Invoice Finance and Asset Based Lending
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The factor that links these two types of finance is that the lending is not secured on your residential or commercial premises. This means that your prime collateral is not tied up and can be protected, or used for other purposes.
The two types of invoice finance are invoice discounting and factoring. These schemes both provide working capital advanced against the value of book debts. Dependant on the type of financing used, the collection of money is undertaken by either the borrower or the lender.
Funds advanced typically range from 50% to 80% of debtors, although higher amounts can be obtained, depending on the provider’s assessment of the overall sales ledger.
In recent times there has been a large growth in invoice funding and it is no longer perceived to be ‘borrowing of the last resort’. With the reduction of traditional overdraft facilities either by reduction to unworkable levels or removed completely by lenders, borrowers are now open to replacing them with this type of finance.
Asset finance is an ideal way to fund equipment, plant and machinery. Almost anything can be financed this way, from a cooking range - to a jumbo jet!
Options vary from leasing to lease purchase and hire purchase. As with invoice finance, there is a myriad of providers & finding the right lender for your business can be an almost overwhelming task.