The practical answer
Check the agreement and obtain any required lender consent before making material changes.
Explain the proposed modification, cost, supplier and effect on value, insurance and intended use. Permanent conversions can affect the lender’s security differently from removable accessories.
If another lender will finance the modification, both ownership positions need resolving. Do not assume permission from the original supplier is also permission from the finance provider.
Commercial finance is subject to status, lender approval and the specific asset and transaction. The right structure depends on the complete circumstances of the business.
What should I do next?
Have the asset details, supplier information and an outline of what the business needs ready. DCF can then discuss the requirement and identify which lenders may be suitable.
Read: Compare finance structures →