The practical answer
Request a dated written settlement directly from the current lender using the agreement details.
Check the asset or assets covered, expiry date, payment instructions and whether the figure assumes the next instalment is paid. For a multi-asset facility, ask about releasing the particular assets involved.
Share it with the broker and proposed lender before completion. Do not use the outstanding accounting balance or remaining instalments as a substitute for the lender’s settlement amount.
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 →