What type of product is Fit Out Finance?
Fit out Finance is a specialism rather than a specific product. For the most part deals will comprise a mix of hire purchase, lease and unsecured loan, though this might vary for larger or more challenging deals.
What percentage of costs can you finance?
Unlike most funders or brokers, our goal is not to simply cherry-pick the ‘best assets, but to look at the whole of the project costs.
Increasingly we are achieving close to 100% of project cost funding.
In one recent case, we funded not just 100% of the fit-out cost, but rent premiums, dilapidations and removal costs – more the 200% of the initial requirement!
How long does it take to arrange?
We are normally able to provide acceptance within 2 or 3 working days from receipt of full information. It isn’t unknown to offer same-day acceptance.
Do you deal with start-ups?
Yes, we are wholly receptive to well thought-through start ups. In the first instance it is best to email your business plan.
My supplier wants a deposit / Full payment up front, can you help?
Yes, in many case we can now pre-pay some or all of the invoice value.
What information do you need?
For established businesses we need current financial information, often including accounts and/or bank statements.
As above, for start ups we need to know about the people behind the business and a well thought-through business plan.
What if I’ve already paid?
No problem. Whilst it is always best to sort funding before buying, we can refinance goods up to 90 days after invoice. For loans, there is no time limit.
Do you provide equity funding?
No. This is a very specialist field in which we lack the relevant experience – we say ‘if we can’t do it well, we won’t do it!’
What about adverse credit?
We are happy to look at adverse credit supported by full and open detail on its causes and outcomes.
Do you fund franchise Purchase fees?
Yes we can! We can look at funding franchise purchase fees up to £500K for reputable, established franchises.
Where this facility is insufficient or not available, we can to point you towards a bank who might help.
We are happy to follow the lead financier to fund all the bits that go around setting up your franchise.
Do you require additional security?
In the vast majority of cases our deals are underwritten on the business, the assets and the owners without the need for additional security.
Where this isn’t sufficient we are happy to explore external security such as second charge on property to make a deal happen.
Why wouldn’t I just use my Bank?
This very frequent question is covered in depth in this blog post.
However, in a nutshell, it is always worth talking to your bank who may be able to provide a full or partial solution.
Many of our clients are actually referred by their bank. In other cases they have their own reasons for not using the bank, or are frustrated by slow response.
How do I apply for Fit Out Finance?
You can email us, or phone us on 0208 938 3803
Alternatively, download the proposal form here and send, together with supporting information to firstname.lastname@example.org
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