Top 10 £1 Million Asset Refinance Lenders UK 2026
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Top 10 Asset Refinance Lenders for £1 Million
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Businesses refinancing owned machinery to release working capital at scale | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Mid-market firms refinancing equipment portfolios for cash flow improvement | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Established companies refinancing diverse assets with a specialist lender | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Businesses seeking fixed annual rates on high-value asset refinance | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Metro Bank | Large businesses wanting bank-led refinance with relationship banking benefits | £2,000 to £25,000,000 | interest 9.6% to 9.6% annually |
| 6 | NatWest Bank | Well-established firms refinancing assets through a high-street bank | £500 to £10,000,000 | interest 4.5% to 10.5% annually |
| 7 | Barclays | Substantial businesses refinancing owned assets with a major clearing bank | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 8 | Novuna | Established operators unlocking capital from existing plant and machinery | £10,000 to £5,000,000 | interest 4.5% to 12.5% monthly |
| 9 | Aldermore Asset finance | Businesses needing flexible refinance terms across mixed asset types | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Large corporates refinancing heavy plant and specialist equipment | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset refinance unlocks capital from equipment, machinery, or vehicles a business already owns outright or has substantial equity in. A lender advances funds against the value of those existing assets, freeing up cash while the business continues using the equipment. For established UK companies with significant capital assets, this route turns idle balance-sheet value into working capital without selling productive machinery. A £1 million refinance can fund expansion, ease cash flow pressure, or bridge a growth gap.
Comparing asset refinance lenders at the seven-figure level means looking beyond the headline rate. Loan-to-value ratios on used assets vary sharply between funders, and some accept a wider range of equipment classes than others. Monthly and annual interest rates differ in real cost because monthly figures compound. Lender appetite for single-asset versus portfolio refinance also affects terms. Checking whether a lender routinely handles million-pound deals is a sensible starting point.
Important note:
Funding Agent
Published loan rangeFrom £10,000 to up to £1,000,000
Rate typeInterest from 6.8% annually
Why it is included:It is included because many business owners need to compare several finance routes before choosing where to apply.
Funding Agent can help businesses compare suitable options across a lender panel, especially when eligibility depends on turnover, sector, trading history, credit strength and available documents.
Best use case: When the borrower wants to avoid applying to one lender at a time.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Why it stands out
- Useful when a business wants to compare lender fit rather than guess which lender to apply to first.
- Can help position the application around the funding purpose, trading profile and available documents.
- Works well as a conversion route for readers who are unsure whether a direct lender will approve a larger unsecured facility.
Need to know
- Funding Agent is a broker, not a lender.
- The lender, not Funding Agent, sets the final rate, term, fees and approval decision.
- The best match may be unsecured, secured, revolving credit, invoice finance or another product depending on the case.
Expert take
Funding Agent is a useful honourable mention for business owners who want to compare lender options before submitting a full application. A larger unsecured loan is not always approved by the first lender a business finds, so understanding lender fit early can reduce wasted time and avoid unnecessary declines.
Reward Funding
Published loan range£100,000 to £5,000,000
Rate typeinterest 0.99% to 3% monthly
Overview: For businesses wanting ongoing access rather than a one-off refinance, Reward Funding structures asset-backed revolving credit facilities. You draw and repay against machinery and equipment as cash flow demands, rather than locking into a fixed term. The monthly interest model suits seasonal or project-based work. Expect asset valuations and security requirements to add to setup time.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Revolving drawdown against refinanced assets
- Monthly interest from 0.99%
- Facilities available from £100,000
Need to know
- Valuation and legal costs may apply
- Security tied to specific assets
- Facility limits can be reviewed
Expert take
A specialist lender built around revolving asset-backed facilities rather than conventional term loans. For a £1 million refinance, established businesses can treat owned machinery and equipment as an ongoing working-capital line rather than a single release of cash.
Source:https://rewardfunding.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: Liberty Leasing writes asset refinance deals with annual interest rates from 11%, making cost comparison straightforward. They fund against a broad spread of equipment and vehicle types, from plant machinery to commercial fleets. The lender moves from application to decision quickly. Rates will reflect asset age, condition and your trading history.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 11% for clarity
- Broad asset types accepted
- Funding decisions within 24 hours
Need to know
- Deposits may be required
- Asset age affects rate pricing
- Valuations needed for larger assets
Expert take
A direct-access asset finance provider known for clear annual-rate pricing rather than monthly factor rates. For a £1 million refinance, their appetite for varied asset classes gives established businesses room to unlock capital from mixed equipment portfolios.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Lombard ranks among the UK's largest asset finance providers, funding refinance facilities up to £5 million from a major institutional balance sheet. Their underwriting favours businesses with demonstrable trading history and well-maintained assets. Terms are structured around each asset's expected working life. Approval timelines can stretch longer than with specialist funders, reflecting a more institutional process.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Established institutional balance sheet
- Refinance facilities up to £5 million
- Terms matched to asset working life
Need to know
- Strong trading history expected
- Institutional approval timelines apply
- Asset condition heavily scrutinised
Expert take
A heavyweight institutional funder with decades of asset finance experience across UK industry. For a £1 million refinance, Lombard's depth of engineering and valuation expertise suits businesses with specialist or high-value machinery where asset life and residual value are central to the funding decision.
