We have tried to answer the questions that come up most often, as directly as we can. If something is not covered here, call us; there is no question too basic and no situation too complicated to discuss.
Possibly, and it is more common than you might think. Over the years, paperwork gets lost, businesses change hands, and records are not always kept in the way they should be. What matters to a lender is that the asset exists, is owned by the business free of finance, and can be valued. If original purchase documents are not available, a letter from your accountant confirming the asset is on the balance sheet and free of finance can often be sufficient. Supplier records (service history, delivery notes, warranty documentation) can also help to establish provenance. We deal with this regularly and will advise on what a specific lender will need before we submit anything.
Yes, and it is one of the strongest and most common reasons to refinance. An outstanding HMRC liability, whether corporation tax, VAT or PAYE, is not in itself a barrier to refinance, and in many cases it is the very reason a refinance makes sense. Releasing equity from your assets to repay HMRC immediately stops further interest and penalties accumulating, removes the threat of enforcement action, and allows the business to move forward from a clean position. We have arranged refinance specifically to clear HMRC debts on many occasions. Be honest about the liability when we speak; it helps us present the case accurately to the lender, and lenders prefer honesty over discovering a liability partway through their assessment.
This is one of the most common misconceptions about refinance, and it is worth addressing directly. The depreciated book value shown in your accounts is an accounting figure, it reflects how your accountant has treated the asset for tax and reporting purposes, and it is often completely different from the asset's actual market value. A tractor that is fully depreciated in your accounts may still be worth £40,000, £60,000 or more on the open market, depending on age, make, model and condition. Lenders lend against market value, not book value. If your assets are still working, still useful, and still have a market, they almost certainly have more value for refinance purposes than your accounts suggest. The conversation is always worth having.
Yes. Inspection is an essential part of the refinance process. Early on, we will ask for photographs and, where practical, short video footage of the assets so we can assess their condition and form a preliminary view on value. Before any payout is made, a formal inspection will take place, either by Martin visiting in person or, in some cases, by an inspector appointed by the lender. The purpose of the inspection is to confirm that the asset exists, is in the condition described, and to support the valuation on which the offer is based. We always visit assets in Scotland personally where we can, and we use this visit to ensure the proposal we prepare for the lender is accurate and complete.
Yes. Existing finance on an asset does not prevent refinance. The process is straightforward: we obtain a settlement figure from the current finance provider, and the new lender settles that balance as part of the refinance payout. Any equity above the settlement figure is released to your business. For example, if an asset is worth £100,000 on the open market and there is £50,000 of existing finance outstanding, the refinance could release up to £80,000 (based on an 80% loan-to-value ratio), settle the existing £50,000 balance, and deliver £30,000 net to your business. The exact numbers depend on the lender's terms and the asset type, but the principle is the same across most cases.
There are a few reasons, and they are all legitimate. Refinance involves more process than straightforward asset finance; there is an inspection, a valuation, a more complex proposal, and often a settlement of existing finance to arrange. The lender is also taking a different type of risk: they are not financing a new asset from a dealer with a clear price and condition guarantee; they are lending against an existing asset that has been used, whose value needs to be independently assessed. And unlike a dealer transaction, there is no manufacturer or dealer financial incentive involved. You are paying for the work involved and for the lender taking a considered risk. To borrow an analogy: a full cut, colour and treatment at a hair salon costs more than a simple trim. The extra process and care is priced into the service.
It can be. A negative net worth on the balance sheet does not automatically exclude a business from refinance, because refinance is assessed primarily against the assets being offered as security rather than the overall balance sheet position. What matters most is the story behind the numbers. If the negative net worth reflects a specific period of difficulty that has since passed, a large investment that is generating returns, or simply the way depreciation has been applied to significant assets, those are all narratives that can be explained in a well-prepared proposal. We will ask you about the background to the accounts before we make any assessment, because the picture behind the numbers is almost always more nuanced than the headline figure suggests. Hidden asset value: assets that are significantly worth more in the market than on the balance sheet, can make the difference.
