expensive supplies upfront, and paying employees for weeks before you receive your first stage payment. Construction Finance releases the cash tied up in these contracts even before completion certificates have been issued.

How much will Construction Finance cost me?

Agreements vary between customers and are dependent on your business needs, but we are always competitive and transparent about our costs.

How long can I use Construction Finance for?

Construction Finance is available for as long as you need it.

Can I get other funding, such as a loan, if I use Construction Finance?

Absolutely – Construction Finance is designed to be totally flexible so if you also want a loan to pay for something big or perhaps Asset Finance against equipment, then we can work with you to set that up.

What if my circumstances change?

If you take out Construction Finance and find your circumstances change, then get in touch with us and we’ll see what we can do.

What is Invoice Finance?

Invoice Finance allows you to get the cash you are owed through unpaid invoices. We offer a full support service which means we can manage your sales ledger for you. If you decide this isn't for you, we will simply lend you the money and your customers will never know about us - it can be totally confidential.

Who is Invoice Finance for?

Invoice Finance is for businesses that need to keep their everyday cashflow regular. It takes away the burden and financial constraints of unpaid invoices. 

How much will Invoice Finance cost me?

We charge an ongoing service fee for the management of your ledger and a discount fee (like an interest rate) for borrowing the money. Our fees are competitively priced and totally transparent. 

Do my customers need to know?

Yes, your customers will know about us. However, we do offer a confidential option where your customers will only be aware of us if you tell them.

What if my circumstances change?

Invoice Finance is totally flexible to your business needs so if your day-to-day cash requirements change, just let us know and we’ll work with you to ensure get the fast and flexible funding you need.

Who is Recruitment Finance for?

Recruitment Finance is for any timesheet-related company that is paid to credit terms and needs a helping hand with their back office administration and working capital in order to pay wages.

Why would I take Recruitment Finance?

Wages for workers are usually paid on a weekly basis but customer invoices will often be paid on a monthly basis. This creates a cashflow gap, which can easily be solved using Recruitment Finance.

What other benefits does Recruitment Finance offer?

With Recruitment Finance we can manage your payroll and sales ledger in addition to advancing you money against outstanding invoices. We do everything in-house, no outsourcing, so the team managing your account will be working together. We can take away all the complications and hassles involved in paying staff, handling pension contributions and dealing with HMRC every week.

How long can I use Recruitment Finance for?

Recruitment Finance is available for as long as you need it.

How much will Recruitment Finance cost me?

Agreements vary between customers and are dependent on your business needs, but we are always competitive and transparent about our costs.

Can I get other funding, such as a loan, if I use Recruitment Finance?

Absolutely – Recruitment Finance is designed to be totally flexible so if you also want a loan to help with something else then we can work with you to set that up.

What is Trade Finance?

Trade Finance allows you to pay your suppliers and gain 120 day’s credit to receive the goods and invoice your customers.

Who would benefit most from Trade Finance?

Trade Finance is beneficial for any business that buys or sells goods because it bridges the gap between purchasing the goods from your supplier and getting paid by your customer. Seasonal business or businesses that receive large one-off orders also benefit greatly from Trade Finance.

What are your repayment terms?

Trade Finance is repaid as the goods are sold. The quicker you sell the goods, the quicker and more cost effective your repayments will be. To find out more, please get in touch and one of our advisors will be happy to help.

Are there any other benefits to using Trade Finance?

Suppliers love being paid quickly and with Trade Finance you may be able to access the prompt payment discounts that they often make available. These discounts could even add up to more than the fees we charge, meaning that you could actually save money. Also, Trade Finance allows many businesses to take on much bigger orders than they would normally be able to service using their own working capital.

Who would benefit from the Ultimate Loan?

The Ultimate Loan is perfect for businesses that are looking for a flexible loan, up to 12 months, that they can spend on whatever their business needs.

How much will it cost me?

We don’t charge set-up fees or other admin costs*. Instead, we have a set interest rate which will be outlined in your agreement. It starts at 1.5% per month and is based upon your businesses credit score.

*Late payment charges may apply.

What are the repayment terms?

Repayment is a simple, monthly transaction from your debit card. The interest rate we charge is based on a number of factors but it will always be fair and transparent.

Can I change the loan amount during the repayment period?

Yes. We don’t charge a penalty for increasing the amount you’re borrowing or the duration (max 12 months).

What happens if i’m able to repay the loan earlier than planned?

No problem. We don't charge you any extra for repaying the loan earlier than planned.

Are there any charges I need to be aware of?

Charges will only be applied if no payment or communication has been received. Admin charges then apply in part to cover our costs of recovery.

What is an admin charge?

Admin charges are only applicable in the following circumstances:

  • For each failed debit card payment attempt a £5 charge will be incurred (max 2 attempts per day).

  • A £20 charge will be incurred for each outbound telephone attempt made after any payment default (max £20 per day).

  • If two consecutive payments are missed then a letter will be sent via recorded delivery at a cost of £20.

  • Should we have no response and need to engage a third party debt collection agency, all of their fees will be added to the outstanding balance of the loan.

 

What if I don’t meet the payment terms?

By not meeting the payment terms of your agreement you are effectively in breach of the loan terms that you accepted. As a result, a penalty interest of 0.5% will be applied to your account for each day that a payment is outstanding.

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