Source:https://www.lombard.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Time Finance moves from application to funding within 24 hours, making them a practical choice when a £1 million refinance needs to complete against a pressing deadline. They fund against invoices and assets, giving established B2B businesses flexibility in how they unlock tied-up capital. Annual rates from 5.5% keep costs predictable. Facilities may be reviewed periodically based on debtor and asset performance.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Funding possible within 24 hours
- Annual rates starting from 5.5%
- Invoice and asset refinance combined
Need to know
- Limits subject to periodic review
- Costs can rise with usage
- Debtor quality affects invoice terms
Expert take
A nimble funder blending invoice finance with asset-backed lending under one roof. For a £1 million refinance, Time Finance can structure a facility that pulls working capital from both unpaid invoices and owned equipment, suiting B2B firms whose cash flow is spread across debtors and physical assets.
Source:https://www.timefinance.com/
Metro Bank
Published loan range£2,000 to £25,000,000
Rate typeinterest 9.6% to 9.6% annually
Overview: Metro Bank brings high-street banking infrastructure to asset refinance, with published facilities reaching £25 million. Their lending process integrates with broader business banking, simplifying matters for firms already holding accounts or cards with them. Annual rates from around 9.6% apply to asset-backed deals. Bank-grade underwriting means more documentation and a longer path to completion than alternative lenders.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Integrated with Metro Bank business accounts
- Facilities available up to £25 million
- Annual-rate pricing for clear comparison
Need to know
- More documentation than non-bank lenders
- Personal guarantee may be required
- Longer approval timeline expected
Expert take
A high-street bank with a unified business-banking and asset-finance proposition under one roof. For a £1 million refinance, Metro Bank works best for established firms already banking with them, where existing relationship data can smooth the credit assessment of owned assets.
Source:https://www.metrobankonline.co.uk/business/borrowing/
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NatWest Bank
Published loan range£500 to £10,000,000
Rate typeinterest 4.5% to 10.5% annually
Overview: NatWest publishes asset finance rates starting at 4.5% annually, among the more competitive headline figures for a £1 million refinance. The bank funds everything from small equipment to multi-million-pound portfolios, with revolving credit structures that let businesses adjust drawings as needs shift. Expect full bank underwriting, affordability evidence, and a personal guarantee in most cases.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates starting at 4.5%
- Revolving credit structure available
- Facilities up to £10 million
Need to know
- Full bank underwriting required
- Personal guarantee likely needed
- Affordability evidence essential
Expert take
A mainstream clearing bank with a deep asset finance book and competitive pricing for lower-risk propositions. For a £1 million refinance, NatWest suits well-established firms with clean financials and well-documented asset registers, where the bank can price confidently against strong credit metrics.
Source:https://www.natwest.com/business/loans-and-finance.html
Barclays
Published loan range£1,000 to £25,000,000
Rate typeinterest 8.5% to 14.9% annually
Overview: Barclays approaches asset refinance with the breadth expected of a global bank, funding from £1,000 to £25 million. Their product set spans term loans, revolving credit, and property-backed lending — useful if a £1 million refinance forms part of a wider funding strategy. Annual rates fall between 8.5% and 14.9%. Expect detailed asset valuations and a full credit review.
Best next step: Generate offers
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Facilities from £1,000 to £25 million
- Multiple product types accessible
- Global banking infrastructure backing
Need to know
- Detailed valuations required
- Thorough credit assessment process
- Higher rates for riskier assets
Expert take
A global bank with a broad product shelf that can combine asset refinance with other lending under one relationship. For a £1 million refinance, Barclays suits established firms needing a banking partner capable of structuring complex, multi-asset-class facilities rather than a single standalone deal.
Novuna
Published loan range£10,000 to £5,000,000
Rate typeinterest 4.5% to 12.5% monthly
Overview: Novuna funds asset refinance from £10,000 to £5 million, with monthly interest between 4.5% and 12.5% depending on asset quality and borrower strength. They also cover invoice finance, trade finance, and secured term lending, useful if refinance sits alongside wider funding needs. Underwriting balances asset value against trading performance. Expect to supply recent financials and detailed asset schedules.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Wide product set beyond asset finance
- Monthly interest from 4.5%
- Facilities up to £5 million
Need to know
- Recent financials required
- Asset schedules must be detailed
- Not all asset types accepted
Expert take
A diversified funder whose product range extends well beyond asset refinance into invoice and trade finance. For a £1 million refinance, Novuna can serve established businesses whose funding needs may evolve beyond a single asset-backed transaction, offering continuity under one lender relationship.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Built around SME and mid-market lending, Aldermore funds asset refinance from £1,000 to £10 million with annual rates between 5% and 15%. Their credit approach often accommodates businesses that fall outside high-street bank criteria. Funding decisions typically land within 48 hours. Asset age and condition remain the critical variables in final pricing and advance rates.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5% for clarity
- SME and mid-market specialist
- Decisions typically within 48 hours
Need to know
- Asset age affects terms significantly
- Full valuation likely at £1 million
- Strong trading history still expected
Expert take
A non-bank lender with an established UK footprint and deep experience in mid-market asset finance. For a £1 million refinance, Aldermore can be a pragmatic alternative to clearing banks, applying commercial judgement to asset-backed deals where the business profile is fundamentally sound.
