Top 10 Lenders for £650,000 Asset Refinance in the UK – 2026
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Top 10 Asset Refinance Lenders for £650,000
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Mid-market businesses refinancing high-value machinery or plant assets | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | SMEs seeking straightforward asset refinance with annualised pricing | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Established businesses refinancing diverse portfolios of owned equipment | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Growing businesses wanting annual-rate clarity on larger refinance deals | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Metro Bank | Businesses preferring high-street bank service for asset refinance | £2,000 to £25,000,000 | interest 9.6% to 9.6% annually |
| 6 | NatWest Bank | Higher-turnover firms seeking competitive bank-led asset refinance | £500 to £10,000,000 | interest 4.5% to 10.5% annually |
| 7 | Barclays | Established operators wanting bank-backed asset refinance at scale | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 8 | Novuna | Businesses with clean asset portfolios seeking competitive monthly rates | £10,000 to £5,000,000 | interest 4.5% to 12.5% monthly |
| 9 | Aldermore Asset finance | Firms of all sizes needing flexible asset refinance with low entry barriers | £1,000 to £10,000,000 | interest 5% to 15% annually |
| 10 | Close Brothers | Larger operators needing bespoke refinance terms for substantial asset pools | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
Asset refinance lets businesses borrow against assets they already own outright — plant, machinery, vehicles, or equipment — releasing working capital without selling those assets. It suits established operators that have built up unencumbered equipment and need liquidity for growth, acquisitions, or managing cash flow. A £650,000 refinance facility typically supports mid-sized firms looking to fund expansion or consolidate debt against tangible business assets.
Comparison goes beyond headline rates. The advance rate — what percentage of asset value a lender will advance — varies by asset type, age, and condition. Some lenders specialise in certain asset classes like heavy plant or commercial vehicles, which affects both the rate and the amount offered. Funding structure matters too: hire purchase versus leaseback arrangements carry different accounting and tax implications. At £650,000, most lenders require formal valuations, so turnaround time and valuation costs become practical differentiators.
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 from 0.99% make Reward Funding a sharper-priced choice for asset refinance against plant, machinery and vehicles. Its revolving credit structure lets you draw against unencumbered assets flexibly rather than taking a fixed lump sum, lowering overall borrowing costs where capital needs are seasonal. Monthly pricing may not suit borrowers wanting fixed annual rates.
Best next step: Compare flexible refinance terms through Funding Agent.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Monthly rates from 0.99% on refinance
- Revolving drawdown against multiple assets
- Decisions weighted on asset quality
Need to know
- Monthly pricing, not annual rates
- Legal and valuation costs apply
- Facility can be reviewed periodically
Expert take
A flexible asset-based lender that structures revolving facilities against hard assets. For a £650,000 refinance, the revolving model works well where assets are high-quality and capital needs fluctuate. Low starting rates favour borrowers with strong asset backing.
Source:https://rewardfunding.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: Loans from £10,000 to £2,000,000 mean Liberty Leasing can structure asset refinance across a broad spread of plant, machinery, vehicles and equipment. Annual interest rates between 11% and 16% keep pricing transparent and predictable across the full term. Funding can complete within 24 hours once valuations are agreed, though the rate band sits higher than some competitors for well-capitalised firms.
Best next step: See if Liberty Leasing fits your refinance needs.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Transparent annual rates, no hidden costs
- Funding within 24 hours possible
- Covers plant, vehicles and machinery
Need to know
- Annual rates from 11%
- Asset valuation needed upfront
- Deposits may be required
Expert take
A direct asset finance provider known for straightforward pricing and quick completion on uncomplicated refinance cases. For a £650,000 facility, Liberty suits businesses that value rate transparency and speed over chasing the lowest headline cost.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: As one of the UK's longest-established asset finance names, Lombard brings underwriting confidence to refinance against specialist or mixed-asset portfolios that smaller lenders often decline. Facilities reach £5,000,000, covering heavy plant, commercial vehicles and production machinery. Monthly rates from 4% to 11.5% reflect bespoke pricing per asset class. Expect a thorough but experienced credit process.
Best next step: Explore Lombard asset refinance via Funding Agent.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Facilities up to £5,000,000
- Funds specialist and mixed assets
- Deep underwriting experience
Need to know
- Monthly rates 4% to 11.5%
- Pricing varies by asset class
- Thorough credit assessment expected
Expert take
A heavyweight in UK asset finance with the balance sheet to handle complex portfolios. For a £650,000 refinance, Lombard's willingness to fund specialist machinery and mixed fleets makes it a strong candidate where assets are diverse.
