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Diggers on Construction Site

Fitting finance from the people in the know

Fitting finance

 

At Hire That Money there is always a specialist broker available to make sure you have the correct product for your business needs. We can arrange your finance over the phone, via email, or we can come out and meet face to face. Our aim is to establish a good working relationship that can continue to help support and grow your business both now and for many years to come. 

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Finance is a vital part of any business, we offer a bespoke tailored service with a variety of finance options to fit your every need.

Hire purchase / Lease purchase

 

The straight forward purchase of assets that are funded through a finance company giving ownership at the end of the period for a nominal fee. The instalments can be tailored to your business needs, either fixed or variable rates [depending on the type of business], likewise the payments can be tailored to your cash-flow requirements.

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You can still claim depreciation allowances, offset interest payments against tax and reclaim VAT on the purchase price.

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  • Up to 100% of purchase price can be financed.

  • VAT deferral potential.

  • Ownership at the end of the term.

  • Cashflow matched payments.

Leasing

 

Similar to HP, but the VAT is payable on the installments and the goods are not owned by the client at the end of the period. This product is often seen as a tax efficient way for businesses to acquire assets without using up their facilities.

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  • Up to 100% of purchase price ex.VAT.

  • VAT payable on rentals.

  • Ability of continued use of asset for nominal sum or sale of asset and retain some of the cash proceeds at the end of the primary period.

Operating lease

 

The asset is "effectively" rented from the finance company with payments calculated on the end of period value of the asset. This allows the rentals to be kept relatively low. This helps to keep monthly outgoings low and provides off balance sheet finance.

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  • Rentals and return conditions are fixed at outset.

  • Resale risk taken away from the client.

  • Cashflow matched payments and tax effective.

Loans

 

Mainly used for un-secured assets over the short to medium term, for a range of items that are not normally associated with HP & Leasing, eg cattle handling equipment, livestock, building improvements, poly tunnels also string and net in agriculture. A quick and straight forward route of raising additional funding.

Re-financing

 

This is an effective way to release cash in an asset that is free and unencumbered from finance. This enables you to utilise capital in your assets in order to help grow your business. Re-finance can also be used when you have a Balloon payment at the end of an agreement.

Invoice discount

 

Invoice discounting enables you to quickly access cash tied up in outstanding invoices. Instead of waiting around for weeks for your invoices to be paid, we can forward you up to 90% of the full value straight away. Whether you want to relieve cash flow pressures, reduce finance costs or explore expansion plans.

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  • It gives you quick access to funds – convert up to 90% of your full invoice value into ready capital, available within 24 hours of submitting your invoice

  • It grows with your business – the amount of available funding is based on your invoices, so as your business grows, so does the capital you can access

  • It’s confidential – your customers don’t need to know you’re using the facility

  • You retain control – you stay in control of your own invoice collections

  • You don’t need assets for security – you’re borrowing against your invoices

  • You can add extras – you can upgrade your service with added extras including Bad Debt Protection

Invoice factoring

 

Factoring gives you fast access to up to 90% of the funds your customers owe you - with the added benefit of a full credit control service. You get the funds you need, without the headache of chasing payments. And compared to a bank overdraft or loan it can typically release more funding, with the added benefit that the facility grows with your sales, reducing the need for those regular and time consuming re-negotiations.

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  • Release funding into your business - convert up to 90% of your unpaid invoices into ready capital, available within 24 hours of sending us each invoice

  • Built for you - individually designed packages with all costs agreed with you up front

  • Free up your resources - our experienced credit control team will take care of every aspect of your debt collection, leaving you free to focus on what you do best… running your business

  • Convenience - you’ll have online access to manage your facility, upload invoices, and review and check funding availability at any time

  • Personal service - a dedicated Relationship Manager will be on hand to provide ongoing business support

  • Peace of mind - optional Bad Debt Protection is available to manage your exposure to potential customer losses

  • The bank can agree a percentage of your outstanding invoices, up to 90% of the value

  • When you send the invoice, the funds are then released

  • We can get the bank chase the customer for payment on your behalf, with the funds being paid directly to the third party

  • When your customers have made payment, we’ll release the remaining funds, minus the fee

  • The bank then should recalculate the funds available to you after every new transaction – so you always know where you are

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