As we reach 100 completed loans, we’re starting to notice more applications from businesses looking to grow through refinancing.
This is usually a result of one or a combination of these factors:
1. Companies have multiple loans or facilities and want to consolidate them for the ease of managing one repayment and to potentially save money on repayments.
2. Existing loans are coming to an end and they want to borrow more to kick-start another period of growth.
3. An existing relationship with a finance provider doesn’t align with the needs of the business. For example, refusing to lend a larger amount or demanding early repayment of a loan.
Some businesses that have successfully refinanced through us recently include Crystal Kitchens, Huyton Heat Treatments and Mercia College.
All three had taken a loans with rebuildingsociety, reapplied for a larger amount and walked away with a larger loan and a lower rate than their previous loan.
If you’re considering refinancing your existing loans, talk to us about your options and suitability or submit a new application.
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