The practical answer
It can. Existing security may affect whether the proposed lender can obtain the ownership or security position it requires.
Tell the broker about current borrowing, debentures, asset charges and any relevant restrictions. Provide the documents or lender details requested so consent or release requirements can be assessed.
Owning a machine outright under its purchase invoice does not necessarily mean no other security affects it. Resolve competing rights before assuming refinance funds can be released.
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: Asset refinance →