With respect to that broker, they may not be the right person for the job. Scotland has distinct legal characteristics when it comes to taking security over moveable assets, and until the Moveable Transactions (Scotland) Act 2023 came into effect in April 2025, this made some lenders reluctant to operate north of the border. An English broker who does not work regularly with Scottish assets and Scottish lenders may simply not know which lenders have adapted their processes for Scotland, and may reach the wrong conclusion as a result. We have specialised in Scotland for over a decade. We know which lenders are comfortable with Scottish transactions, which understand Scottish title law, and which will decline on geography alone. If you have been told it cannot be done, tell us the details; we may see it differently.
A refinance that proceeds smoothly can be completed in a few days. A more complex case (involving multiple assets, existing finance to settle, or a lender who wants a full site visit before issuing their offer) might take a couple of weeks. In our experience, refinance is almost always faster than waiting for a bank to make a decision on an overdraft or a structured loan facility. The process moves at the pace of the information: the more complete and accurate the details we have from the outset, the faster we can prepare the proposal and get an offer on the table. We will give you a realistic timescale as early as we can, and we will tell you promptly if anything is likely to cause a delay.
This is effectively treated as a private sale purchase rather than a straightforward refinance. If an asset that is used in your business is registered or owned by an individual or another entity rather than the business itself, the lender will need to see proof of ownership from that party and an invoice or sale agreement between the owner and your business. The lender is essentially purchasing the asset from the owner and then financing it to your business. This is not unusual and it is manageable, but it requires clean documentation. We will ask about the ownership position early in the conversation to make sure we are approaching the right lenders for the structure.
Asset refinance is a secured facility: the lender takes security over a specific physical asset, and the loan-to-value is determined by the market value of that asset. A business loan (particularly an unsecured one, does not have a specific asset as security). The lender assesses the business's ability to repay from trading income, and the amount available is determined by the financial strength of the business rather than any asset value. In practice, refinance tends to allow businesses to access larger amounts at lower rates than unsecured loans, because the lender has a tangible security they can fall back on if things go wrong. If you have assets with significant market value, refinance is almost always worth exploring before an unsecured loan.
Not during the finance period without the lender's involvement. Once you have refinanced an asset, the lender holds title to it for the duration of the agreement. If you want to sell the asset before the end of the term, you will need to obtain a settlement figure from the lender and repay the balance outstanding. Once the balance is cleared and the option-to-purchase payment is made, the asset is yours and you are free to sell it. Some businesses use this approach deliberately: they refinance to release capital, trade profitably for a period, and then sell the asset and settle the finance once the business no longer needs it.
Nothing at all for an initial conversation. You can call us without having a single document to hand, and we will simply talk through what you have and what you need. To proceed to approaching lenders, we will typically ask for recent bank statements (usually three to six months) and the most recent set of filed accounts. Before we approach any lender on your behalf, we will ask you to sign a consent-to-act form, which confirms that you have authorised us to represent you and discuss your affairs with potential lenders. We will never approach a lender without that consent.
We are paid a commission by the lender on successful completion of an agreement. Nothing is charged to you before that point, and the initial consultation is free. The commission model varies depending on the lender and the transaction: some lenders pay us a fixed fee, some pay a fixed rate on the amount advanced, some pay a percentage of the total facility, and some use a rate-for-risk model. Whichever model applies, we disclose it to you fully and transparently before you sign anything. If you ever want to understand exactly how we are being paid on a specific transaction, ask us and we will tell you plainly.
We are regulated by the Financial Conduct Authority and operate under an obligation to verify the identity of our clients and understand their financial circumstances before acting for them. This is a legal requirement, not a choice. Beyond the regulatory obligation, there is a practical reason too: the more complete and accurate the information we have, the better we can assess your options, the stronger the proposal we can prepare for a lender, and the more likely we are to get you the right outcome. Providing partial information tends to slow things down rather than speed them up.
