Top 10 £20,000 Asset Refinance Lenders in the UK for 2026
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Top 10 Asset Refinance Lenders for £20,000
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Lombard | SMEs refinancing vehicles or machinery for working capital | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 2 | Liberty Leasing | Businesses seeking annual-rate asset refinance from £10,000 | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Reward Funding | Larger-scale refinance; included for comparison at this amount | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 4 | Time Finance | SMEs after competitive annual-rate asset refinance | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Metro Bank | Businesses wanting a bank-backed asset refinance option | £2,000 to £25,000,000 | interest 9.6% to 9.6% annually |
| 6 | Barclays | Established SMEs preferring high-street bank refinance | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 7 | Nationwide Finance | Smaller businesses needing quick access to £20,000 | £10,000 to £500,000 | interest 4.5% to 11% monthly |
| 8 | NatWest Bank | Higher-turnover businesses seeking bank-backed refinance | £500 to £10,000,000 | interest 4.5% to 10.5% annually |
| 9 | Aldermore Asset finance | Businesses with newer assets needing flexible refinance terms | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Established operators; included for comparison at this amount | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset refinance lets you borrow against equipment, vehicles or machinery your business already owns outright. Instead of selling assets to raise cash, you keep using them while a lender advances funds secured against their value. This suits established SMEs that have built up asset equity but need working capital for growth or cash flow smoothing. Raising £20,000 through asset refinance is a practical middle ground — large enough to impact operations but small enough to keep repayments manageable.
Comparing asset refinance lenders means looking beyond the headline interest rate. Loan-to-value ratios determine how much you can raise against each asset, so understanding a typical LTV range is essential. Rate structures vary — some lenders quote annual rates while others use monthly pricing, which affects total repayment. Asset eligibility criteria differ between providers, particularly around age and type of equipment. Funding speed matters too: several lenders on our panel can complete a £20,000 refinance within 24 hours of approval.
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.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Lombard can keep the cost of releasing equity from existing machinery or vehicles competitive, with interest from 4% monthly. It is one of the UK's longest-established asset funders and lends against a broad range of productive assets. A formal valuation is usually needed before terms are confirmed.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Competitive monthly rates from 4%
- Broad asset acceptance criteria
- Established UK asset funder
Need to know
- Formal asset valuation usually required
- Monthly interest structure applies
- Terms depend on asset type and age
Expert take
A heavyweight in asset-backed lending, Lombard suits established SMEs with quality machinery or vehicles to refinance. For a £20,000 raise, the asset's condition and resale value will heavily influence the rate offered.
Source:https://www.lombard.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: Liberty Leasing often turns around asset refinance decisions within 24 hours, which helps when working capital cannot wait. The facility is secured against vehicles, plant or equipment you already own. Expect annual interest pricing that makes long-term cost comparison straightforward.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Funding decisions within 24 hours
- Annual interest for easy comparison
- Refinance vehicles, plant or equipment
Need to know
- Rates between 11% and 16% annually
- Asset condition affects eligibility
- Minimum facility of £10,000 applies
Expert take
A responsive asset funder geared towards SMEs that need to unlock equity quickly. Liberty's annual-rate model makes repayment costs transparent, and the £10,000 minimum keeps smaller refinance deals accessible.
Reward Funding
Published loan range£100,000 to £5,000,000
Rate typeinterest 0.99% to 3% monthly
Overview: Reward Funding begins at a £100,000 minimum, targeting SMEs that want to refinance heavier plant, commercial fleets or production machinery. Monthly rates can drop as low as 0.99%. The revolving structure lets businesses draw, repay and redraw against the same asset pool, suiting firms with fluctuating working-capital demands.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Low monthly rates from 0.99%
- Flexible revolving drawdown structure
- Suits heavy plant and fleet refinance
Need to know
- Minimum facility of £100,000
- Asset security and valuation needed
- Legal costs may apply
Expert take
A revolving-asset lender aimed at mid-sized and larger SMEs with substantial plant or machinery. The low entry rate rewards businesses that can meet the six-figure minimum facility requirement.
Source:https://rewardfunding.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Time Finance lends up to £5,000,000 against assets and unpaid invoices, giving SMEs room to scale beyond an initial equity release. Annual interest from 5.5% keeps long-term costs predictable. The lender blends invoice and asset-backed facilities, which can suit businesses wanting to unlock value from both debtors and owned equipment.
