Braemar Brochure 2024 by closeassetfinance

Unlock your potential

At Braemar Finance, our customers are more than just a credit score - we base our lending decisions on the overall health and plans of a business.

We focus on building relationships and understanding the needs of our customers to support their growth and we have a proud history of supporting our customers through all economic cycles.

Our team of experts, who are based across the UK and Ireland, provide a personalised service and respond to customers’ needs quickly and efficiently.

Specialists in

finance

For over 30 years Braemar Finance has been providing funding to:

• Medical professionals - dentists, vets, opticians and pharmacists

• Care, residential and nursing homes

• Funeral directors

• Legal professionals

• Accountants

Hire Purchase

Spread the cost over time

How Hire Purchase works

Hire Purchase is a smart way to acquire the equipment you need for your business because you get to choose, use, and repay the assets over an agreed period, typically over a five to seven year term, or the useful life of the asset.

The regular instalments cover the cost of the asset and the interest. At the end of the Hire Purchase agreement, once all repayments have been made, ownership of the asset is transferred to you.

Who is Hire Purchase for?

Hire Purchase is appropriate for businesses that need to invest in modern, up-to-date equipment while keeping control of their cash flow by knowing what their investments are going to cost them over the long-term, meaning they can budget effectively.

An example of how it can work for you

Imagine you are a dentist and need a new dental chair. Instead of paying for it in full, you opt for a Hire Purchase agreement, which allows you use of the asset while paying it back in agreed monthly instalments. At the end of the agreement, you will own the dental chair outright.

Benefits of Hire Purchase

More time to repay: By spreading the cost over the life of the asset, you can lower the initial up-front payment. This matters because it gives you a long-term view of the fixed monthly payments you will need to make over the term of the agreement, which helps you with your budgeting

Low-start: By starting with lower payments, it gives time for an asset to start paying for itself, matching your cost with your income

Keep control: With Hire Purchase, you’re in charge. It gives you full use and control of the asset throughout the repayment period

Tax efficient: Financing your asset using Hire Purchase can be tax-friendly, offering potential tax benefits

Reclaim VAT: If you’re VAT registered, you may be able to reclaim VAT. For professionals unable to reclaim VAT, for example Dentists, we are able to fund the VAT over the term of the agreement, which offers additional cash flow benefits. For more details visit, gov.uk/vat-registration/overview

Finance is secured against the asset and/or equipment. If you’re unable to keep up with your payments we may repossess the asset and/or equipment.

Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.

Leasing

Benefits for the user without the tie of ownership

How Leasing works

Leasing is a type of asset finance that allows you to use the equipment you need without having to buy it outright at the end of the agreement.

You pay us ‘rent’ for the full use of the asset over an agreed term, which can be tailored to your individual circumstances. Over this period, you will pay the full cost of the asset, including interest.

When you reach the end of the agreement, you can choose to:

• Continue to use the asset by payment of a nominal annual sum

• Sell the asset and keep most of the income from the sale

• Return the asset back to us

• Sign a destruction notice if the asset has no economic value and is no longer in use and cannot be resold

Who is Leasing for?

Leasing is for businesses that need equipment but prefer not to purchase it outright. It’s suitable for companies looking to use equipment, vehicles, or technology without a large upfront cost.

An example of how Leasing could work for you

Imagine you run a dental practice and are in the market for a new 3D dental scanner. Instead of buying it, you opt for a lease agreement.

We purchase the scanner and lease it to you, and you pay the agreed monthly rent, covering the scanner’s cost and the interest.

In this case, ownership is not the primary concern because of the rate at which technology progresses, and there is a good chance you will want to replace the asset at the end of the agreement.

Benefits of Leasing

Improve cash ﬂow: You can quickly get the equipment you want without paying a large upfront sum. Instead, payments are broken into monthly instalments

Flexibility: Repayment terms can be tailored to suit your individual circumstances

Cash back: If you choose to sell the asset at the end of the lease, you keep a portion of the income from the sale

Tax efficient: The lease payments you make in any financial year can be offset against your taxable profits

Finance is secured against the asset and/or equipment. If you’re unable to keep up with your payments we may repossess the asset and/or equipment.

Available to assist when you need funds

Business Loans

How do Business Loans work?

Business Loans are used to fund investment when you need it and can be used for various purposes, including buying into or starting up a new business, a renovation or simply to cover multiple overheads.

