Top 10 Lenders to Secure a £200,000 Asset Refinance in 2026
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Top 10 Asset Refinance Lenders for a £200,000 Facility
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Businesses unlocking equity from high-value machinery or fleet vehicles | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | SMEs refinancing mixed asset portfolios at competitive annual rates | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Established firms refinancing plant and equipment through a major funder | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Businesses preferring annual-rate refinance on vehicles or machinery | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Metro Bank | Banking customers seeking asset refinance alongside existing relationships | £2,000 to £25,000,000 | interest 9.6% to 9.6% annually |
| 6 | NatWest Bank | Larger SMEs with strong turnover refinancing through a high-street bank | £500 to £10,000,000 | interest 4.5% to 10.5% annually |
| 7 | Barclays | Businesses preferring asset refinance through a familiar high-street lender | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 8 | HSBC Bank | Firms seeking bank-led asset refinance up to £300,000 | £1,000 to £300,000 | interest 8.6% to 11.3% annually |
| 9 | Close Brothers | Established businesses with £500k+ turnover needing bespoke refinance | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
| 10 | Aldermore Asset finance | Businesses with smaller assets seeking flexible annual-rate refinance | £1,000 to £10,000,000 | interest 5% to 15% annually |
Asset refinance lets a business borrow against machinery, vehicles, or equipment it already owns outright, releasing tied-up capital without selling the assets. It suits established UK businesses that have built up equity in plant, fleets, or specialist kit and now need working capital for growth, stock, or cash flow. A £200,000 facility can unlock meaningful funding while keeping essential assets on the balance sheet.
Comparing asset refinance lenders goes beyond headline rates. Look at the loan-to-value ratio each funder offers against your specific asset class — some specialise in heavy plant, others in commercial vehicles or general equipment. Check whether the rate is quoted monthly or annually, as this changes the real cost. Speed to funding matters if you need capital quickly. A lender's willingness to fund older assets or niche machinery often varies widely between providers.
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 a £200,000 asset refinance, monthly rates starting at 0.99% make Reward Funding a cost-conscious choice. The revolving credit line adapts to seasonal cash flow rather than fixing you into a rigid term. Expect valuation and legal costs on top.
Best next step: Compare rates across asset finance lenders.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Low monthly rates from 0.99%
- Revolving credit suits seasonal cash flow
- Facility sizes up to £5 million
Need to know
- Valuation and legal costs may apply
- Limits can be reviewed or withdrawn
- Requires eligible assets as security
Expert take
A specialist asset-based lender with a revolving model for businesses needing flexible working capital. For a £200,000 asset refinance, the low starting rate and drawdown flexibility work in your favour if your assets appraise well.
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 can turn owned plant or equipment into working capital within 24 hours, which helps when cash flow cannot wait. For a £200,000 refinance, annual interest rates sit between 11% and 16%, so factor the cost against the speed you gain. Asset eligibility checks still apply.
Best next step: Check asset eligibility before applying.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Funding possible within 24 hours
- Annual rates from 11%
- Loans from £10,000 to £2 million
Need to know
- Asset valuations may be required
- Deposits may be needed
- Funding tied to specific assets
Expert take
A direct asset finance provider known for quick turnaround on straightforward deals. For a £200,000 refinance, speed is the selling point, and the annual rate you pay reflects that priority.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Lombard writes asset refinance facilities up to £5 million, giving established businesses the capacity to release capital today and scale later without switching lenders. For a £200,000 refinance, monthly interest rates range from 4% to 11.5%. Funding can land within 24 hours on clean applications.
Best next step: Speak to a broker about Lombard's terms.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Facilities available up to £5 million
- Funding possible within 24 hours
- Covers equipment, vehicles, machinery
Need to know
- Deposits or valuations may apply
- Asset eligibility is strictly assessed
- Monthly rates vary by asset type
Expert take
A long-established asset finance arm of a major banking group, suited to mid-sized and larger businesses. For a £200,000 refinance, the headroom to grow your facility is a real advantage if you plan further investment.
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 structures asset refinance alongside invoice finance, so a business releasing capital from owned machinery can also unlock cash tied up in unpaid invoices under one relationship. For a £200,000 asset refinance, annual rates range from 5.5% to 13.5%. Drawdowns flex with your working capital cycle.