Best next step: Generate offers
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual interest from 5.5%
- Combines invoice and asset funding
- Facilities available up to £5m
Need to know
- Invoice quality affects facility terms
- Asset-backed funding requires valuation
- Drawdown limits may be reviewed
Expert take
A dual-product lender that bridges asset refinance and invoice finance under one roof. For a business holding both unpaid invoices and owned equipment, Time Finance can structure a combined facility that maximises working capital.
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 structures asset refinance as a straightforward term facility secured against equipment or vehicles, with a single annual rate of 9.6% that removes pricing guesswork. The bank's branch network can appeal to business owners who prefer face-to-face relationship management. Underwriting tends to follow mainstream credit criteria with affordability checks.
Best next step: See lender review
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Single annual rate of 9.6%
- High-street branch access
- Term-loan structure, clear repayments
Need to know
- Bank underwriting can be slower
- Strong trading history expected
- Personal guarantee may be required
Expert take
A high-street bank with a transparent single-rate approach to asset refinance. Metro Bank works best for established SMEs that can meet mainstream affordability tests and value in-person banking relationships.
Source:https://www.metrobankonline.co.uk/business/borrowing/
Barclays
Published loan range£1,000 to £25,000,000
Rate typeinterest 8.5% to 14.9% annually
Overview: Barclays asset finance covers businesses across most sectors, from construction and haulage to manufacturing and agriculture. Annual rates span 8.5% to 14.9%, and the bank refinances a wide range of productive assets at a minimum of just £1,000. Be prepared for a full credit review and possible request for a personal guarantee.
Best next step: See lender review
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Minimum facility from £1,000
- Wide sector and asset coverage
- High-street brand with broad reach
Need to know
- Full credit review required
- Rate depends on asset and profile
- Personal guarantee may be requested
Expert take
A universal bank with one of the broadest asset finance books in the UK. Barclays can refinance almost any productive asset type across nearly every industry, backed by the underwriting depth of a major high-street lender.
Nationwide Finance
Published loan range£10,000 to £500,000
Rate typeinterest 4.5% to 11% monthly
Overview: Nationwide Finance prices asset refinance from 4.5% monthly, which can keep costs competitive when releasing equity from owned plant or vehicles. The lender operates between £10,000 and £500,000, keeping its focus on smaller and mid-range working-capital needs. Monthly servicing aligns repayments with shorter cash-flow cycles.
Best next step: See lender review
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Monthly rates from 4.5%
- Focus on sub-£500k facilities
- Secured against plant or vehicles
Need to know
- Ceiling of £500,000 applies
- Asset valuation likely required
- Monthly rate, not annual pricing
Expert take
A compact asset funder that concentrates on the sub-half-million market. Nationwide Finance's monthly-rate model can suit businesses that prefer aligning repayments with weekly or monthly revenue patterns.
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NatWest Bank
Published loan range£500 to £10,000,000
Rate typeinterest 4.5% to 10.5% annually
Overview: NatWest aims for a 24-hour initial response on asset refinance applications, which is relatively quick for a high-street bank. Annual rates range from 4.5% to 10.5%, and the minimum facility of £500 makes even modest equity-release deals accessible. Expect standard bank underwriting with affordability and trading-history checks.
Best next step: See lender review
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 4.5%
- Low £500 minimum facility
- 24-hour initial response target
Need to know
- Full bank underwriting applies
- Trading history and affordability checked
- Personal guarantee may be needed
Expert take
A high-street lender that bridges bank-grade pricing with a faster-than-typical response time. NatWest suits SMEs that want mainstream annual rates but need a quicker indication than traditional bank timelines allow.
Source:https://www.natwest.com/business/loans-and-finance.html
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Aldermore accepts asset refinance applications from £1,000, making it one of the most accessible lenders for SMEs releasing smaller amounts of equity from owned equipment. Annual rates sit between 5% and 15%, and the lender covers a wide asset spectrum. Funding typically takes around 48 hours once terms are agreed.
Best next step: See lender review
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Minimum facility from £1,000
- Wide asset type acceptance
- Annual interest from 5%
Need to know
- Funding around 48 hours
- Rate depends on credit profile
- Asset valuation usually needed
Expert take
A broad-spectrum asset funder with a particularly low entry point. Aldermore's £1,000 minimum and annual-rate pricing make it a practical option for smaller refinance needs where a 48-hour turnaround is acceptable.