Who are Business Loans for?

This product is suitable for those who need the funding to start, grow or manage their business.

An example of how it can work for you

Let’s say you own a care home that needs refurbishment. To fund the renovation project, you look at getting a Business Loan to minimise the impact to your cash flow. It will enable you to purchase multiple elements required from new windows and doors to IT equipment and furniture, under one agreement.

Benefits of Business Loans

Access to capital: It can provide essential funds needed to help your business achieve its objectives, without depleting their cash reserves

Business growth: With additional funds, you can invest in your business to drive growth and increase profitability

Manage cash ﬂow: Lets you spread the cost of large expenses into more manageable fixed monthly payments, allowing you to budget effectively

Flexibility: Repayment terms can be tailored to suit your individual circumstances

If you miss or expect to miss a repayment under your loan agreement, please get in touch with us straight away to discuss it with our team.

The risks of missing a repayment under your loan agreement are that we may:

• Cancel our agreement with you and require you to repay the full amount of the loan immediately

• Disclose information about your loan to the credit reference agencies

• Set off any amounts you owe us under the agreement against any funds you hold with us in other accounts

• Take enforcement action against you to recover any amounts you still owe if necessary

• Restrict your access to any other credit facilities you have with us and require you to immediately repay those facilities

Tax Loans

Available to assist with your tax bill

How do Tax Loans work??

Tax Loans are designed to help you manage your cash flow. This unsecured loan works by spreading the cost of your tax bill into more manageable monthly repayments.

We can fund personal tax, corporation tax, capital gains, crossover tax and inheritance tax.

Who are Tax Loans for?

Tax Loans are suitable for businesses and individuals who have tax liabilities and want to spread the cost over a set period.

Benefits of Tax Loans

Timely payment: The loan can be paid into a bank account of your choice or directly to HMRC, allowing you to have your bill paid on time, avoiding any late penalties or charges

Fixed monthly payments: It can help you spread this recurring expense into manageable fixed monthly payments

Flexibility: Repayment terms can be tailored to suit your individual circumstances

If you miss or expect to miss a repayment under your Tax Loan agreement, please get in touch with us straight away to discuss it with our team.

The risks of missing a repayment under your loan agreement are that we may:

• Cancel our agreement with you and require you to repay the full amount of the loan immediately

• Disclose information about your loan to the credit reference agencies

• Set off any amounts you owe us under the agreement against any funds you hold with us in other accounts

• Take enforcement action against you to recover any amounts you still owe if necessary

• Restrict your access to any other credit facilities you have with us and require you to immediately repay those facilities

Personal Loans

Available to use for virtually any purpose

How do Personal Loans work?

Personal Loans are unsecured and can be used for virtually any non-business purpose.

They are designed to suit your individual needs and allow you to budget with confidence because the payments are fixed throughout the term of the agreement.

Who are Personal Loans for?

Personal Loans are for individuals who need to borrow money for various expenses including home improvements, weddings and school fees. Personal Loans provide flexibility, convenience, and financial stability, making them a popular choice for various borrowing needs.

An example of how it could work for you

Let’s say you are a dental associate who has been offered the opportunity to fulfil a long-held ambition to become a partner in a dental practice by buying a share or stake in the practice.

You approach Braemar Finance and we lend you the funds, which you pay back in fixed monthly instalments.

Benefits of Personal Loans

Flexibility: Personal Loans can be used for a wide range of purposes, from debt consolidation to home renovations, giving borrowers the flexibility to address their specific financial needs

Quick access to funds: Funds can usually be paid quickly, sometimes within a few business days

Manage cash ﬂow: Consistent monthly payments over the loan term means you can plan and budget with confidence

If you miss or expect to miss a repayment under your loan agreement, please get in touch with us straight away to discuss it with our team.

The risks of missing a repayment under your loan agreement are that we may:

• Cancel our agreement with you and require you to repay the full amount of the loan immediately

• Disclose information about your loan to the credit reference agencies

• Set off any amounts you owe us under the agreement against any funds you hold with us in other accounts

• Take enforcement action against you to recover any amounts you still owe if necessary

• Restrict your access to any other credit facilities you have with us and require you to immediately repay those facilities

Refinance

When you need greater ﬂexibility

How Refinance works

Refinance works by revising or replacing the terms of a single existing credit agreement that you currently have with another provider, which will then be restructured to suit your individual circumstances.

Who is Refinance for?

