Close Brothers review: asset finance and refinance for UK businesses

Close Brothers is a well known name in UK business lending, and its asset finance arm has spent more than 30 years funding the machinery, vehicles and equipment that SMEs run on. It is known for a relationship led, sector specialist approach rather than a purely online process. Close Brothers is one of the lenders on our panel, and as an independent broker we can compare what it offers with the wider market before you choose.

01About Close Brothers

Close Brothers runs a family of specialist lending businesses. Alongside asset finance, its business finance divisions cover invoice finance, property development finance, short-term bridging through Commercial Acceptances, aviation and marine finance, vehicle hire and fleet management, and Braemar Finance, which focuses on professional practices such as dental, veterinary, optical, accountancy and legal firms. It lends across England, Scotland and Wales, and in Ireland through a separate commercial finance business.

The asset finance business says it has lent through the economic cycle for over three decades, with local teams that aim to make fast, firm decisions. Its approach is built around getting to know the business, not just the asset, which matters when your accounts or plans need explaining.

Smart Funding Solutions is an independent broker and is not part of Close Brothers.

02What Close Brothers funds

Close Brothers describes its asset finance as flexible funding to buy new equipment or refinance assets you already own. The main structures are:

It works across 13 specialist sectors, including manufacturing, construction, agriculture, transport and logistics, renewable energy, aviation and waste and recycling. Terms are tailored to the asset and to your cash flow, and its refinance products are described as suitable for businesses of all sizes, including sole traders. Close Brothers also sells used vehicles and ex lease equipment and runs contract hire with maintenance through its vehicle hire business.

03Who Close Brothers suits (and who it may not)

Close Brothers tends to suit established SMEs that buy substantial, business critical equipment: a manufacturer adding a CNC line, a contractor renewing plant, a farm replacing tractors, or a haulier growing its fleet. Its sector teams can be a real advantage where the asset is specialist and needs a lender who understands its value and resale market.

It may be less suitable for very young businesses with no filed accounts, for very small tickets where a quick online lender is simpler, or where your credit history needs a more flexible specialist. If you need cash against owned kit urgently, a refinance specialist may move faster.

04What Close Brothers looks at

Typical information an asset lender like Close Brothers will ask for includes:

• Filed accounts and recent management accounts, especially for larger requests.
• Business bank statements to show affordability.
• A supplier quote or invoice, or for refinance, details and proof of ownership of the assets.
• Information on the directors, partners or owners, and credit searches on them.
• For used or specialist assets, age, condition and sometimes an independent valuation.

A personal guarantee is often requested for smaller limited companies. The exact requirements vary by deal and are not a fixed published list.

05Pros and cons

Pros

• Long track record in asset finance and lending through downturns.
• Full range of structures, including operating leases and capital release.
• Specialist sector teams for areas such as agriculture, construction and transport.
• Capacity for larger deals as a business grows.

Cons

• Usually wants an established trading record.
• Not always the quickest route for small, simple purchases.

06Applying through a broker vs going direct

Close Brothers is a strong option, but it is still one lender's view. When we arrange asset finance, we compare lenders with a real appetite for your asset and sector, present your case once and help you weigh up ownership, VAT and cash flow. For equipment you already own, we can also compare asset refinance options across several lenders.

It is free to enquire; any broker fee is disclosed separately before you proceed. You can start with Instant Quotes to compare lenders in minutes, and we will tell you plainly if another route looks better.

07Alternatives to Close Brothers

• Cambridge & Counties Bank: a specialist bank that funds agricultural, construction and transport assets and considers older used kit.
• Davenham Asset Finance: an independent lender that can suit refinance or turnaround situations where a mainstream lender says no.
• Lombard: a large bank owned asset lender worth comparing on bigger, mainstream deals.

If you are buying heavy kit, our guide to plant finance covers typical structures, deposits and what lenders look for.