Here at Wenham Specialist Finance, we help businesses of all sizes in Newcastle and across the UK to find the finance solutions that really work for them. Our expert team has experience across a wide range of sectors, and we’re networked with diverse lenders, from small local leasing companies to major banks and mortgage providers. It’s our mission to make the financing process transparent, simple and stress-free.
How Does Commercial Finance Work?
Here’s a quick overview:
Whatever your business and whatever it needs, you’ll find plenty of commercial finance options from lenders in Newcastle and beyond. The most popular choices include:
Bridging Loans:
If you need to plug a cash flow gap or raise capital for a purchase, a business loan can be a simple and convenient option. You can borrow anything from a few hundred pounds to a few million, with repayment terms ranging from months to years. Secured loans, which require collateral, generally have higher borrowing limits and lower interest than unsecured loans.
Start-up Finance:
Designed especially for new businesses, start-up loans are unsecured, personal loans intended to cover all the costs of getting your new business up and running. You won’t need to offer collateral, but you may have to provide a personal guarantee.
Asset Finance:
Rather than purchase expensive new equipment or infrastructure upfront, you can spread the cost with a lease or hire purchase arrangement. Repayments are monthly and include fixed interest and VAT. You can also release equity tied up in existing assets by refinancing them.
Does commercial finance have any risks?
Like other forms of financing, such as personal loans and mortgages, commercial finance carries risks as well as rewards.
If you choose an unsecured form of finance, such as a bridging or start-up loan, you will be personally responsible for repaying the full amount plus interest. Fail to do so, and your credit score will suffer – and the lender may even take legal action. With secured loans, you risk losing the asset you’ve offered as collateral. And if you can’t manage repayments on your hire purchase or lease plan, you’ll no longer have access to the item you’re financing.
This is why it’s important to choose the right financial product and make sure you’re being realistic about your ability to pay it back. Do this, and you’ll be able to take full advantage of the extra freedom and flexibility commercial funding offers.
How can I apply?
Lender requirements can vary widely depending on a few things: the amount you want to borrow, the purpose of the financing, whether it’s secured or unsecured, your business’s trading history, and so on. You’ll certainly be asked for financial documentation about your business, and you’ll always undergo credit and security checks.
Our commercial finance experts support you every step of the way to make sure that the application process goes as smoothly as possible. We’ll help to maximise your chances of approval, and we’re always on hand to answer any questions you may have.
Get in Touch
If you need commercial or specialist finance, we're here to help. Use our form to submit an enquiry or get in touch with a member of our team directly.
At Wenham Specialist Finance, we are dedicated to helping you understand commercial finance in Newcastle and supporting your business as it grows.