Business Debt
Consolidation
Simplify your business debts with a consolidation loan
What is Business Debt Consolidation?
Debt consolidation is a process used by businesses seeking to combine all existing loans from several different lenders into one single, larger debt from one provider. In effect, the new provider of the consolidated loan will pay off the previous debts.
What are the benefits of Business Debt Consolidation?
For many businesses, the main benefit they seek from debt consolidation is reducing their monthly repayments. This is either achieved through seeking a lower interest rate, or by combining all debts into a single policy with a longer repayment schedule.
A single policy could also help to reduce your business administration, by reducing the amount of paperwork you need to deal with.
Our Approach to Business Debt Consolidation
With years of experience in commercial finance brokerage, Mill Wood Finance specialise in finding tailored solutions to your business finance needs, such as a business debt consolidation plan. We take the time to understand your goals, cash flow requirements and existing debts. Based on this analysis, we will work closely with a panel of lenders to create a customised debt consolidation plan that aligns with your objectives.
A streamlined process
We recognise the importance of efficiency when it comes to managing your business finance. Our streamlined process ensures a hassle-free experience from start to finish. Our team of commercial finance brokers handle all aspects of the consolidation process, from the gathering of necessary documentation through to liaising with lenders on your behalf. Our team will keep you informed at every stage of the process, providing clarity and transparency throughout.
Competitive rates
Our extensive, vetted network of lenders enables us to secure competitive rates for our clients seeking business debt consolidation. By consolidating your business debts into one single loan, you can potentially benefit from lower interest rates and reduce your monthly payments. This could free up valuable capital for growth and investment.
Ongoing support
Our commitment to your business success doesn’t end once your loan has been secured. We provide ongoing support and guidance to help you effectively manage your finances moving forward. Whether you have questions about your repayment schedule or need advice on how to optimise your cash flow, Mill Wood Finance is here to help.
Who can access Business Debt Consolidation loans in the UK?
Any business in the UK can make an application for a debt consolidation plan, however the criteria and application process will vary significantly. To apply for business debt consolidation, most providers will require business bank statements, management accounts and details about the directors. The process might differ depending on whether you are requesting a secured or unsecured agreement.
Which type of Business Debt Consolidation is right for your business?
As with all financial decisions, there is no one correct answer to which solution is best for your organisation. It is important that you understand the implications and options available to you, and we at Mill Wood Finance can help you to understand the opportunities and potential pitfalls of business debt consolidation.
Before applying for a business debt consolidation loan, consider:
- Are there any early redemption fees that you would need to pay your current lenders?
- Are there any fees payable to the new lender?
- What is the interest rate of your current loans compared to a new consolidated loan?
Secured vs unsecured consolidation
When consolidating your business debts, there are two types of loans to consider, secured and unsecured.
Secured loans are more common. You will need to offer collateral to act as security for this type of loan, so that the lender can reclaim their debt from the asset you have put forward as security.
Unsecured loans are harder to obtain, and may have less attractive repayment terms. With an unsecured loan, you do not need to provide collateral.
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Contact Us
Contact us for a quote, help, or to join the team.
Mill Wood Finance
Sinon House
The Hyde Business Park
Brighton
BN2 4JE
Email:
Phone:
01273 523690