Asset refinancing is a type of loan where an asset you own is used as collateral in return for a cash loan. The value of the asset determines the amount of money you can borrow.

Virtually any tangible business asset can be refinanced. This includes property, vehicles, equipment, machinery, and more. The key requirement is that the asset must hold value.

The loan amount typically depends on the appraised value of the asset used as collateral. This can be up to 80% of the asset's value, though the actual percentage may vary depending on the lender and the type of asset.

No, even assets with outstanding finance on them can be refinanced. The new loan would first pay off any existing finance on the asset, with any remaining funds released to you.

Interest rates can vary significantly based on several factors, including the type and value of the asset, the lender's risk assessment, and current market conditions. Rates generally range between 3% and 15%.

Yes, there could be loan origination fees, valuation fees, legal fees, and administrative costs. If the asset has an existing loan, early repayment charges may also apply.

The timeline can vary, but it typically takes several weeks from the initial application to fund disbursement. This includes time for valuation, lender review, and loan agreement finalization.

Yes, asset refinancing is often used to unlock cash tied up in assets, providing a boost to your business's cash flow.

If you default on your loan, the lender has the right to seize the asset used as collateral to recover the debt.

Red Fox Finance can guide you through the entire process, from evaluating the viability of asset refinancing to assisting with the application process and connecting you with suitable lenders from our panel of 79 experts.

Typically, you'll need proof of ownership for the asset, financial statements, and business information. The specific requirements can vary depending on the lender.

Yes, multiple assets can be refinanced either individually or bundled together, depending on the lender's terms and your needs.

No, businesses in virtually any industry can leverage asset refinancing as long as they have valuable assets to use as collateral.

This can vary based on the lender and your specific agreement, but terms typically range from 1 to 5 years.

Yes, funds obtained through asset refinancing can be used to pay off and consolidate other existing debts.

An appraiser will determine the current market value of your asset. This involves assessing the asset's condition, market demand, and other relevant factors.

The primary risk is the potential loss of your asset if you're unable to repay the loan. It's important to carefully consider your ability to repay before moving forward.

While a lender might consider your credit score, asset refinancing is primarily based on the value of the asset, making it a viable option for businesses with less-than-stellar credit.

Absolutely. The funds from asset refinancing can be used for virtually any business purpose, including expansion and growth initiatives.

Yes, as long as the asset maintains sufficient value, you can refinance it multiple times. However, it's crucial to carefully consider the costs and benefits each time.