Novuna vs Shawbrook Asset Finance: Compare Business Lenders

For UK SMEs comparing asset based finance, Novuna Business Finance and Shawbrook Bank both focus on funding business critical assets, but they currently occupy slightly different positions in the market as of 2026. Novuna offers dedicated asset finance products including hire purchase and leasing, alongside wider business finance solutions tailored to SMEs across multiple sectors based on its finance products overview. Shawbrook operates as a specialist bank that supports businesses with facilities such as asset based lending and other business lending solutions, typically via brokers and advisers according to its business finance pages. In this guide, we compare how each lender approaches products, pricing transparency, eligibility and service to help you understand which might align better with your firm’s size, sector and funding needs without recommending either provider.

1. Products and terms at a glance

Novuna and Shawbrook both provide asset backed funding, but they do so through different structures and target slightly different customer profiles.

Novuna Business Finance

Novuna is a UK trading brand of Mitsubishi HC Capital UK PLC, focusing on asset finance and related business funding for SMEs based on its business finance overview. Key business products include:

• Asset finance for equipment and vehicles, described as a way to spread the cost of purchasing business assets without tying up working capital according to its asset finance page.
• Hire purchase, where Novuna funds the asset and the customer pays a deposit plus instalments and usually owns the asset at the end of the agreement, as outlined in its hire purchase guide.
• Leasing options including finance lease and operating lease, giving businesses use of assets without full upfront ownership based on its finance products summary.
• Invoice finance via the Novuna Business Cash Flow division, which offers invoice discounting and factoring facilities according to its invoice finance eligibility page.

Typical eligibility for Novuna’s asset finance includes being a UK based limited company, LLP, sole trader or partnership that has been trading for a period and is purchasing qualifying assets based on its asset finance eligibility section. Minimum and maximum deal sizes are not comprehensively listed across all products so exact limits vary. Novuna emphasises sector coverage such as manufacturing, transport, construction and healthcare through examples on its asset finance and SME asset finance guide, which indicates a broad SME and mid sized business focus rather than only very large corporates.

Shawbrook business lending and asset based lending

Shawbrook Bank Limited is an FCA authorised specialist bank that provides lending and savings products for UK businesses and individuals based on its about us page. In the business space, it highlights several lending solutions, including:

• Asset based lending that uses receivables, inventory, plant, property and other assets to structure flexible working capital and event driven facilities, as outlined on its asset based lending product page.
• Other business lending solutions such as term loans and funding for management buy outs and other transactions, summarised in its business lending overview.

Historically, Shawbrook operated a discrete Shawbrook Asset Finance division, but industry reporting indicates it paused new asset finance applications in early 2025 based on a Leasing Life news article. As of 2026, asset backed funding is positioned mainly under its asset based lending and broader business lending umbrella, so businesses tend to access it via structured facilities rather than retail style off the shelf asset finance products. Shawbrook’s business lending is generally targeted at established, often mid market businesses and is frequently introduced through brokers or advisers according to its business help pages. Detailed minimum and maximum facility sizes are not fully listed across all products so the precise range varies.

Comparing product scope

At a high level:

• Novuna clearly promotes SME focused asset finance, including hire purchase and leasing, with invoice finance available through a sister division based on its finance products overview and invoice finance eligibility guidance.
• Shawbrook positions itself as a specialist bank providing structured asset based lending and other term lending solutions, particularly for more complex or larger transactions according to its asset based lending description.

If your primary requirement is a straightforward asset finance agreement, Novuna’s dedicated proposition may feel more directly comparable to other traditional asset finance providers. For more complex, multi asset or higher value facilities, Shawbrook’s asset based lending framework may be more relevant, subject to broker and lender assessment.

2. Costs and repayments in practice

Neither Novuna nor Shawbrook publishes a complete tariff of APRs, fees or typical margins for business asset backed funding. Both emphasise that pricing is tailored to the risk profile of the business, asset quality, sector and deal structure. Novuna states that its business finance offers "simple and competitive funding" with "straightforward repayment options" and "no hidden fees" based on its business finance page, but does not provide a standard rate card. Shawbrook describes its solutions as tailored facilities that are structured around the specific assets and cash flows of each business rather than one size fits all pricing according to its asset based lending page. In practice, that means pricing varies. Because concrete numbers are not available, the comparisons below use illustrative assumptions solely to demonstrate how costs might behave under different structures, not to reflect actual quotes from either lender.

Repayment structures

• Novuna asset finance typically uses fixed term instalments, often monthly, over an agreed period, with either eventual ownership (hire purchase) or ongoing rental (lease), as described in its hire purchase guidance.
• Shawbrook asset based lending usually works as a revolving or term facility secured on a borrowing base of assets, where borrowing capacity moves with the value of receivables, stock and other assets, outlined in its asset based lending explanation.