Source:https://www.lombard.co.uk/
Time Finance
Published loan rangeUp to £5,000,000
Rate typeinterest 5.5% to 13.5% annually
Overview: Combining asset refinance with invoice finance, Time Finance unlocks working capital from plant and machinery alongside unpaid B2B invoices through a single relationship. Annual rates from 5.5% to 13.5% keep costs predictable. The dual approach can release more capital than asset refinance alone, though the invoice portion depends on debtor quality and concentration.
Best next step: Check combined refinance options with Time Finance.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Asset and invoice finance combined
- Annual rates from 5.5%
- Single lender, two funding lines
Need to know
- Debtor quality affects facility size
- Annual rates reach 13.5%
- Facility subject to periodic review
Expert take
A dual-product lender that can blend asset refinance with invoice discounting, maximising working capital from one relationship. For a £650,000 requirement, the combined approach suits asset-rich businesses that also carry a strong receivables ledger.
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: For businesses wanting asset refinance within an existing banking relationship, Metro Bank pairs annual fixed rates around 9.6% with face-to-face support. The lender's high-street model appeals to firms that value in-person service alongside digital access. Asset refinance works best here for straightforward plant, machinery or vehicle portfolios, though traditional bank underwriting typically takes longer than specialist lenders.
Best next step: Compare Metro Bank's refinance terms here.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Fixed annual rate around 9.6%
- High-street banking relationship
- Wide loan band to £25M
Need to know
- Traditional bank underwriting process
- May need existing relationship
- Slower than alternative lenders
Expert take
A high-street bank that embeds asset refinance into a full-service relationship. For a £650,000 refinance, Metro Bank fits where the asset portfolio is straightforward and the borrower can meet standard bank affordability criteria.
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 starting at 4.5% position NatWest among the most competitive bank lenders for asset refinance, provided the borrower has a strong credit profile. The bank draws on deep institutional funding to price keenly across plant, machinery, vehicles and equipment. Facilities range from £500 to £10,000,000, though the sharpest rates go to established businesses with clean credit and unencumbered assets.
Best next step: See NatWest asset refinance rates and terms.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from just 4.5%
- Major UK banking group backing
- Covers all standard asset classes
Need to know
- Best rates for strong credit
- Thorough bank underwriting
- Personal guarantee may apply
Expert take
A major clearing bank that prices asset refinance aggressively for strong credits. For a £650,000 facility, NatWest suits established businesses with clean balance sheets, where low starting rates translate into meaningful savings over the term.
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: A loan range reaching £25,000,000 gives Barclays the capacity to handle asset refinance at scale while still writing smaller facilities from £1,000. Annual rates fall between 8.5% and 14.9%, adjusted to asset type, age and borrower profile. The bank's asset finance division understands transport, manufacturing and construction assets well, though bank-grade underwriting means decisions are not the fastest.
Best next step: Explore Barclays asset refinance through Funding Agent.
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Facilities available up to £25M
- Sector experience across industry
- Established high-street presence
Need to know
- Annual rates 8.5% to 14.9%
- Detailed underwriting expected
- Valuation costs may apply
Expert take
A large-scale bank whose asset finance arm knows industrial and commercial assets well. For a £650,000 refinance, Barclays brings sector experience and balance-sheet depth, suiting borrowers with heavier or specialist asset classes.
Novuna
Published loan range£10,000 to £5,000,000
Rate typeinterest 4.5% to 12.5% monthly
Overview: A 24-hour decision turnaround makes Novuna a practical choice when refinance capital is needed urgently against owned plant, machinery or vehicles. The lender covers £10,000 to £5,000,000 in asset refinance, with monthly rates between 4.5% and 12.5% depending on asset class and credit profile. Speed does not mean skipping asset valuation, so have documentation ready.
Best next step: Check Novuna's fast refinance terms here.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Decisions within 24 hours
- Covers plant, vehicles and machinery
- Facilities available to £5M
Need to know
- Monthly rates 4.5% to 12.5%
- Asset valuation still required
- Pricing varies by asset type
Expert take
A responsive asset finance provider that prioritises speed without cutting corners on underwriting. For a £650,000 refinance, Novuna suits businesses that need capital released quickly and have clean, easily valued assets to put forward as security.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Aldermore takes a broader view of asset refinance, often considering cases that high-street banks decline where asset quality is strong but trading history is shorter or credit is imperfect. Loans run from £1,000 to £10,000,000 with annual rates between 5% and 15%. Funding typically completes within 48 hours, a middle ground between bank timelines and same-day specialists.