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 operates at the larger end of asset refinance, with facilities starting at £25,000 and extending to £100,000,000. Rates are bespoke, typically ranging from 3.5% to 10% monthly, and the lender has deep expertise in transport, manufacturing and construction. It suits established mid-market businesses with significant asset bases.
Best next step: See lender review
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Bespoke pricing for each deal
- Deep sector expertise in heavy industries
- Facilities available up to £100m
Need to know
- Minimum facility of £25,000
- Mid-market focus, £500k+ turnover
- Bespoke pricing, not standardised
Expert take
A heavyweight asset funder built for mid-market firms in transport, manufacturing and construction. Close Brothers brings deep industry knowledge to complex refinance deals, with a minimum facility that reflects its mid-market focus.
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How asset refinance works to raise £20,000 for your business
Asset refinance lets you borrow against equipment, vehicles or machinery your business already owns outright. The lender takes a charge over the asset in exchange for a lump sum — in this case £20,000 — which you repay in fixed instalments over an agreed term.
Your business keeps full use of the asset throughout. Unlike selling it to free up cash, refinancing preserves operational capacity while releasing working capital. The £20,000 figure sits comfortably within most lenders' published ranges. Barclays accepts facilities from £1,000 and Aldermore Asset finance from £1,000, making £20,000 an accessible middle ground.
The lender will typically assess the asset's market value, its condition and its resale potential. Approval also depends on your trading history and turnover. Lombard asks for a minimum of 12 months' trading and £25,000 in annual turnover. Aldermore Asset finance requires just six months and sets no turnover floor, which opens the option to younger businesses.
What types of assets qualify for a £20,000 refinance
Most asset refinance lenders accept a broad range of owned business assets. Vehicles — including commercial vans, HGVs and company cars — are among the most commonly refinanced. Plant and machinery such as CNC equipment, printing presses, forklifts and agricultural kit also qualify. Some lenders extend to office equipment, IT hardware and fitted-out commercial units.
The £20,000 borrowing level suits mid-value assets well. An HGV, a piece of manufacturing equipment or a small fleet of vans would typically hold sufficient equity to secure this amount. Lenders will want to see that the asset is free of existing finance and in reasonable working order.
Close Brothers sets a minimum facility of £25,000, which sits just above the £20,000 target, while Liberty Leasing starts from £10,000 and Nationwide Finance also begins at £10,000. Checking minimum and maximum loan sizes before applying saves time.
LTV ratios and costs when refinancing assets for £20,000
The loan-to-value (LTV) ratio determines how much you can borrow against an asset's worth. Aldermore Asset finance publishes an LTV of up to 100%, meaning the full appraised value could be advanced. Close Brothers caps LTV at 90% and Reward Funding at 85%. For a £20,000 refinance, your asset needs a market value at least equal to — and often higher than — the amount you intend to raise.
Rates vary considerably by lender and structure. The table below shows the spread across five providers.
| Lender | Rate type | Typical rate range |
|---|---|---|
| Reward Funding | Monthly interest | 0.99% to 3% per month |
| Lombard | Monthly interest | 4% to 11.5% per month |
| Close Brothers | Bespoke monthly | 3.5% to 10% per month |
| NatWest | Annual interest | 4.5% to 10.5% per year |
| Aldermore Asset finance | Annual interest | 5% to 15% per year |
Monthly rates compound, so comparing total cost across the full term is essential. Most asset refinance lenders also require a personal guarantee from directors. Liberty Leasing, Reward Funding, Nationwide Finance and Aldermore Asset finance all list this as a condition.
How £20,000 asset refinance compares to other SME funding options
Asset refinance differs from unsecured business loans in one key way: it is secured against tangible assets you already own. This typically results in more favourable pricing than unsecured facilities, where the lender has no collateral to fall back on. For a £20,000 requirement, an unsecured loan might carry a higher rate but avoids tying up business assets.
Compared to invoice finance, asset refinance does not depend on outstanding debtor books. It suits businesses with equipment-heavy balance sheets rather than those with high receivables. Compared to a straightforward asset sale, refinancing keeps the asset in service while still releasing capital.
Eligibility for asset refinance is generally more accessible than for bank overdrafts or long-term bank loans. Aldermore Asset finance requires only six months of trading and no minimum turnover, whereas NatWest asks for £300,000 in annual turnover. Metro Bank requires the borrower to be a homeowner. The trade-off is the personal guarantee most lenders require. For businesses that own vehicles, machinery or equipment outright, asset refinance offers a direct way to raise £20,000 without selling productive assets or diluting equity.
