ALL Capital review: asset based lending for mid-market companies

ALL Capital is a UK-based provider of asset based lending and leverage finance for mid-market companies looking to raise roughly £5 million to £20 million. It was launched in 2025 by a team with long experience of asset based lending at international banks and private credit firms. Smart Funding Solutions is an independent broker and is not part of ALL Capital, so we can compare its approach with other asset based lenders for larger deals. You can read more on ALL Capital's own website.

01About ALL Capital

ALL Capital is based at Fetcham Park in Leatherhead, Surrey. Industry press reported its launch in August 2025, when it announced it was using Solifi's ABL software to run its facilities. Its website says the team's track record in originating and delivering asset based lending and leverage finance facilities was built over decades at international banks and in private credit.

The firm describes its philosophy simply: companies need debt capital that powers the business rather than constraining it. It says it does not work to a prescriptive credit policy, and that it designs financial covenants as guide rails rather than tight constraints. ALL Capital provides facilities in the UK, selected European jurisdictions, North America and other approved countries.

ALL Capital is one of the lenders on our panel for asset based lending.

02What ALL Capital funds

ALL Capital leads with asset based lending, then adds cash flow term loans where the business can support more debt. The asset classes it lends against include:

Asset class	How it is typically used
Receivables	A revolving facility against the sales ledger, drawn as needed, similar to invoice discounting
Inventory	Funding against stock and raw materials, useful for seasonal or supply-chain heavy businesses
Plant and machinery	Term funding against equipment, repaid over a period matched to its useful life
Property	Term funding against owned commercial property

These are combined into one facility, typically between £5 million and £20 million. ALL Capital says its facilities support leveraged buyouts, bolt-on acquisitions, dividend recapitalisations, refinancing, growth capital for working capital and capital expenditure, and restructuring or turnaround situations.

The idea behind the structure is that the asset based part is revolving and self-liquidating, and the asset-backed term loans run over longer periods. ALL Capital says this can improve cash flow and reduce the debt service burden compared with a traditional leveraged loan.

03Who ALL Capital suits (and who it may not)

ALL Capital is aimed squarely at the mid-market. It is most relevant to:

• Companies with a substantial debtor book, stock or plant that can support a borrowing base.
• Management teams and private equity sponsors funding a buyout or acquisition. Our guide to management buyout finance explains the basics.
• Businesses refinancing an existing bank or ABL facility that has become too restrictive.
• Seasonal businesses, those with fluctuating revenues or complex supply chains, which ALL Capital names as a good fit.
• Companies in turnaround that need a lender willing to look past recent results.

It is not a lender for small businesses. If you need under £5 million, a smaller invoice finance or asset finance provider will be a better match.

ALL Capital leads with asset based lending, then adds cash flow term loans where the business can support more debt.

04What ALL Capital looks at

ALL Capital does not publish a checklist, but mid-market asset based lenders typically carry out detailed due diligence before agreeing a facility. Expect to provide:

• Audited accounts and current management accounts, with forecasts.
• Aged debtor and creditor reports, and details of customer concentration.
• Stock reports and, often, an independent stock valuation.
• Plant and machinery and property valuations.
• For acquisitions, the deal structure, equity contribution and the business plan.

Lenders will also carry out a field examination of your ledgers and systems. Good financial reporting makes the process faster and can increase what is available.

05Pros and cons

Pros

• Combines receivables, stock, plant and property into one facility.
• Adds cash flow term loans where debt capacity allows.
• Not tied to a prescriptive credit policy, with covenants designed as guide rails.
• Supports buyouts, refinancing, growth and turnaround situations.
• Can lend across the UK, parts of Europe and North America.

Cons

• Only relevant for facilities of around £5 million and above.
• A newer lender, launched in 2025, so it has a shorter public track record.
• ABL involves ongoing reporting, audits and monitoring.
• Due diligence and legal work add time and cost compared with smaller facilities.

06Applying through a broker vs going direct

Mid-market deals benefit from competition. Lenders differ on advance levels against each asset class, how they treat customer concentration, and what covenants they want. A well-prepared information pack, sent to several suitable lenders at once, gives you options and saves management time.

We search the market, help assemble the information lenders expect, and coordinate the process. It is free to enquire; any broker fee is disclosed separately before you proceed. Use Instant Quotes to compare lenders in minutes, or read our acquisition finance pages if you are funding a deal.

07Alternatives to ALL Capital

• eCapital Commercial Finance: offers invoice finance and asset based lending across a wider range of deal sizes, including smaller facilities.
• White Oak: a lender to established SMEs offering asset finance and business loans, worth comparing if your need is well below ALL Capital's minimum.
• Lloyds Bank Commercial Finance: a bank-owned option that may suit a profitable business with a strong track record.