Best next step: Ask about combined asset and invoice facilities.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Combined asset and invoice finance
- Flexible drawdown structure
- Facilities up to £5 million
Need to know
- Costs may rise with usage
- Invoice debtor quality matters
- Limits can be reviewed or withdrawn
Expert take
A funding partner that blends asset and invoice finance for businesses with broader working capital needs. If your £200,000 requirement sits alongside unpaid B2B invoices, the combined approach can unlock more capital than asset refinance alone.
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 accepts asset finance applications from £2,000, and a £200,000 refinance fits its mainstream banking appetite. Annual rates around 9.6% reflect high-street pricing. Underwriting is thorough, so expect affordability checks and possibly a personal guarantee.
Best next step: Prepare full financials for a bank application.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- High-street bank backing
- Loans from £2,000 to £25 million
- Broad product range available
Need to know
- Bank underwriting is stricter
- Personal guarantee may be required
- Valuation and legal costs apply
Expert take
A high-street bank with asset finance as part of a wider lending suite. For a £200,000 refinance, the rate clarity and brand strength appeal, and the process rewards businesses with clean accounts and patience.
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 suits established businesses that already hold owned assets on the balance sheet and want to refinance them. For a £200,000 refinance, annual rates run from 4.5% to 10.5%, among the sharper high-street options. Expect detailed affordability assessment before approval.
Best next step: Speak to your relationship manager first.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 4.5%
- Facilities up to £10 million
- Revolving credit option available
Need to know
- Strict affordability assessment
- Personal guarantee may apply
- Limits can be reviewed or withdrawn
Expert take
A mainstream bank with competitive pricing for lower-risk asset refinance deals. At £200,000, the rate advantage is real, and the process rewards businesses with clean accounts, strong trading history, and patience for bank timelines.
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 prices asset refinance from 8.5% annually, and a facility secured against owned plant or vehicles can fund growth or ease cash flow without selling the assets. For a £200,000 refinance, underwriting favours businesses with solid trading records. Legal and valuation costs sit on top.
Best next step: Check Barclays' current asset finance criteria.
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Annual rates from 8.5%
- Loans up to £25 million
- Secured against owned assets
Need to know
- Strong trading history expected
- Valuation and legal costs apply
- Bank underwriting timelines apply
Expert take
A major clearing bank whose asset finance arm handles refinance across plant, machinery, and vehicles. For £200,000, the facility size is routine, and the underwriting bar favours businesses that can demonstrate consistent performance.
HSBC Bank
Published loan range£1,000 to £300,000
Rate typeinterest 8.6% to 11.3% annually
Overview: HSBC typically funds asset refinance within 48 hours of approval, slower than specialists but backed by one of the UK's largest banks. For a £200,000 refinance, annual rates sit between 8.6% and 11.3%. Note the upper limit of £300,000 on asset finance.
Best next step: Confirm turnaround expectations upfront.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Major bank backing
- Annual rates from 8.6%
- Revolving credit available
Need to know
- £300,000 max for asset finance
- 48-hour funding after approval
- Limits can be reviewed or withdrawn
Expert take
A global bank whose UK asset finance operation suits straightforward refinance at modest scale. The £300,000 ceiling means a £200,000 facility uses most of your available headroom, which matters if you plan further asset-backed borrowing.
Source:https://www.business.hsbc.uk/en-gb/finance-and-borrowing
Close Brothers
Published loan range£25,000 to £100,000,000
Rate typebespoke 3.5% to 10% monthly
Overview: Close Brothers handles asset refinance from £25,000 to £100 million, with bespoke monthly rates starting at 3.5% that reflect asset type and risk profile. The lender brings deep experience in transport, manufacturing, and construction assets. For a £200,000 facility, funding can land within 24 hours on clean deals.
Best next step: Discuss rates with a specialist broker.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Loans up to £100 million
- Bespoke pricing by asset type
- Strong in transport and manufacturing
Need to know
- Bespoke rates, not standardised
- Asset type drives pricing
- Not directly available via all brokers
Expert take
A merchant banking group with decades of asset finance experience, particularly strong in heavy machinery and vehicle fleets. For a £200,000 refinance, their sector knowledge adds value if your assets sit in transport, construction, or manufacturing.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: For SMEs that find high-street banks too rigid, Aldermore takes a more flexible view on asset refinance. For a £200,000 refinance, annual rates range from 5% to 15%, shaped by asset quality and business profile. Facilities stretch from £1,000 to £10 million, with funding in around 48 hours.
