Top 10 Lenders to Secure £850,000 Asset Refinance in the UK – 2026
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Top asset refinance lenders for £850,000 compared
| Rank | Lender | Best for | Published loan range | Loan rate |
|---|---|---|---|---|
| 1 | Reward Funding | Businesses with high-value machinery seeking competitive monthly rates on £850,000 refinance | £100,000 to £5,000,000 | interest 0.99% to 3% monthly |
| 2 | Liberty Leasing | Established firms with diverse equipment portfolios needing quick refinance decisions | £10,000 to £2,000,000 | interest 11% to 16% annually |
| 3 | Lombard | Larger asset refinance requirements backed by strong trading history and turnover | Up to £5,000,000 | interest 4% to 11.5% monthly |
| 4 | Time Finance | Businesses with substantial asset bases looking for annual-rate transparency on large refinance | Up to £5,000,000 | interest 5.5% to 13.5% annually |
| 5 | Metro Bank | Asset-rich businesses wanting bank-backed refinance with consistency across large facilities | £2,000 to £25,000,000 | interest 9.6% to 9.6% annually |
| 6 | NatWest Bank | Higher-turnover businesses seeking competitive annual rates from a high-street bank | £500 to £10,000,000 | interest 4.5% to 10.5% annually |
| 7 | Barclays | Businesses preferring bank-led asset refinance with a wide lending appetite | £1,000 to £25,000,000 | interest 8.5% to 14.9% annually |
| 8 | Novuna | Mid-market businesses with clean asset registers and moderate trading history | £10,000 to £5,000,000 | interest 4.5% to 12.5% monthly |
| 9 | Close Brothers | Large-scale asset refinance for high-turnover businesses needing bespoke funding structures | £25,000 to £100,000,000 | bespoke 3.5% to 10% monthly |
| 10 | Aldermore Asset finance | Businesses with shorter trading history seeking accessible asset refinance terms | £1,000 to £10,000,000 | interest 5% to 15% annually |
Asset refinance unlocks capital from plant, machinery, vehicles, or equipment your business already owns. A lender advances funds against the value of unencumbered assets, and you repay in fixed instalments while continuing to use them. It suits established UK businesses with a strong asset base that need working capital without selling equity or taking on unsecured debt. At £850,000, businesses commonly refinance high-value machinery, commercial vehicle fleets, or production equipment to fund expansion or consolidate existing finance.
Comparing asset refinance lenders goes beyond the headline rate. Valuation methodology varies: desktop versus physical inspection affects both speed and the amount you can raise. Loan-to-value ratios differ by asset type and can swing your facility by tens of thousands. Repayment term flexibility matters when matching cash flow from refinanced assets. At £850,000, also check whether a lender caps exposure as a percentage of your total asset base or requires cross-collateralisation across multiple assets.
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: A revolving credit structure with monthly rates starting below 1% makes asset refinance far cheaper than many fixed-term alternatives. Draw down only what you need and pay solely on the outstanding balance. The flexible facility works well for seasonal businesses. Expect a valuation process and legal costs on setup.
Best next step: Check eligibility for revolving asset finance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Rates from 0.99% monthly
- Revolving credit, pay only on use
- Up to £5m facility available
Need to know
- Valuation and legal costs apply
- Facility can be reviewed or withdrawn
- Tied to specific eligible assets
Expert take
A balance-sheet lender that underwrites against asset value rather than credit scores alone. For an £850,000 refinance, the revolving structure frees working capital while leaving headroom for future draws.
Source:https://rewardfunding.co.uk/
Liberty Leasing
Published loan range£10,000 to £2,000,000
Rate typeinterest 11% to 16% annually
Overview: Decisions often land within 24 hours, which matters when you need to refinance existing machinery or vehicles against a tight deadline. Annual rates from 11% keep repayments predictable across the term. The facility is secured against specific assets, so independent valuations form part of the process.
Best next step: Get a same-day refinance decision
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Funding decisions within 24 hours
- Annual rates from 11%
- Up to £2m facility ceiling
Need to know
- Asset valuations are required
- Deposits may be requested
- Facility tied to asset eligibility
Expert take
A direct asset finance provider with a lean decision process. The 24-hour turnaround suits businesses that have already identified the assets to refinance and need certainty quickly.
Lombard
Published loan rangeUp to £5,000,000
Rate typeinterest 4% to 11.5% monthly
Overview: With a ceiling of £5m across multiple asset classes, Lombard can refinance plant, machinery, and commercial vehicles inside a single facility. Monthly rates from 4% keep costs transparent for an £850,000 raise. The lender's decades in asset finance mean underwriting reflects real-world asset values. Independent inspections are standard.
