Fit-outs are your opportunity to put your stamp on your building’s interior. First impressions count, especially in the hospitality and retail sector. The ambiance, aesthetic and interior of your building tell a compelling story, setting the tone for your guests’ experience and reflecting the quality of your service.
Getting your interior just right can prove costly though – far beyond the budget you may have available. Rather than cutting corners and skimping on your dream fit out, you can explore fit out financing options that can provide the upfront capital you need, with sensible repayment options.
Step One: Understand the process and estimate costs
From the initial planning to the finishing touches, the fit out process can be time and labour intensive, as well as throwing up many surprise expenses.
Some of the initial fit out costs to budget for include:
- Surveys
- Design work
- Decorating
- Building work
- Furniture
- Fixtures and fittings
- Equipment
- Permits
- Branding
- Signage
- Interior decoration
Whatever costs you estimate, it is normally advisable to add an extra safety buffer on top to protect against the funds drying up at the critical moment.
Step Two: Discuss your fit out financing options
Many business owners have struggled to find suitable fit out financing options on the high street due to the expensive nature of the intangible assets involved in a fit out, such as the surveys. Many high street lenders will only lend against tangible assets.
Therefore, you will likely need to speak to a fit out finance specialist such as Mill Wood Finance. We understand the hospitality and retail industry inside out, having been providing commercial finance solutions to UK businesses since 1999. We have the expertise to manage even the most complex and challenging of finance applications, looking beyond just the numbers to highlight the commercial viability of your fit-out to potential lenders.
Step Three: Preparing for application
Part of the benefit of working with a specialist commercial finance broker such as ourselves is our ability to write compelling business cases for your fit out finance requests. The application process can be fraught with difficulty and confusion if you try and go alone, collecting all the paperwork together can be enough of a hassle.
We take the time to understand your business and plans, and are realistic with our advice regarding your suitability and eligibility for fit out financing. Lenders trust our judgement and track record, helping us to access rates not available on the high street.
Once everything is ready, we submit your application to the panel of lenders.
Step Four: Application review
The lenders will review your finance application, they might come back with questions relating to your business or plans.
Should you be approved, you will receive the funds that can be used for your fit out.
Step Five: Aftercare
Fit outs are notorious for going over budget, either in the immediate short term or longer term as you need to replace items. We provide a full aftercare service throughout the duration of your repayment term. Whether you need some help with small admin such as changing your bank account details, or require a new application for extra funds, we will remain here to help.
Benefits of fit out finance
- Reduce upfront costs – minimise initial expenses to spread the cost over affordable monthly repayments, helping to free-up funds for other prominent areas.
- Simple cost allocation – agreed payments and dates are set in stone beforehand to give you peace of mind regarding each necessary acquisition for your restaurant fit out.
- Advantageous tax benefits – our finance partners configure the most tax-efficient solution