Illustrative comparison table

The following table uses hypothetical figures and simplified assumptions to show structural differences in cost behaviour. All pricing entries are labelled "varies" to reflect that real rates are bespoke.

Worked example 1, single asset hire purchase (illustrative)

Assumptions, illustrative only and not specific to any lender:

• Equipment cost: £100,000
• Deposit: 10 percent (£10,000)
• Amount financed: £90,000
• Term: 5 years, 60 monthly payments
• Effective annualised cost of finance: varies

If a fixed interest rate were agreed, total interest payable over the term would depend on that rate. For example, if the effective annual cost were higher or lower, monthly repayments would adjust accordingly. In reality, Novuna would quote a specific repayment schedule and any fees in the agreement based on its hire purchase explanation. Shawbrook could also structure equipment funding but usually through a broader facility rather than a standalone hire purchase product as of 2026. Key implications of this type of structure:

• Cash flow is predictable, with fixed monthly outgoings for the term.
• At the end of the term, ownership typically passes to the business under hire purchase, subject to any option fees or conditions.
• The financed asset appears on the balance sheet under applicable accounting standards, with depreciation over time.

Worked example 2, revolving asset based lending facility (illustrative)

Assumptions, illustrative only and not specific to any lender:

• Borrowing base: trade receivables eligible at 80 percent advance rate plus inventory eligible at 50 percent, as an example of how borrowing bases are often structured in the market.
• At a given month end, eligible receivables of £1,000,000 and eligible inventory of £500,000 create a theoretical maximum facility of £1,150,000.
• The business chooses to draw £800,000 for working capital.
• Interest and fees: varies.

Under this type of facility, costs change based on utilisation:

• Interest is charged on the amount drawn, for the period it is outstanding.
• Monitoring or service fees may apply based on facility size or usage, which Shawbrook indicates can be tailored according to its asset based lending product page.
• As receivables are collected and inventory turns, borrowing capacity and outstanding balances move accordingly.

This differs from a fixed schedule of repayments, which is more typical of Novuna’s asset finance. It can suit businesses with fluctuating working capital needs and strong reporting capability.

Other cost considerations

Across both lenders, pricing is influenced by factors such as:

• Business credit profile and trading history, referenced by Novuna in its application tips on how to prepare for an asset finance application.
• Sector risk and asset type, including asset age and residual value expectations, which Novuna discusses in its benefits of asset finance for SMEs, and which underpin Shawbrook’s focus on multi asset collateral for asset based lending per its product description.
• Facility size, complexity and covenant package, factors that Shawbrook notes when describing tailored solutions for mid market businesses in its business lending documents and information section.

Because both lenders structure cost to individual deals and do not publish comprehensive rate tables, any decision making should be based on written quotes and full cost disclosures from each provider or via an intermediary. Published APRs or factor rates are not available for direct comparison and therefore vary.

3. Speed and service

Application and decision process

Novuna indicates that it focuses on "speedy release of funds" and "straightforward" processes for business finance according to its business finance overview, but it does not commit to specific approval times. It offers online enquiry forms for asset finance and signposts that decisions depend on information quality, sector and the complexity of the proposal based on its asset finance application tips. Actual turnaround therefore varies. Shawbrook does not publish standard decision times for asset based lending or other business facilities either. It emphasises working closely with corporate advisers, accountants and brokers to structure facilities for each client based on its business lending help pages. This type of structured approach can involve more detailed due diligence than simple single asset finance, so timelines are more dependent on transaction complexity than a fixed SLA, and actual speeds vary.

Customer support and ongoing relationship

Novuna provides dedicated business finance contact routes including phone and online forms, set out on its contact page, as well as topic specific FAQs such as how to raise a complaint on its asset finance FAQs. It also maintains sector and product guidance via its resource centre according to its guides and downloads hub. Shawbrook organises support through business help hubs, splitting savings and lending and offering online forms and phone numbers for business lending queries based on its business help pages. There is a central complaints process, explained on its complaints page, which applies to all its regulated activities. Neither lender publishes a detailed service level agreement for response times in the public domain, so response performance varies.

4. Who each lender suits

Based on public materials as of 2026, typical use cases differ more by deal profile and sophistication than by simple sector labels.

Novuna

Novuna may particularly suit businesses that:

• Want a relatively straightforward asset finance agreement for specific equipment, vehicles or machinery, as described in its asset finance overview.
• Are SMEs seeking funding at individual asset or modest portfolio level, in sectors such as manufacturing, transport, construction or healthcare referenced in its asset finance sector list.
• Prefer fixed term hire purchase or lease structures with predictable repayments based on the explanations in its finance products summary.
• Need guidance on preparing an application, for example using financial statements and a business plan, supported by tips in its asset finance application guide.

