Top 10 Lenders to Secure a £400,000 Asset Refinance in 2026
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Top 10 lenders for a £400,000 asset refinance
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Businesses refinancing high-value plant or machinery at competitive monthly rates | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Mid-sized firms refinancing mixed asset portfolios with transparent annual rates | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Established companies seeking flexible refinance terms on large asset bases | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Businesses wanting annual-rate refinance with high lending caps | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Metro Bank | Businesses preferring a bank-backed refinance with a fixed annual rate | £2,000 to £25,000,000 | interest 9.6% to 9.6% annually |
| 6 | NatWest Bank | Higher-turnover firms wanting competitive bank refinance rates | £500 to £10,000,000 | interest 4.5% to 10.5% annually |
| 7 | Barclays | Companies seeking asset refinance through a familiar high-street bank | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 8 | Nationwide Finance | Businesses near the £500k ceiling comparing monthly-rate specialists | £10,000 to £500,000 | interest 4.5% to 11% monthly |
| 9 | Aldermore Asset finance | Firms needing flexibility across a wide annual-rate lending range | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Larger enterprises seeking bespoke refinance on substantial asset portfolios | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset refinance lets established businesses release capital from plant, machinery, vehicles and equipment they already own outright. Instead of selling assets to raise funds, you borrow against their current market value while keeping them operational. This suits profitable UK companies that have built up substantial asset bases over time and now need working capital, acquisition funding, or growth investment without diluting equity or taking on unsecured debt.
Comparing lenders means looking beyond headline rates at how each one values your specific assets, since advance rates vary significantly between funders. Check whether quotes use monthly or annual interest calculations, as this affects real borrowing cost. Review minimum and maximum lending limits, because some specialists cap lower than others. Ask about early settlement terms and whether agreements require full asset portfolios or allow partial releases.
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: Monthly rates start at 0.99% when refinancing existing plant, machinery and vehicles, making Reward Funding a cost-conscious choice for a £400,000 asset refinance. The facility is structured against the resale value of your equipment, with funds available within 24 hours of approval. Expect a valuation to confirm asset worth before drawdown.
Best next step: Compare rates for your asset profile
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Low monthly rates from 0.99%
- Revolving credit for repeat access
- Funds released within 24 hours
Need to know
- Asset valuation required before drawdown
- Secured against your equipment and machinery
- Monthly cost varies with usage levels
Expert take
A specialist asset-based lender competing aggressively on rate for clean, well-maintained equipment. Established businesses with late-model plant or fleet assets tend to get the strongest terms here.
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 funds asset refinance from £10,000 to £2,000,000, giving established businesses a straightforward route when releasing capital from owned machinery, vehicles or equipment. For a £400,000 refinance, annual rates of 11% to 16% mean fixed repayments that are easy to model into cash flow forecasts. Funding typically lands within 24 hours of signing.
Best next step: Check eligibility for your asset type
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Fixed annual rate structure
- Loans from £10k to £2 million
- Same-day funding after approval
Need to know
- Annual interest from 11% to 16%
- Asset type affects eligibility and terms
- Valuation may be required pre-offer
Expert take
A dependable asset finance house with a wide appetite across vehicle, plant and machinery classes. For a £400,000 refinance, the fixed-rate structure gives predictable repayments that suit long-term planning.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: Drawing on deep institutional resources, Lombard assesses and funds asset refinance against high-value plant and fleet, with facilities reaching £5,000,000. Monthly rates from 4% to 11.5% reflect asset condition and resale market data. Decisions often come through within 24 hours for clean cases.
Best next step: See how Lombard values your assets
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Backed by institutional lending heritage
- Facilities available up to £5 million
- Fast decision on clean applications
Need to know
- Monthly rate shaped by asset condition
- Requires detailed asset schedule upfront
- Older assets may attract higher pricing
Expert take
A long-established name in UK asset finance, part of a major banking group. For a £400,000 refinance, the institutional backing and deep sector knowledge make this a strong fit for mid-market plant and fleet owners.
Source:https://www.lombard.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: The revolving structure at Time Finance lets businesses draw, repay and redraw against refinanced assets as trading needs shift. Annual rates run 5.5% to 13.5% and the lender also handles invoice finance, useful for B2B firms wanting both facilities under one roof when releasing capital from owned equipment.