That is entirely your decision, and it is not an unusual situation. Finance is a market, and you are entitled to shop around for it just as you would for any other significant purchase or business decision. Having an existing relationship with a bank or broker does not commit you to using them for every requirement. If you want a second opinion or a comparison, we are happy to provide one without any pressure or obligation. If your existing relationship is giving you a better deal, we will tell you that too.
It can matter, and we would rather know about it upfront. If another broker has already approached lenders on your behalf, those lenders will have a record of that. Approaching the same lenders again through us would likely result in a decline based on prior application, which does not help anyone. If you tell us who has been approached and what the outcome was, we can work around that, approaching lenders who have not yet seen the application and making sure we are not duplicating effort. Knowing about any prior declines also helps us understand what factors need to be addressed before we submit.
Most of our mainstream lenders have a minimum advance of around £25,000, which reflects the administrative cost of processing a refinance or asset finance transaction at smaller amounts. However, we have lenders on our panel who will work from £1,000, and we use them for smaller requirements rather than declining to help. At the upper end, there is no hard ceiling. For very large requirements, the amount may be spread across more than one lender rather than placed with a single facility, which can also give the business flexibility in terms of lender relationships and security structures.
That depends on a number of factors: the strength of the business, its trading history, the purpose of the funding, and, for asset-based, lending, the market value of the assets being offered as security. As a general guide, we work on transactions from £10,000 up to £5,000,000 and beyond. For refinance, the amount is primarily driven by the asset value and the loan-to-value ratio the lender is prepared to advance. For business loans, the amount is driven by the business's financial profile and the lender's assessment of repayment capacity. We will give you a realistic view on likely amounts as early in the conversation as possible.
It depends on the structure and the lender. For straightforward asset finance (hire purchase), most lenders expect a deposit of between 5% and 20% of the asset's value, though the exact requirement varies. We have lenders on our panel who will consider zero-deposit structures in the right circumstances, and we also have lenders who will offer improved terms: better rates, longer periods, or lower monthly payments, in exchange for a larger deposit. If cashflow is tight and a deposit is difficult, tell us and we will focus on lenders where that is less of a requirement. If you have capital available to put down, we will help you use it in the way that gives you the best overall deal.
Rate depends on a number of variables: how long the business has been trading, the strength of its financial history, credit profile, the type and age of the asset, and where the asset is coming from (dealer, private sale, auction). There is no single rate for asset finance or refinance, it is priced for each transaction based on risk. What we commit to is that we will always give you an indicative rate before we formally submit an application to any lender, so you know what to expect before anything is confirmed. We will not present you with a different rate at the end of the process without explanation.
Yes, and the vast majority of what we arrange is for used assets. New assets are straightforward; used assets require more judgment, assessing age, condition, make, model and market demand. We finance used assets across all the categories we cover: vehicles, agricultural machinery, construction plant, engineering equipment, forestry machinery and more. To illustrate the range: we have successfully arranged finance for a 2025 Massey Ferguson tractor and for a 1995 Massey Ferguson tractor. Age is a factor in how lenders price the finance, but it is rarely an absolute barrier on its own.
Yes. We have significant experience with private sale finance and it is a regular part of what we do. The lender needs to be satisfied on two things: that the seller genuinely owns the asset free of finance (a V5 alone does not demonstrate this, a settlement letter or proof that no finance exists is required), and that the asset has been independently valued at or above the purchase price. An inspection is almost always needed before funds are released. If the asset is in Scotland we will arrange this as part of the process. If the asset is located elsewhere in the UK, the buyer may be asked to contribute to the cost of an inspector travelling to view it.
This does happen, and it is frustrating. Some suppliers have agreements with their own finance providers and prefer, or insist, that customers use them rather than arranging independent finance. Regulators take a dim view of practices that restrict a buyer's financing choices, but a supplier's preference is ultimately their decision. In practice, if a supplier will not accept third-party finance, the most straightforward solution is to find an alternative source for the asset. We have a broad network of dealers and suppliers across Scotland and the wider UK, and in many cases we can help identify an alternative source for the same or equivalent asset where third-party finance is accepted without difficulty.