Best next step: Check Aldermore's SME asset finance criteria.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- SME-friendly underwriting
- Loans from £1,000 to £10 million
- Annual rates from 5%
Need to know
- Rate depends on asset quality
- 48-hour funding timeline
- Not a high-street bank
Expert take
A challenger bank that bridges the gap between high-street lenders and specialist funders. For a £200,000 asset refinance, Aldermore often works where mainstream banks hesitate, and the rate you get reflects the risk they see.
Source:https://www.aldermore.co.uk/business/business-finance/asset-finance/
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How asset refinance at £200k compares to selling your assets
Asset refinance lets you borrow against equipment you already own without losing it. You keep the machinery, vehicles, or plant on your balance sheet and continue using them in day-to-day operations. The lender takes a charge over the assets in return for advancing capital.
Selling assets outright is the alternative, but it creates an immediate operational gap. If you sell a production line to raise cash, you lose the ability to fulfil orders. If you sell a fleet vehicle, your logistics suffer. Asset refinance avoids this trade-off entirely.
For a £200,000 raise, refinancing is often the smarter route when the equipment is still generating revenue. The asset continues to earn its keep while the released capital funds growth elsewhere in the business. You repay from ongoing cash flow rather than sacrificing productive assets.
This approach suits established businesses where owned assets have meaningful book value and are not already encumbered by existing finance.
What assets and LTV ratios support a £200,000 refinance
Lenders typically advance 70% to 80% of an asset's open market valuation, though some go higher. To raise £200,000, you need unencumbered assets worth roughly £250,000 to £285,000 at standard loan-to-value ratios. Higher LTVs reduce the total asset value required.
Among the lenders reviewed, maximum LTVs for asset refinance vary:
| Lender | Maximum LTV |
|---|---|
| Aldermore Asset Finance | 100% |
| Close Brothers | 90% |
| Reward Funding | 85% |
Aldermore Asset Finance can go up to 100% LTV in some cases, meaning a £200,000 facility could be secured against assets valued at £200,000. Reward Funding publishes up to 85%, and Close Brothers up to 90%.
Eligible assets include heavy plant machinery, commercial vehicles, manufacturing equipment, agricultural kit, printing presses, and construction plant. Lenders prefer assets with identifiable serial numbers, clear ownership records, and active resale markets. The assets must be free of existing finance. If HP or lease agreements are still outstanding, you typically need to settle those first.
How businesses put £200,000 from asset refinance to work
The capital released through asset refinance is unrestricted, so you decide where it goes. Common uses at the £200,000 level include purchasing stock or raw materials to fulfil larger contracts, hiring specialist staff or expanding a sales team, investing in marketing and customer acquisition, bridging seasonal cash flow gaps without disrupting operations, funding refurbishment or fit-out of premises, and paying down higher-cost debt to improve cash flow.
The key advantage is that you are not diluting equity or taking on unsecured debt. The facility is backed by assets you already own, which often means lower rates than unsecured alternatives. Reward Funding publishes rates from 0.99% to 3% per month on its asset finance facilities, while Lombard's rates range from 4% to 11.5% per month.
For capital-intensive businesses such as manufacturers, hauliers, and construction firms, asset refinance at this level can fund a meaningful expansion step without disrupting the asset base that generates day-to-day revenue.
What to expect during a £200k asset refinance application
The process starts with an asset schedule listing the equipment you want to refinance, including make, model, age, and condition. The lender arranges a valuation, either through an in-house assessor or an independent surveyor, to confirm open market value.
Once the valuation is agreed, the lender issues a formal offer outlining the advance amount, rate, term, and any fees. At £200,000, most lenders require a personal guarantee from directors. Reward Funding, Liberty Leasing, Close Brothers, and Aldermore Asset Finance all require personal guarantees on asset finance facilities.
Documentation typically includes proof of asset ownership, company accounts, bank statements, and ID verification for directors. If the assets are clearly recorded on your balance sheet and free of existing finance, underwriting can move quickly.
Turnaround varies. Specialist asset finance providers often complete from application to payout within two to four weeks. Bank lenders may take longer due to additional credit processes. Having an up-to-date asset register and recent accounts ready speeds things up considerably.