Best next step: Explore combined asset and invoice facilities
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5.5%
- Revolving drawdown structure
- Combine asset and invoice finance
Need to know
- Best suited to B2B trading businesses
- Asset age affects advance rate
- Revolving facility subject to review
Expert take
A flexible finance house that bridges asset and invoice lending for mid-sized B2B firms. The cross-product capability suits businesses wanting to refinance equipment now while keeping receivables funding open for later.
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: A fixed 9.6% annual rate sets Metro Bank apart from lenders that quote low headline figures and adjust later. The high-street bank writes asset refinance from £2,000 to £25,000,000 and suits business owners who value rate certainty and a regulated banking relationship. Bank underwriting does mean a more thorough application process than specialist lenders.
Best next step: Speak to a Funding Agent about Metro Bank
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Fixed 9.6% annual interest rate
- Backed by a regulated bank
- Facilities available to £25 million
Need to know
- Bank underwriting is more detailed
- May require personal guarantee
- Longer processing than specialist lenders
Expert take
A high-street bank with a growing business finance arm. For a £400,000 asset refinance, the rate certainty and regulated environment appeal to established businesses that already bank with Metro and value relationship pricing.
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: Annual rates from 4.5% to 10.5% put NatWest among the more competitively priced high-street options for refinancing business assets. The bank's asset finance team structures terms against plant, machinery and commercial vehicles, with the added benefit of integrating a £400,000 facility into your existing NatWest business banking relationship.
Best next step: Request a NatWest asset finance quote
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 4.5%
- Integrates with business banking
- Wide asset class acceptance
Need to know
- Bank affordability checks apply
- Personal guarantee often required
- Longer approval timeline likely
Expert take
A major clearing bank with a well-resourced asset finance division. Existing NatWest business customers refinancing assets often find the relationship integration and rate banding work in their favour.
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: With a lending appetite stretching to £25,000,000, Barclays treats asset refinance as a routine transaction for established businesses. Annual rates of 8.5% to 14.9% reflect the bank's risk-based pricing model. Expect standard bank due diligence on trading history and affordability before an offer is made.
Best next step: Check Barclays asset finance eligibility
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Facilities available to £25 million
- Regulated bank security
- Broad asset type acceptance
Need to know
- Risk-based pricing up to 14.9%
- Trading history scrutinised closely
- Bank process slower than specialists
Expert take
A pillar of UK business banking with an extensive asset finance book. For a £400,000 refinance, Barclays suits established firms with clean accounts that value the stability of a familiar high-street name.
Nationwide Finance
Published loan range£10,000 to £500,000
Rate typeinterest 4.5% to 11% monthly
Overview: Businesses with solid assets but imperfect credit records often find Nationwide Finance more receptive than high-street banks. The lender funds asset refinance from £10,000 to £500,000 against plant, machinery and receivables, with monthly rates from 4.5% to 11%. Asset quality tends to carry more weight than credit score alone.
Best next step: See if your assets qualify
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Flexible underwriting approach
- Secured against business assets
- Decisions in 24 hours
Need to know
- Monthly interest structure
- Upper limit of £500,000
- Invoice quality affects pricing
Expert take
A pragmatic lender that prioritises asset quality over pristine credit files. For a £400,000 refinance, businesses with solid equipment but patchy trading history may find a more receptive ear here than on the high street.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Mid-market asset values get a more considered assessment at Aldermore, where annual rates of 5% to 15% are shaped by equipment condition and business profile rather than a one-size-fits-all scorecard. Facilities run from £1,000 to £10,000,000 with funding typically landing within 48 hours.
Best next step: Explore Aldermore asset refinance terms
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5%
- SME-focused underwriting
- Facilities to £10 million
Need to know
- 48-hour funding timeline
- Asset valuation shapes advance rate
- Risk-based pricing to 15%
Expert take
A specialist SME bank that understands mid-market asset values deeply. For a £400,000 refinance of plant or fleet, the asset-led approach typically yields competitive terms for well-maintained equipment.
