Corporate Asset Solutions business loan review

Corporate Asset Solutions is now part of Close Brothers Broker Solutions. It works alongside asset and commercial finance brokers to help small and medium-sized enterprises (SMEs) in the UK access the funding they require.

This review looks at the different finance options available through Corporate Asset Solutions.

An overview of Corporate Asset Solutions business loans

You can apply for the following types of business finance through Corporate Asset Solutions:

Loans for professionals

A loan enables you to borrow a lump sum of cash that you then repay in fixed monthly instalments, with interest, over a set term. Businesses can use the funds to help them grow, buy new equipment or pay for essential expenditure.

The following types of loans are available through Corporate Asset Solutions:

Business loans
Personal loans
Consolidation loans to help you combine existing debt into one place
Tax loans to help you spread the cost of tax bills

Asset finance

Asset finance enables businesses to access essential equipment, machinery or vehicles without a large upfront payment. Instead, the cost is spread over a fixed term through smaller, more manageable instalments.

The following types of asset finance are available through Corporate Asset Solutions:

Hire purchase: With this option, your business acquires an asset for a pre-agreed set term and pays rent or instalments to cover the depreciation of the asset, and interest to cover the capital cost. At the end of the term, you have the option to buy the asset outright.
Finance lease: These arrangements give you access to an asset of a newer, higher specification than you would otherwise purchase, and you pay rent for the full use of it, along with interest. At the end of the term, you can continue to use the asset and enter a second rental period, return the asset, or sell it and keep a portion of the money made from the sale.
Asset refinance: This enables you to borrow money against the value of existing assets, such as machinery, equipment of vehicles, and raise funds without affecting cash flow. You make repayments over an agreed term.
Receivables finance: Here, Corporate Asset Solutions can buy the assets and future contractual payments of an existing agreement including energy service contracts, power purchase agreements and managed service agreements. It will also consider purchasing traditional finance contracts including hire purchase, finance lease and loans.

What is Corporate Asset Solutions’ typical interest rate?

The amount of interest you pay will depend on whether you apply for a business loan or asset finance. With asset finance, it will also depend on the value of the asset you’re acquiring, the type of agreement and the length of the term.

Additional factors that can influence the rate of interest you pay include your business’s credit record, trading history, and the size of your business. Businesses that have a solid trading and credit history may benefit from more favourable rates than a new business with a limited credit history.

How much can I borrow with a Corporate Asset Solutions business loan?

The amount you can borrow will depend on the type of finance you apply for, as well as your business’s financial standing. In the case of asset finance, it will also depend on the asset’s value.

Again, factors such as your business’s credit history, annual turnover and existing debt levels can also affect the amount you can borrow.

What is the acceptance rate for a Corporate Asset Solutions business loan?

Corporate Asset Solutions doesn’t publish its acceptance rates. But you’re more likely to get accepted if you meet the eligibility criteria, have a strong financial record and solid credit history, and you complete the application accurately.

Providing relevant information and documentation to show you can afford the repayments will also increase your chances of success.

Eligibility criteria and whether you qualify

Eligibility criteria vary depending on the type of finance you apply for. But Corporate Asset Solutions works with a number of specialist sectors including:

Agriculture
Manufacturing
Professions
Renewable energy
Sports
Transport and logistics
Waste and recycling.

You’ll usually need to be a UK-registered business and keep in mind that there may be minimum annual turnover requirements to meet. You’ll also need to pass a credit check.

Additional information

When applying for business finance with Corporate Asset Solutions, it’s important to read through the small print of your agreement, paying attention to the following:

Early repayment fees

If you repay a loan before the end of the agreed term, you may have to pay an early repayment charge. This should be stated in your agreement, but it is typically a percentage of the amount outstanding.

How long does it take to get approved?

You can often get approved for business finance quickly – the same day in some cases. But this depends on the type of finance you’ve applied for, the complexity of your business structure, and how quickly you supply the relevant information and documentation.

Estimated time to receive funds

Once you have been approved for business finance, you’ll usually receive your funds within a few days. In some cases, it may take longer but again, this depends on the type of finance you’ve applied for and your situation.

Can a loan be repaid early?

Depending on the type of finance, you may be able to repay your loan early but check whether an early repayment charge applies.

Is security required?

If you apply for a form of asset finance, the asset you wish to acquire or refinance will be used as security. This means that should you fail to repay the loan the lender can seize the asset to get its money back.

What documentation is required

As part of your application, you’ll need to provide the necessary information and documentation.

Business information

You’ll typically need to provide information about your business, including its name and address, company registration number, length of trading and annual turnover. It’s also common to be asked to supply financial documents, such as bank statements, balance sheets and cash flow forecasts.

Business owner information

In addition, you’ll usually need to provide the names, addresses and contact details of all business owners.

Funding requirement

You will need to state how much you wish to borrow and what you plan to use the funds for.

How to apply for a Corporate Asset Solutions business loan

To apply for finance through Corporate Asset Solutions, you should call 01482 359 430 or 080 149 8122 to speak to a member of the team. Alternatively, you can fill in the online contact form, and someone will get back to you to discuss your requirements.

Is the application process different to other lenders?

Unlike some lenders, particularly high street lenders, you won’t be able to complete your loan application online. Instead, you will need to either phone Corporate Asset Solutions or fill in the online contact form to discuss your funding requirements with a member of the team before your application can be processed. The advantage of this is it ensures you’re applying for the right type of funding to match your needs.

How to improve your chances of getting funded

To increase your chances of getting funded, it’s important to provide the necessary information and documentation as quickly as possible. It can also help if you have a strong financial record and can show that you can comfortably meet your repayments.

Pros & cons of a Corporate Asset Solutions business loan

Be sure to weigh up the advantages and disadvantages of applying for business finance with Corporate Asset Solutions, before you make any final decisions.

Pros

Range of business funding options available
Corporate Asset Solutions works with a variety of business sectors
Approval can be quick

Cons

Fees may apply
Asset finance is secured against the asset, which you could lose if you fail to make your repayments
You can’t apply directly online

Alternative funding options for different lenders

If borrowing through Corporate Asset Solutions isn’t the right option for your business, there are plenty of alternative business finance solutions available from other lenders. These include:

Why use a finance broker?

A finance broker can make it easier to search and apply for the right type of business loan for your company. By working with a variety of lenders and loan types, they can narrow the field and help match you with lenders that are more likely to accept your application. This can be particularly helpful if you’re a new business, have a limited credit history or have previously struggled with debt.

A reliable broker will outline any fees in advance and manage the application for you.

Remember that some brokers charge for their services, either as a fixed fee or a percentage of the amount you borrow, so make sure you understand the costs upfront.

Get started with Swoop's business funding platform

Our team at Swoop would be happy to discuss your business funding requirements with you to help you find the right deal to support your application and help your business grow.

Corporate Asset Solutions business loan review: Interest rates, eligibility, and the application process