Refinance is suitable for professionals looking to refinance the current terms of an agreement, including interest rates, payment schedules and/or other terms. Loans and car loans are often considered for Refinance.

An example of how it can work for you

Imagine you are a funeral director that has a hearse on finance, and you are coming to the end of the agreement but have decided you want to keep using the vehicle. A balloon payment is due however rather than paying it in full, you want to spread the cost, and you approach us to Refinance the vehicle.

This option allows you uninterrupted use of the asset and at the end of the Refinance agreement you will own the vehicle outright.

Benefits of Refinance

Pay over a longer time: We will settle the existing finance deal you have with another funder, creating a new agreement at terms that suit your needs and budget

Fixed costs: The costs are fixed, so there won’t be any surprises while you’re repaying the loan

Lower payments: You may be able to secure lower monthly repayment terms, leaving you with more cash to invest in your business

Flexibility: Repayment terms can be tailored to suit your individual circumstances

If you miss or expect to miss a repayment under your loan agreement, please get in touch with us straight away to discuss it with our team.

The risks of missing a repayment under your loan agreement are that we may:

• Cancel our agreement with you and require you to repay the full amount of the loan immediately

• Disclose information about your loan to the credit reference agencies

• Set off any amounts you owe us under the agreement against any funds you hold with us in other accounts

• Take enforcement action against you to recover any amounts you still owe if necessary

• Restrict your access to any other credit facilities you have with us and require you to immediately repay those facilities

Consolidation Loans

Consolidate and restructure your financial agreements

How Consolidation Loans work

Consolidation Loans work by combining several existing agreements, including credit card balances and other regular finance repayments, into one agreement to suit your individual circumstances.

Who are Consolidation Loans for?

Consolidation Loans are for businesses or individuals that have multiple agreements and want to amalgamate the debt into one loan.

An example of how it can work for you

Let’s say you are a pharmacist who has multiple finance agreements for various acquisitions made over a number of years as the business grew and expanded. Now that the business is settled with a strong and regular income, you feel now is a good time to take control of your cash flow and consolidate the outgoings into one manageable monthly repayment. You get in touch with us to discuss your requirements and we work with you to structure a deal that suits your needs.

When considering debt consolidation, please note that while your cash flow may improve, the overall amount you repay could increase. For example, your existing agreements (those you want to consolidate into a single agreement) could have been funded at a time when interest rates were lower. Balance transfer fees, early redemption charges for any other loans, and ongoing annual fees may have to be paid to your existing funder(s) before the agreements can be settled and consolidated. Documentation fees may apply. We are happy to consider most forms of debt, including credit cards, overdrafts, and other loans.

Benefits of Consolidation Loans

Simplified payments: Combining multiple debts into one single loan makes repayments simpler to manage with just one monthly payment instead of several

Efficiency: It offers a straightforward and quick way to free up working capital

Manage cash ﬂow: The fixed monthly repayments make it easier to budget and gives a clear timeline of when your debt will be repaid

Spread the cost further: We can combine existing finance agreements you have with other providers and extend the term, which is fixed along with the charges meaning you will not incur any surprises during the lifetime of the loan

If you miss or expect to miss a repayment under your loan agreement, please get in touch with us straight away to discuss it with our team. The risks of missing a repayment under your loan agreement are that we may:

• Cancel our agreement with you and require you to repay the full amount of the loan immediately

• Disclose information about your loan to the credit reference agencies

• Set off any amounts you owe us under the agreement against any funds you hold with us in other accounts

• Take enforcement action against you to recover any amounts you still owe if necessary

• Restrict your access to any other credit facilities you have with us and require you to immediately repay those facilities

We are part of Close Brothers Group plc

Close Brothers is a leading UK merchant banking group and listed on the London Stock Exchange. At Close Brothers we provide financial support and advice to small businesses and individuals in the UK.

Lending

Our specialist businesses offer a wide range of lending solutions designed to support most types of businesses with their commercial growth ambitions.

Customer Finance

Our specialist teams work with motor dealers and insurance brokers to help them offer flexible finance options and implementation advice for a broad range of clients and customers.

Savings

Our range of specialist deposit products provides UK businesses, institutions and individuals with consistently competitive interest rates and a level of personal service that builds lasting relationships.

Securities

Winterflood, part of Close Brothers Group, provides access to securities and a range of related services to retail brokers, asset managers and institutional investors.