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 is one of the longest-standing names in UK asset finance, with a particular strength in transport, manufacturing and construction sectors. Bespoke monthly rates from 3.5% to 10% are priced against asset class and business profile, and the lender routinely handles refinance facilities well into eight figures. Decisions come within 24 hours for well-prepared cases.
Best next step: Enquire about Close Brothers asset refinance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Deep sector expertise
- Bespoke pricing per asset class
- Facilities available to £100 million
Need to know
- Bespoke monthly rate structure
- Turnover threshold typically £500k
- Detailed asset schedules required
Expert take
A heavyweight in UK asset finance with unmatched depth in transport, manufacturing and construction. For a £400,000 refinance, Close Brothers brings sector-specific underwriting that often translates into higher advance rates against specialist equipment.
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How asset refinance works for releasing £400,000 from owned equipment
Asset refinance lets an established business borrow against plant, machinery, vehicles or equipment it already owns outright. The lender takes security over the assets and advances capital based on their current market value. The business keeps using the assets as normal while repaying the facility.
For a £400,000 refinance, the lender will commission an independent valuation. Most funders on this page advance between 85% and 100% of the asset value. Reward Funding caps advances at 85% loan-to-value, while Aldermore Asset Finance offers up to 100% LTV. Close Brothers sits at 90% LTV.
This means a business needs unencumbered assets worth roughly £400,000 to £470,000, depending on the lender. The assets must be free of existing finance or the existing facility must be settled as part of the refinance. Liberty Leasing offers terms from 1 to 5 years, while Metro Bank can stretch terms to 30 years for larger asset-backed deals.
What assets qualify for a £400,000 asset refinance
Lenders on this page accept a broad range of business assets for refinance. Plant and machinery, commercial vehicles, agricultural equipment, printing presses, CNC machines, construction plant, and manufacturing lines all commonly qualify. The key requirement is that the assets must have a clear resale value.
Valuation is central to a £400,000 refinance. Lenders typically use RICS-registered surveyors or specialist asset valuers. Age, condition, remaining useful life, and market demand all affect the valuation. Newer assets with strong secondary markets attract better advance rates.
Some lenders specialise in particular asset types. Close Brothers, with a maximum facility of £100 million and minimum loan of £25,000, has deep experience across industrial and transport assets. Lombard, part of NatWest Group, covers assets up to £5 million and requires at least one year of trading history with £25,000 minimum turnover. Bespoke or highly specialised equipment may attract a lower advance rate.
Comparing rates and costs for a £400,000 asset refinance
Rates for asset refinance vary significantly by lender, asset type, and borrower profile. Reward Funding publishes rates from 0.99% to 3% per month, while Lombard quotes 4% to 11.5% per month. The difference often reflects risk appetite and the types of assets each lender prefers.
Several lenders quote annual rates. Liberty Leasing charges 11% to 16% per year, and Time Finance ranges from 5.5% to 13.5% per year. NatWest Bank sits between 4.5% and 10.5% per year for businesses with turnover above £300,000. Aldermore Asset Finance starts at 5% per year and goes to 15% per year. Metro Bank publishes a single rate of 9.6% per year.
Most rates on this list are fixed for the term, giving predictable monthly costs. Close Brothers uses bespoke pricing from 3.5% to 10% per month. Beyond the headline rate, businesses should compare arrangement fees, valuation costs, and early settlement terms. A lower rate can sometimes mask higher upfront charges.
Eligibility and security requirements for a £400,000 asset refinance
Lenders on this page assess both the asset and the business. Minimum turnover requirements range from £0 with Aldermore to £500,000 with Close Brothers. NatWest requires £300,000, Nationwide Finance asks for £50,000, and Lombard needs £25,000.
Trading history expectations also differ. Aldermore accepts businesses from 6 months. Lombard and Close Brothers ask for at least 1 year. Nationwide Finance can work with businesses trading for just 3 months, which is useful for younger but asset-rich companies.
Most lenders require a personal guarantee from directors. Reward Funding, Liberty Leasing, Time Finance, Aldermore, Close Brothers, Metro Bank, and NatWest all list personal guarantees as required. This means directors are personally liable if the business defaults. Homeownership is rarely a condition for asset refinance. Metro Bank and Nationwide Finance are the only lenders on this list that require it. The primary security is the asset itself, which is why LTV and valuation matter more than property ownership.
