atbreakingpoint started this topic @ 12:48 on 24/09/2007
Hi, I'm not holding out much hope but I was wondering if anyone could help in my situation. First, I bought a piece of therapy equipment from the US back in Feb 2007, for approx £1700 (I paid in dollars). It is not made anywhere else in the world so there was no option to buy it locally. Anyway, I've been to 4 asset finance brokers so far and they have all turned me down as their underwriters wouldn't accept the equipment as security due to it being from another country. The only solution I've found so far is to sell it to a supplier and then buy it back, but I don't know any supplier well enough to do this. So, does anyone know of an asset finance company that will
a) Accept my equipment
b) Deal with small figures like this (most won't do anything under £10k)
I'm sure I'm not the only one here who is feeling the squeeze (the bank won't give me an overdraft or loan as I'm a few hundred pounds overdrawn, which is of course fair enough). I really couldn't avoid buying this equipment as it brings in a lot of customers, but I'm having a real cashflow problem.
RE: Having a nightmare with asset finance
Ian J | 24/09/2007 06:45 PM
>>>>I've been to 4 asset finance brokers so far and they have all turned me down as their underwriters wouldn't accept the equipment as security due to it being from another country<<<<
I don't think that is a valid reason as I managed to obtain finance to buy my BMW and that's from another country too.
I think that the real reason is a combination of factors. Firstly you have already bought the equipment, secondly you have admitted yourself that it's very specialised equipment which is something that asset financiers don't like and the final straw is that the amount involved is relatively small even before you take into account the other two negatives.
I also dabble in asset finance but I'm afraid that none of my sources would be interested in an amount that small either. Sorry
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Ian
Factoring ,
Invoice Discounting ,
Trade Finance and
Asset Finance specialist broker.
Founder member of
Independent Factoring Brokers Association
RE: Having a nightmare with asset finance
davidw | 27/09/2007 11:29 AM
I agree with the previous comment, the sum involved is small, it is stated to be specialised equipment and the equipment has already been purchased. After nine months ownership and use, the present value may be much less than that paid and this further restricts the possibility of raising the required cash through this route.
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Regards
David Willetts
email: dave@dawconsulting.co.uk
web: http://www.dawconsulting.co.uk
blog: http://dawconsulting.blogspot.com
RE: Having a nightmare with asset finance
atbreakingpoint | 27/09/2007 12:41 PM
Thank you both for your comments. However I'm getting completely conflicting advice everywhere I turn. The equipment is not highly specialised, it really is just because it's from the US that I kept getting turned down (I have this in writing). As I said before I could have got finance arranged if I could have sold and rebought it from a local supplier, but I wasn't able to do this. Anyway, I will just leave it now and just suck it up. Aahhhh, the joys of running a small business (not).