Shawbrook

Shawbrook may be more relevant where:

• A business requires a multi asset asset based lending facility that covers receivables, stock, plant and possibly property, in line with the collateral examples on its product page.
• The borrower operates at mid market scale and is comfortable working with a specialist bank and advisers, a segment Shawbrook describes in its business lending overview.
• Facilities are linked to corporate events such as acquisitions or management buy outs, which Shawbrook details on pages like its management buy outs section.
• A broker or corporate finance adviser is already in place to help structure and negotiate facilities, consistent with Shawbrook’s emphasis on working with intermediaries per its lending help pages.

5. How to apply

Applying with Novuna

Novuna sets out guidance on preparing for asset finance applications on its application tips page, which highlights the importance of:

• Knowing your business credit profile.
• Preparing a clear business plan and financial forecasts.
• Having up to date management accounts and filed accounts.
• Understanding the assets you wish to finance and their expected life.

Enquiries can usually be started via online forms or through introducers, and Novuna notes that it works with an approved panel of introducers on some products according to documentation such as its hire agreements referenced in its finance products section. Because eligibility criteria differ by product and sector, the exact documentation required varies.

Applying with Shawbrook

Shawbrook provides business lending support information via its business lending help hub, which indicates that it often works with corporate debt advisers, accountants, lawyers and other introducers to structure facilities. For asset based lending, prospective borrowers typically engage via advisers or specialist brokers who approach Shawbrook with detailed financial information, as implied by the tailored nature of facilities described on its asset based lending page. The bank lists central complaint and escalation procedures on its complaints page, and customers are reminded that they may have recourse to the Financial Ombudsman Service where eligible, which is consistent with standard UK banking practice.

Eligibility and due diligence

For invoice finance via Novuna Business Cash Flow, eligibility criteria include being a UK business that trades with other businesses and raises invoices, with sector examples and typical characteristics set out on its eligibility page. For asset finance, Novuna notes that being a UK based organisation and having a trading history helps support applications, as referenced in its asset finance eligibility section. Shawbrook does not publish a single consolidated eligibility list for asset based lending, but it signals that it focuses on established mid market businesses with tangible and financial assets that can form a borrowing base, as described on its product page. It also provides general business lending documentation and information via its business documents and information page, which indicates that financial statements and management information are expected. In both cases, due diligence typically includes reviewing financial accounts, cash flow, asset valuations and, where appropriate, directors’ backgrounds. Exact requirements vary by deal.

6. Final verdict

This comparison focuses on structural differences rather than recommending one lender over the other. Choose Novuna if:

• You primarily need clearly defined asset finance products such as hire purchase or leasing for specific equipment or vehicles, as presented on Novuna’s asset finance page.
• Your business is an SME looking for fixed term agreements with predictable repayments and straightforward documentation based on the structures in its finance products overview.
• You value sector specific guidance and resource centre material to help prepare applications, as offered via its guides and downloads hub.
• You are comfortable engaging directly with an asset finance provider or through standard brokers working with equipment suppliers.

Choose Shawbrook if:

• You require a more complex, multi asset facility where receivables, stock and fixed assets are used together to create a borrowing base, aligned with the approach in Shawbrook’s asset based lending proposition.
• Your business operates at mid market scale and may be undertaking corporate events such as acquisitions or management buy outs, which Shawbrook highlights in areas like its MBO funding information.
• You work with, or intend to work with, corporate finance advisers or brokers who can help structure tailored bank facilities, consistent with the intermediary led model described on its business lending help hub.
• You prefer to work with a specialist bank that can potentially provide a broader range of lending and savings products to the same group.

In both cases, pricing, eligibility and terms vary and should be confirmed through direct quotations and facility documentation. The most suitable option will depend on your business size, asset base, transaction complexity and preference between productised asset finance and bespoke asset based lending.

7. Sources

• Novuna Business Finance overview
• Novuna asset finance product page
• Novuna finance products summary
• Novuna Business Cash Flow invoice finance eligibility
• Novuna hire purchase guidance
• Novuna tips for a successful asset finance application
• Novuna benefits of asset finance for SMEs
• Novuna asset finance FAQs on complaints
• Novuna contact us page
• Novuna general complaints policy
• Shawbrook business finance overview
• Shawbrook business lending summary
• Shawbrook asset based lending product page
• Shawbrook business help hub
• Shawbrook help with business lending products
• Shawbrook management buy outs finance
• Shawbrook business documents and information
• Shawbrook complaints process
• Shawbrook about us page
• Leasing Life article on Shawbrook pausing asset finance applications
• Finder UK Novuna business finance review (secondary source)