Best next step: Refinance mixed assets under one facility
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Up to £5m across asset classes
- Monthly rates from 4%
- Decades of asset finance experience
Need to know
- Asset inspections are standard
- Valuation reports required
- Secured against specific assets
Expert take
A long-established asset finance name with pragmatic underwriting that reflects genuine resale values. For mixed asset pools, the single-facility structure simplifies an £850,000 refinance.
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 under one lender can unlock more working capital than either facility alone. Annual rates from 5.5% are competitive at this level. The dual approach suits businesses with both heavy assets on the balance sheet and a solid debtor book. Clean receivables and asset valuations are both required.
Best next step: Explore combined asset and invoice refinance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5.5%
- Asset and invoice finance combined
- Up to £5m total facility
Need to know
- Clean debtor book required
- Asset valuations are needed
- Costs may rise with usage
Expert take
A blended finance provider that structures deals around the full balance sheet. Businesses with strong receivables alongside unencumbered assets often access better overall terms on an £850,000 raise.
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: High-street banking applied to asset refinance means Metro Bank lends up to £25m with annual rates around 9.6%. The bank's broad product range lets you keep day-to-day banking and asset finance with one provider. Underwriting is thorough and will weigh trading history heavily. Expect a longer process than specialist funders.
Best next step: Apply for bank-backed asset refinance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates around 9.6%
- Lends up to £25m
- Full banking relationship possible
Need to know
- Slower bank underwriting process
- Strong trading history expected
- Personal guarantee may apply
Expert take
A mainstream bank that suits established businesses wanting to consolidate banking and asset finance relationships. The thorough credit process rewards strong trading records with competitive terms on larger refinance deals.
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: Funding can complete inside 24 hours once approved, and annual rates from 4.5% make NatWest one of the more cost-effective high-street options for refinancing assets. The bank lends up to £10m and can structure facilities across plant, vehicles, and equipment. Full credit assessment and a likely personal guarantee apply at this level.
Best next step: Check NatWest asset refinance rates
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 4.5%
- Up to £10m lending ceiling
- Multi-asset facilities available
Need to know
- Full credit assessment required
- Personal guarantee often needed
- Limits can be reviewed or changed
Expert take
A high-street bank with some of the sharper annual rates in asset finance. Businesses with clean credit and strong accounts can secure an £850,000 refinance at notably low cost.
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 £25m lending ceiling and specialist asset finance team let Barclays handle large or complex refinance deals across plant, commercial vehicles, and equipment. Annual rates from 8.5% apply, with pricing reflecting asset quality and borrower strength. Security requirements and formal valuations are standard at this facility size.
Best next step: Speak to Barclays asset finance specialists
More info
Company stats
Loan range
Rates and debtor rules
Benefits
- Lends up to £25m
- Specialist asset finance team
- Annual rates from 8.5%
Need to know
- Formal valuations are standard
- Security requirements apply
- Bank underwriting timescales
Expert take
A high-street institution with a dedicated asset finance division. For businesses refinancing diverse asset registers, Barclays can structure a single facility that captures value across multiple asset types.
Novuna
Published loan range£10,000 to £5,000,000
Rate typeinterest 4.5% to 12.5% monthly
Overview: Monthly-rate facilities from 4.5% give cost clarity on an £850,000 refinance, with Novuna funding up to £5m across equipment, vehicles, and machinery. Decisions typically land within 24 hours. The lender's broad asset appetite means fewer restrictions on what qualifies, though asset age and condition still affect the advance rate.
Best next step: Request a Novuna refinance quote
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Monthly rates from 4.5%
- Up to £5m facility size
- 24-hour decision turnaround
Need to know
- Strong trading history rewarded
- Asset valuations are needed
- Secured lending, not unsecured
Expert take
A well-established asset finance provider with a broad appetite for different asset classes. The 24-hour decision window and £5m ceiling make it a practical route for refinancing mixed equipment pools.
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 makes Close Brothers a natural fit for refinancing heavy plant, commercial fleets, or production lines. Bespoke monthly rates from 3.5% reward asset quality and borrower strength. The lender's upper ceiling of £100m accommodates substantial asset registers. A full appraisal process is standard.
Best next step: Apply for sector-specialist asset refinance
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Bespoke rates from 3.5% monthly
- Lends up to £100m
- Sector specialists in heavy industries
Need to know
- Full asset appraisal is standard
- £500k+ turnover typically expected
- Suits mid-market businesses
Expert take
A mid-market specialist with genuine sector expertise in asset-heavy industries. Businesses in transport, manufacturing, or construction refinancing to £850,000 benefit from underwriters who understand equipment lifecycles.