Best next step: Compare Aldermore refinance rates and terms.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Considers non-standard credit profiles
- Annual rates from 5%
- Broad asset eligibility
Need to know
- 48-hour typical turnaround
- Rates can reach 15%
- Asset valuation required
Expert take
A challenger bank that bridges the gap between high-street rigidity and specialist pricing. For a £650,000 refinance, Aldermore suits businesses with solid assets but credit profiles that might not clear traditional bank thresholds.
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: Deep sector knowledge in transport, manufacturing and construction sets Close Brothers apart when refinancing specialist or high-value asset pools. The lender structures bespoke facilities from £25,000 to £100,000,000 with monthly rates typically between 3.5% and 10%. This is relationship-led lending where asset utility and sector experience carry more weight than standard credit scoring.
Best next step: See Close Brothers refinance options here.
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Bespoke pricing for each facility
- Deep industrial sector expertise
- Facilities available up to £100M
Need to know
- Monthly rates 3.5% to 10%
- Minimum facility £25,000
- Relationship-led, not transactional
Expert take
A long-established merchant bank with genuine industrial lending DNA. For a £650,000 refinance, Close Brothers brings sector-specific underwriting that values asset utility and business fundamentals over tick-box credit scoring. Suited to mid-market firms with specialist equipment.
Asset Finance Calculator
How asset refinance unlocks £650,000 from equipment your business already owns
Asset refinance lets you borrow against plant, machinery, commercial vehicles or other business equipment you own outright, without selling it. The lender advances a percentage of the assets' current value while you continue using them day to day. You repay in fixed instalments over an agreed term. Once the facility is settled, the charge is released and the assets are fully yours again.
For a £650,000 facility, your asset portfolio needs to be worth enough to support that borrowing after the lender's advance rate is applied. Most lenders on this list will advance 85% to 100% of asset value, meaning you will typically need assets valued between £650,000 and £765,000. Close Brothers caps at 90% and Aldermore Asset Finance can reach 100% against qualifying assets.
This type of refinance suits businesses that have built up equipment value over time and need working capital without adding new debt secured against property.
Asset types and valuations that support a £650,000 refinance deal
Lenders look at asset type, age, condition and ease of resale when deciding how much to advance. Hard, standard assets with active secondary markets attract the highest advance rates. HGVs, construction plant, CNC machinery, printing presses and agricultural equipment typically qualify well. Bespoke or fast-depreciating assets like IT hardware or specialised tooling often attract lower advances or are excluded.
At the £650,000 level, most businesses will be refinancing a mix of assets rather than a single item. Lenders will assess the portfolio as a whole and apply a blended advance rate. The stronger the asset mix, the less total value you need to secure the full amount.
Condition and maintenance records matter too. Assets should be operational and well-serviced. Some lenders will also consider assets already under finance if significant equity has been built up, though unencumbered assets generally receive better advance rates and simpler underwriting.
Structuring a £650,000 asset refinance: rates, terms and lender criteria
At £650,000, you have a choice between lenders pricing monthly or annually. The table below shows how rates compare across selected lenders.
| Lender | Rate type | Typical rate range |
|---|---|---|
| Reward Funding | interest | 0.99% to 3% per month |
| Close Brothers | bespoke | 3.5% to 10% per month |
| Lombard | interest | 4% to 11.5% per month |
| NatWest Bank | interest | 4.5% to 10.5% per year |
| Time Finance | interest | 5.5% to 13.5% per year |
Monthly-rate lenders like Reward Funding and Close Brothers suit shorter refinance terms, while annual-rate lenders such as NatWest and Time Finance are more common for facilities running three to five years. At £650,000, most terms range from one to seven years depending on asset lifespan and lender preference.
Personal guarantees are standard at this level. Reward Funding, Liberty Leasing, Time Finance, Close Brothers and Aldermore all require them.
What £650,000 asset refinance costs and what lenders will want to see
Beyond the headline rate, a £650,000 refinance involves valuation fees, arrangement fees and legal costs. Lenders will commission an independent asset valuation, which you will typically need to pay for. Arrangement fees are common at this facility size, though costs vary by lender and deal complexity.
On eligibility, most lenders expect at least one year of trading. Lombard and Close Brothers both require 12 months, while Aldermore accepts businesses from six months. Turnover thresholds differ: Close Brothers expects £500,000 minimum, NatWest requires £300,000, while Novuna sets the bar at £50,000. Aldermore has no minimum turnover requirement.
You will also need to provide asset registers, maintenance records, recent accounts and proof of ownership. For an established business with a clean asset portfolio, a £650,000 facility is well within the scope of all ten lenders listed above.