Source:https://www.aldermore.co.uk/business/business-finance/asset-finance/
Close Brothers
Published loan range£25,000 to £100,000,000
Rate typebespoke 3.5% to 10% monthly
Overview: Close Brothers structures bespoke asset finance from £25,000 to £100 million, with rates negotiated per deal from 3.5% monthly. Their underwriting targets established mid-market and corporate borrowers, particularly in transport, manufacturing and construction. The process reflects institutional scale — expect detailed asset inspection, management meetings, and a timeline measured in weeks rather than days.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Funds up to £100 million
- Deep sector expertise in manufacturing
- Bespoke pricing per deal
Need to know
- Timeline measured in weeks
- Management meetings expected
- Minimum facility of £25,000
Expert take
A merchant banking group with one of the UK's deepest asset finance books, particularly in heavy industry and transport. For a £1 million refinance, Close Brothers brings institutional-grade asset expertise to the table — a natural fit for established firms refinancing specialist plant, commercial vehicles or production machinery.
Asset Finance Calculator
How asset refinance unlocks capital from existing £1 million machinery and equipment
Asset refinance lets you borrow against machinery, plant, vehicles or equipment your business already owns outright. Instead of selling assets to raise cash, you keep using them while a lender advances funds against their value. This is different from asset purchase finance, where you are buying something new.
For a £1 million refinance, lenders value your assets and offer a percentage of that figure. Loan-to-value ratios vary: Reward Funding publishes an LTV of up to 85%, Close Brothers up to 90%, and Aldermore Asset Finance up to 100% in some cases.
Rates also differ by lender. Reward Funding quotes from 0.99% to 3% per month, while Close Brothers sits between 3.5% and 10% per month. Annual rate options include Liberty Leasing at 11% to 16% annually and Time Finance at 5.5% to 13.5% annually. Repayment terms typically range from one to seven years, giving you flexibility to match repayments to your cash flow cycle.
Asset refinance vs asset purchase finance: what £1 million borrowers need to know
Asset refinance and asset purchase finance both use hard assets as security, but they serve different purposes. Purchase finance funds new equipment you do not yet own. Refinance unlocks capital from assets already on your balance sheet.
For established businesses seeking £1 million, refinance can be quicker than a fresh purchase facility. The assets are known, depreciation is established, and the lender can assess condition and value more readily. Lenders such as Lombard, Novuna and Close Brothers offer both types, so comparing terms across the same provider can be useful.
The key difference is what the capital can be used for. Purchase finance is tied to a specific asset invoice. Refinance releases unrestricted cash you can direct into working capital, growth projects, or restructuring existing debt. Eligibility for £1 million refinance typically requires a minimum trading history. Lombard and Novuna both ask for at least one year, and Close Brothers expects £500,000 minimum turnover. Most lenders on this panel require a personal guarantee from directors.
LTV ratios and valuations for a £1 million asset refinance
The loan-to-value ratio determines how much a lender will advance against your assets. For a £1 million refinance, understanding LTV is essential because it directly affects how many assets you need to pledge.
Lenders assess LTV based on asset type, age, condition and resale value. Heavy plant and specialist machinery often attract lower LTVs than standard vehicles or general equipment because the secondary market is narrower.
Among lenders on this list, Aldermore Asset Finance offers up to 100% LTV, Close Brothers up to 90%, and Reward Funding up to 85%. A higher LTV means you need fewer assets to reach your £1 million target. At 85% LTV you would need approximately £1.18 million in asset value, while at 100% LTV the assets need only be worth £1 million.
Valuations are typically arranged by the lender and may involve an on-site inspection for high-value equipment. Expect this to take slightly longer than a standard purchase finance application, though the process remains significantly faster than property-secured lending.
Improving working capital: what a £1 million asset refinance means for your cash flow
Tying up significant capital in owned machinery and vehicles can strain day-to-day liquidity. A £1 million asset refinance converts the equity in those assets into usable cash without disrupting operations.
The immediate benefit is improved working capital. You can fund stock purchases, bridge payment gaps, invest in marketing, or cover payroll during seasonal dips. Unlike invoice finance, which depends on debtor books, asset refinance draws on assets you control directly.
Repayment structures for £1 million refinance agreements are typically fixed monthly payments over one to seven years. This predictability helps with cash flow forecasting. Rates vary: Reward Funding publishes from 0.99% to 3% per month, while annual-rate lenders such as NatWest Bank quote between 4.5% and 10.5% annually and Barclays between 8.5% and 14.9% annually.
The key is matching the term to the useful life of the refinanced assets. A five-year term on heavy plant, for instance, aligns the repayment with the period the equipment generates value for your business.
