Commercial Refinancing
Refinancing Your Commercial Loan
Firstly, consider why you are thinking about refinancing – what about your current business loan isn’t working for you? You may want to consolidate multiple loans into one, or reduce your repayments by opting for a loan with a lower interest rate. Perhaps you’d like to free up capital or gain more flexibility within your business. Once you consider your goal for committing to a commercial refinance, it will be far easier to evaluate the options available to you.
Carefully consider the pros and cons – ensure you understand the associated fees with leaving your current loan, as well as the costs and benefits of the prospective loans you are considering. These factors will inform your decision about whether a refinance is worthwhile.
When Is The Best Time To Refinance?
All of your funding should be reviewed annually to ensure its suitability for the requirements of your business. If your funding hasn’t been reviewed in the past two years, chances are your funding arrangements are no longer keeping up with your business needs and may be priced out of the market. It is best practice to review your funding agreements whenever new funding is arranged.
As your business strategies are updated, it is crucial to review your funding arrangements due to the significant (and often limiting) impact funding structures can have on business strategies. Your broker should always be involved in – or at least advised of – any changes to your business strategies so as to ensure funding will not be a roadblock.
Potential Benefits of Commercial Refinancing
Commercial refinancing with a broker from Whiteroom Finance has the potential to provide a few benefits to your business, including:
- Working with a broker enables the management of funding to be outsourced to a professional adviser who can efficiently and accurately seek market comparisons.
- The knowledge and experience of your broker allows for the efficient formation of views on market appetite, as well as related funding terms from a range of providers. This provides you with bespoke funding solutions tailored to your unique business requirements.
Why Choose Whiteroom Finance For Your Commercial Refinancing?
As is the case when taking out a commercial loan, there’s a range of factors you should carefully consider before committing to commercial refinancing. Whiteroom Finance, as your broker, takes the time to discuss and understand the unique requirements and objectives of your business, and how refinancing can assist you in achieving them.
From initial consultation, we’ll analyse your business’s financial position, making recommendations tailored to your situation. Our experienced team are committed to ensuring your loan product remains relevant to your business, as well as offering a free, annual loan review.
Potential Risks of Commercial Refinancing
As with all financial decisions, it is critical thoughtful consideration is given to the situation before committing to a refinance. Some potential risks of commercial refinancing include:
- Internal management of funding tends to rely on a singular financial provider to address all business needs. This can result in a funding solution which is made to fit a provider’s product or service rather than delivering a solution to suit the unique needs of your business.
- Often limited options are explored and considerable time is taken to arrange a solution with internal refinancing decisions. This is where working alongside a Whiteroom Finance broker can be a far more efficient use of your time.
The Whiteroom Commercial Refinancing Process
Our experienced team will work with you throughout your commercial refinancing journey, aiming to make the process as smooth and stress-free as possible.
Enquiry / Initial Conversation
Once you reach out to us, you’ll be connected with an experienced broker who will assist with your enquiry. We will gather all the relevant information about your current loan arrangements and your ongoing needs – considering market offers where possible.
Client Meeting
Following your initial contact with Whiteroom Finance, we will arrange a meeting between you and your broker. This meeting serves as a forum for us to gain a detailed understanding of your current situation and business objectives moving forward. During this meeting you will have the opportunity to advise us of what you like and dislike about your current arrangements (e.g. funding provider, service, etc.)
Business Analysis
Once all supporting information about your current situation and business objectives has been gathered, we will complete an analysis of your business’s performance. Our analysis includes examining the drivers of the need for finance, as well as suitable funding options that may be available to your business.
Finding You A Suitable Loan Product
Your Whiteroom Finance broker will liaise with various lenders and funding providers to form an opinion on the suitable options for your business and related objectives. Once we have a sound understanding of the options available to you, we’ll present the solutions and their strategy to you for implementation.
Ongoing Support
Once the implementation of your chosen refinancing product is complete, we will continue to assist you with your ongoing needs, including monitoring the suitability of your funding. Your Whiteroom Finance broker will be available to you if your business strategies change, or ad hoc needs arise.
Why Choose Us?
As a customer-centric finance broking firm, we ensure all our clients feel valued at Whiteroom Finance. We pride ourselves on delivering personal, high-quality service to all clients – from first time borrowers to large scale corporations. At Whiteroom Finance, we deliver tailored solutions suited to the unique financial requirements and goals of your business.