What Is Refinance and How Does It Work?

What Is Refinance and How Does It Work?

When it comes to investing in your own business, ideas, passion and dedication are all important elements to make it a success. But an essential part is having the available funds to support it! However, often money is wrapped up in premises, payroll or expenses, and cash flow is not always accessible. This is when refinance can become a suitable solution for many companies; allowing them to develop their business and not miss out on their next big step!


What Does Refinance Mean?

Refinance within a business simply means taking the value of your existing assets and releasing the whole or part of that value back to you. The great part about this financial option is that it doesn’t matter whether you own your asset outright or if it already has some form of finance on it. You can take advantage of refinancing either way.


What is the Process of Refinancing?

Here at Busby Finance, we’ll work with you to get an idea of how and where you want to develop your enterprise. As well as establishing the total capital of your existing assets such as vehicles, machinery, or equipment. This’ll allow us to understand which are your most advantageous attributes that could release enough funds to pursue your goals.


What is Refinance Used For?

Refinance can be used for multiple reasons within any industry. Commonly, businesses will refinance assets and use the money to invest in another area of their company. This could be new machinery or equipment, updated software or more employees, or even company vehicles or larger premises. It’s a great option when you’re looking to expand your business and move it to the next level.


Who can Apply for Refinance?

Refinance is available to any sized business within any industry. The main criteria are that you have legitimate assets which you can put up to refinance. There is some additional paperwork to go through, especially if you are working with a new Finance Broker or Lender, but this is to confirm you’re eligible for refinance and can afford to make the repayments. Protecting both you, your business and the Lender.


How Many Different Types of Refinances are there?

There are a range of different refinancing options. Which one is best for you is determined by your current financial situation, available assets and cash requirements. If you are uncertain about the type of refinance that suits your needs, please feel free to reach out to us and we will assist you in determining the best option.


Apply for Refinance

Head to our dedicated Refinance page for further information or contact the Busby Finance team to begin your refinance application.