Praetura Asset Finance has unveiled a refinance funding facility that will allow businesses to create working capital, consolidate existing debts and conserve cashflow, the company said in a statement.
The refinance relief funding facilities – which will include an exclusive option of up to nine months of interest-only payments – will be available from 6 April until 31 May 2021, with funding available from £25,000 to £2m on hard asset refinance transactions, according to the UK-based company.
Ric Simmons, commercial director of Praetura Asset Finance
, said: “The new refinance relief funding from Praetura Asset Finance could help companies consolidate their existing finance agreements to ensure they are able to start repaying their Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) without severely can he month-by-month cashflow of the business.
“Depending on equity levels in a company’s assets, substantial amounts could be unlocked to provide an additional injection of working capital too.”
In November 2020, the British Business Bank accredited Kingsway Asset Finance (KAF) as a lender for the CBILS. KAF, a Praeture Asset Finance Group company, will offer CBILS term loan funding from £50,001 to £150,000 over two to five years, with no interest, fees or capital repayments in the first year.
The firm will be accepting applications for the CBILS proposition from both new and existing SME customers, referred by a panel of approved broker and intermediary partners.
Kingsway Asset Finance sales director, Mike Day, said: “At Kingsway we have a long history of supporting the borrowing requirements of the UK SME market. Now as an accredited non-bank lender, under the government-backed CBILS initiative, we look forward to providing qualifying businesses with the much-needed support they require during these testing times, via our panel of selected intermediaries”.
In May 2020, Praetura Asset Finance announced the appointment of Lewis Banford to the role of regional sales director for the South of England.