A family-owned engineering business, turning over £20m and operating in over 40 countries worldwide, builds a wide range of equipment from single machines to bespoke solutions.
Their growth over the years has required investment, whether for acquisitions, equipment purchases or larger commercial premises, and the business recognises the value of using finance to support their ongoing development and profitability.
Product
Asset finance is a staple finance product for businesses in the engineering and manufacturing sectors. However, the structure of an asset finance agreement can differ from lender to lender and understanding how the terms differ is imperative to ensure you get the best deal. FundingRound assesses the detail behind a number of asset finance lenders, identifying new players not known generally in the market.
Service
Our client has chosen to work with FundingRound over a number of years when sourcing asset finance options. Yes, they have an inhouse finance team plus a named bank relationship manager, but they recognise that a specialist knows the market inside out and is able to keep track of the most competitive propositions.
This has never been more important for SMEs as interest rates have increased significantly since 2022. The impact on the asset finance market has been immense, with rates changing on a weekly basis at times, and it’s not just dependent on base rate – swap rates also play a part for many lenders. Keeping track of the most competitive rate, combined with the most beneficial terms, when making a purchase, which can stretch over many months, can be time consuming, and our client prefers to lean on our expertise to ensure the best solution is sourced.