Aldermore Asset finance
Published loan range£1,000 to £10,000,000
Rate typeinterest 5% to 15% annually
Overview: Annual rates from 5% and a £10m ceiling give SMEs a straightforward route to refinancing plant, machinery, or commercial vehicles. Aldermore typically funds within 48 hours, and its underwriting is tuned to owner-managed businesses rather than corporate structures. Asset age and condition will influence the advance rate offered.
Best next step: Get an Aldermore refinance decision
More info
Company stats
Eligibility
Loan range
Rates and debtor rules
Benefits
- Annual rates from 5%
- Up to £10m facility ceiling
- SME-focused underwriting
Need to know
- Asset age affects advance rate
- 48-hour typical funding time
- Secured against specific assets
Expert take
An SME-centred lender whose underwriting reflects how owner-managed businesses operate. For an £850,000 asset refinance, the straightforward process and annual-rate pricing appeal to businesses wanting simplicity.
Source:https://www.aldermore.co.uk/business/business-finance/asset-finance/
Asset Finance Calculator
How asset valuation determines your £850,000 refinance offer
For an £850,000 asset refinance, the valuation of your equipment or machinery directly sets your borrowing ceiling. Lenders base their offer on what your assets would fetch in a forced sale scenario, not what you originally paid.
Plant and machinery with active secondary markets, such as CNC machines, excavators, and HGVs, tend to hold value better than bespoke or niche equipment. Commercial vehicles depreciate quickly, so age and mileage matter. Medical and dental equipment can attract strong valuations if the kit is modern and well maintained. Agricultural machinery, like tractors and combines, often benefits from seasonal demand that supports resale values.
Most lenders instruct an independent valuer to inspect the assets before releasing £850,000. The valuer checks condition, age, service history, and market comparables. Assets already financed elsewhere need a settlement figure before refinance can proceed. A clean asset register and up-to-date maintenance logs help the valuer reach a fair figure faster.
LTV ratios and rate bands at the £850,000 refinance level
At £850,000, loan-to-value ratios vary noticeably by lender. LTV is the percentage of an asset's valuation that a lender will advance. A higher LTV means you can raise more against the same assets.
Among lenders on this page, Reward Funding offers up to 85% LTV, Close Brothers stretches to 90%, and Aldermore can go to 100% on certain asset types. An 85% LTV on a £1 million asset pool would release exactly £850,000, so understanding where each lender sits is essential.
| Lender | Maximum LTV | Rate Range |
|---|---|---|
| Reward Funding | 85% | 0.99% to 3% per month |
| Close Brothers | 90% | 3.5% to 10% per month |
| Aldermore | 100% | 5% to 15% per year |
Rate structures also differ. For annual pricing, Liberty Leasing ranges from 11% to 16% per year. Higher LTVs often come with higher rates, so weigh the total cost against the extra capital released. A lender offering 100% LTV at a higher rate may still make sense if it unlocks the full £850,000 you need.
What lenders check before approving £850,000 in asset refinance
Lenders look at more than just asset value when underwriting an £850,000 refinance. Your trading history, turnover, and willingness to provide a personal guarantee all factor in.
Business age requirements range from six months with Aldermore to one year with Lombard, Novuna, and Close Brothers. Turnover thresholds are equally varied. NatWest looks for £300,000 in annual revenue, Close Brothers expects £500,000, while Novuna requires £50,000 and Lombard asks for £25,000. Aldermore has no minimum turnover requirement, which broadens access for asset-rich businesses with modest revenue.
Personal guarantees are standard at this level. Reward Funding, Liberty Leasing, NatWest, and Close Brothers all require a director's guarantee. Homeownership is rarely a condition: Metro Bank is the only lender here that lists it as a requirement. Most specialist asset funders, including Reward Funding, Liberty Leasing, Close Brothers, and Aldermore, do not ask for property security. Your existing asset finance commitments will also be reviewed to ensure refinancing improves your working capital position.
Preparing asset documentation for a smooth £850,000 refinance
A well-prepared application for £850,000 in asset refinance moves faster and attracts better terms. Lenders expect clear evidence of what you own, what it is worth, and that it is free of undisclosed charges.
Start with a detailed asset register listing each item, its make, model, year, serial number, and original purchase price. Include current estimated values if you have them. This document alone can cut days off the underwriting timeline.
Proof of ownership is essential. Gather original invoices, finance settlement letters for any assets previously funded, and HP agreements where applicable. If assets appear on your balance sheet, include the relevant extracts from your last filed accounts.
Maintenance and service records reassure valuers that the equipment has been looked after. For vehicles, include MOT history and mileage logs. For plant and machinery, service schedules and any manufacturer warranties should be attached. Finally, prepare a brief explanation of how the £850,000 will be used. Whether for working capital, debt consolidation, or growth investment, lenders want to see a clear and credible purpose for the refinance.
