Tuesday, 27 September 2016

Jeremy Priestley - What You Need to Know About Asset Refinancing

Jeremy Priestley is a business development director with many years’ experience in the finance industry. Jeremy Priestley started his career as a trainee accountant shortly after graduating from college and quickly worked his way up the ladder. In 1986 Jeremy Priestley started working at a firm worked his way up to become a managing partner, and grew the firm’s turnover by 800 percent.

Jeremy Priestley also set up a receivables management business from scratch, a firm that went on to become a market leader in providing advice on delinquent debt to its clients. Jeremy Priestley also established a business working with receivables funders on audit and recovery work. Here are a couple of things you need to know about asset refinancing.

Asset refinance is when a business refinances an asset they already own freeing up additional working capital. The business then will have to agree to make monthly payments to repay the amount over the next couple of years. Asset refinancing is generally available on equipment, vehicles, and machinery that was either bought outright or previously financed. One important point to remember is that asset refinancing is generally available on assets the company owns, and not on those that are still under a repayment scheme.

Asset refinancing has become quite popular with businesses, because it allows them to free up working capital on assets they are currently using. On the other hand, traditional financing is only offered for the purchase of new equipment, vehicles, and machinery that have not been used before. Banks have become more stringent in the last few years, and it has become more difficult for businesses to obtain financing from banks. With asset refinancing, businesses can quickly obtain loans from the finance house by having the money in just a few days’ time.

Finance houses will require the business to provide information about the asset in question before they approve the request for asset refinancing. Business owners will need to provide information about their business, the asset in question, and about themselves. The information they provide the financing house with respect to the asset will need to be detailed. They will need to provide proof of ownership of the asset, and its current usage in the business so that it can be correctly evaluated.

The following is a short list of what information will be required by the finance house:

· Proof of purchase
· Make and model of the asset
· Year of manufacture
· Year of purchase
· Usage in terms of miles or hours whichever is applicable 

The finance house will also require the person applying for asset refinance to provide proof of identity, also known as Anti Money Laundering information. Jeremy Priestley is a business development director with several years’ experience in the finance industry.