Preparing for an asset refinance application involves gathering the right information and fulfilling specific preconditions. To help you navigate this process, we at Red Fox Finance have compiled a comprehensive checklist to ensure a smooth and successful application.
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- Cash flow statement
- Updated balance sheet
- Details of existing debt obligations and their terms
- Full description and details of the asset(s)
- Original purchase documents
- Current market valuation report from a trusted independent valuer
- Details of any existing finance against the asset
-Serial numbers, proof of ownership
-Purchase invoices or receipt
- Your business’s credit report
- Evidence of timely payments on existing debt
- Actions taken to rectify any discrepancies or issues in the credit report
- Strategic business plan including growth strategy
- Future cash flow projections
- Detailed plan for the use of the refinanced capital
- Consultation notes from professional advisers regarding refinancing
- Detailed understanding of lender requirements
- Business registration details
- Most recent tax returns
- Detailed list of company directors/owners
- Evidence of stable income
- Detailed research on different lender terms
- Pros and cons list of each lender
- Selected lender(s) that best suit your business needs
Before submitting your application, it is crucial to review all the above details to ensure they are accurate and up-to-date. A well-organized and thoroughly prepared application can significantly increase the likelihood of your asset refinance approval and asset refinancing journey successfully.
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Before diving into refinancing, this systematic checklist ensures you're on track. A fundamental understanding starts with our introductory guide. Recognize the duration for each approval stage to plan effectively. If you have existing commitments, our guide on managing outstanding finance can be pivotal. Ensure you have all essential documents in hand for a hassle-free application.
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