Yes. Our lender panel covers the full range of credit profiles, from businesses with clean histories to those who have had difficulties, county court judgements, defaults, missed payments, or a prior insolvency. Different lenders have different appetites for different credit profiles, and part of what we do is match the application to the right lender rather than sending every enquiry to the same panel regardless of circumstances. The worst thing you can do is not seek finance because you assume the answer will be no. To borrow an analogy: you do not avoid the gym because you feel too unfit. You go because that is how things improve. Tell us your situation honestly and we will tell you honestly what we think is possible.
Most lenders in the asset finance market use a soft credit search during the initial assessment process. A soft search does not leave a visible mark on your credit file and does not affect your credit score. A hard search, which is recorded and visible to other lenders, typically only happens at or near the point of drawdown when the lender is preparing to commit funds. Some lenders do conduct hard searches earlier in their process, and where that is the case we will tell you in advance so you can make an informed decision before the application is submitted.
For straightforward asset finance on a new or nearly-new asset from a dealer, an initial decision can sometimes be returned in hours. For used asset finance or refinance where a full proposal is required, one to five working days is a realistic expectation in most cases. More complex transactions, involving older assets, unusual equipment, significant amounts, or businesses with more complicated financial histories, may take longer, and we will tell you as early as possible if that is likely. Some lenders are consistently faster than others, and where speed is important we will factor that into which lenders we approach.
Once an offer is approved, the pace is largely in your hands. The lender will issue paperwork, which we will help you understand and complete at a timescale that suits you. Once signed paperwork is returned, the lender conducts final checks before releasing funds. From signed paperwork to funds received can be anything from a few hours to a couple of days, depending on the lender and how their payment process works. One important note: do not arrange collection of an asset or give the seller a commitment to pay until the funds have formally been released by the lender. We will confirm when that has happened.
Asset finance and refinance agreements are structured differently from simple loans. Lenders typically load the interest towards the earlier payments, which means an early settlement does not simply save you the remaining interest. Most lenders apply a settlement formula that gives a discount on the outstanding balance, but it is rarely pound-for-pound. The practical effect is that asset finance is designed to run for its full term, and settling early does not always provide the financial saving you might expect. If you think you may want to settle early, it is worth discussing this at the outset so we can identify lenders who offer more flexible settlement terms. Revolving credit and invoice finance facilities are generally better suited to requirements where short-term use is planned.
Please speak to us first if you are unhappy with anything about the offer or the process. Most of the lenders we work with operate exclusively through their broker channel, you cannot access them directly even if you wanted to. If there is something about the offer you are not satisfied with, we would rather know about it and try to address it than lose you to a misunderstanding. We are genuinely interested in long-term client relationships, not one-off transactions. If after that conversation you still want to take a different route, we will understand, but we would rather the conversation happened first.
We do not name clients in our case studies, and we never will. Our case studies describe transactions by sector and general geographic area only. The businesses involved will recognise themselves, but no one else will be able to identify them. Client confidentiality is not a policy position for us, it is a fundamental principle of how we work. Our clients trust us with sensitive financial information about their businesses, and that trust is not something we would compromise for the sake of a marketing testimonial.
You can, but we would ask you to think about it first. Leaving a Google review confirms, publicly, that you have a relationship with a commercial finance broker, which tells the world something about the financial affairs of your business that you may prefer to keep private. We are not discouraging you, but we want you to make the decision with that in mind. We would genuinely rather be the broker who protects your privacy and earns your referrals through trust than the one who collects reviews online. If you want to help us, introducing us to another business you think we could help is worth far more to us than a five-star rating.
For the same reason we do not name them in case studies. How a business finances its operations is a private matter, as personal, in many ways, as political or religious views. We will not post about a client's new asset, tag them in a photo of their machinery, or celebrate a deal publicly without being explicitly asked to do so. Finance is personal. We treat it that way.
