The practical answer
Some lenders may consider general business purposes, but the intended use and the company’s underlying cash position must be disclosed.
Provide the tax amount, due date, current cash forecast and the asset information needed for assessment. Explain whether this is a one-off timing gap or a recurring inability to meet liabilities.
Securing borrowing on productive assets adds repayments and can put those assets at risk if the company cannot pay. Consider the full position with your accountant before relying on refinance as a solution.
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 →