Completely and without exception. We never discuss one client's affairs with another. We never confirm or deny that we act for any particular business. If someone asks us whether we work with a business they know, we do not answer that question. The only people who know the details of your finance arrangements are you, us, and the lender or lenders involved. That will not change.
Martin's career in financial services spans over twenty years. He started in the Bank of Scotland and HBOS branch network, progressing into branch management and achieving the highest percentage against target results in his region in 2013. He then moved into a Local Business Manager role covering Aberdeen to Inverness, lending to high-growth new-start businesses up to £250,000. From there, he joined Close Brothers Asset Finance, completing their Sales Academy in London before returning to Scotland as Regional Sales Manager for the North. He subsequently worked with Highland Credit and Leasing Services in Inverness, where he spent the majority of his time specialising in asset refinance. He then established Mackenzie Commercial Finance. Having spent years preparing complex credit proposals for negotiation with lenders' underwriting teams, he knows what a credit committee needs to see in order to approve a deal, because he used to write for them.
Yes. We work with a range of introducers, accountants, solicitors, equipment suppliers, and other brokers who encounter clients with finance requirements outside their own specialism. If you refer a client to us and they complete a transaction, we pay a referral commission. That commission is always disclosed to the client as part of our regulatory obligations. Regulated referrers, those who are themselves FCA authorised or who need to be, are onboarded formally through Crystal Business Finance Limited, our principal. If you think a referral arrangement might suit your practice or business, call us and we will explain how it works.
All of Scotland. We are based in Inverness, which puts us well-placed for the Highlands, Moray, Aberdeen and the north generally, but we travel throughout Scotland to meet clients and inspect assets. Same-day visits to most parts of Scotland are part of how we work, ferry permitting for the islands. We do not decline to visit a client because they are remote, we have met clients and inspected assets in places that most finance brokers have never been. If your business is in Scotland, we will come to you.
For hire purchase: the lender will write to you at or near the end of the term setting out the option-to-purchase payment, typically a nominal amount, often £1 or a small percentage of the original advance. On making that payment, legal ownership of the asset transfers to your business. At that point, you own the asset outright and are free to use it, sell it, or, if it still has significant market value, consider refinancing it to release capital for another purpose. For finance lease, the primary period ends and a secondary rental period begins at a much-reduced cost, or the asset is returned to the lender.
In most cases, no, not during the agreement unless this was specifically structured and agreed at inception. Asset finance agreements are fixed repayment structures, and most lenders do not have a mechanism for accepting unscheduled lump sum payments. If additional funds are sent, they may be held separately, applied to future payments, or in some cases returned. If you know at the outset that you may want to make additional payments during the term, raise this with us when we are discussing the structure. There are lenders and product types that can accommodate more flexibility, and it is much easier to arrange this before the agreement starts than to change it afterwards.
We source business contact details from the Companies House public register, which contains the registered details of all UK limited companies. From there, we may look at a business's website, LinkedIn profile, Facebook page or other public online presence to find appropriate contact details. We do not purchase marketing lists or use data brokers. If you do not want to receive contact from us, simply reply to any message we have sent with an unsubscribe request, or email us at directors@mackenziecf.co.uk and we will remove you from our records promptly.
No. Mackenzie Commercial Finance is a husband and wife business based in Inverness. There is no call centre, no team of outbound callers, and no offshore support. When Martin or Alana contacts you, one of them personally found your details, made the decision to reach out, and is the person you will deal with throughout if you choose to work with us. We are often in the car between client meetings when we send messages, you may genuinely be receiving correspondence from a layby on the A9 somewhere between Inverness and Perth. It is a very different operation from a call centre, and we think that matters.
That is completely fine, and honestly it is what most people say when we first make contact. The purpose of reaching out is not to sell something to someone who does not need it, it is to introduce ourselves so that when the time comes, you know who to call. Finance needs tend to arrive unexpectedly: a tax bill, an opportunity, a piece of equipment that needs replacing. When that happens, the worst time to start looking for a broker is when you are already under pressure. If you are happy to keep our details and come back to us when the time is right, that is exactly the relationship we are looking for.