Rivers Leasing review: asset finance and business loans for UK businesses

Rivers Leasing is a London based independent finance company that has been arranging leases, hire purchase and business loans for UK businesses since 2010. It is known for a hands on, person to person style of underwriting rather than a purely automated one. Smart Funding Solutions is an independent broker and is not part of Rivers Leasing, but Rivers Leasing is one of the lenders on our panel, so we can set its offer against the rest of the market before you commit.

01About Rivers Leasing

Rivers Leasing is a subsidiary of Rivers Finance Group Plc and is based in Harrow, north west London. The company says it was founded in 2010 and that it works with three groups of people: business owners looking for capital to grow, suppliers who want to offer finance to their own customers, and brokers.

Its own description of its approach is worth noting. Rivers says it pays attention to a customer's story alongside the numbers, with short lines of communication and flexible procedures, rather than relying on a fixed template. It was listed in the Financial Times FT 1000 table of Europe's fastest growing companies in each year from 2017 to 2020. Business loans are provided through a sister company, Rivers Funding, so the loan side and the leasing side sit within the same group.

02What Rivers Leasing funds

The group offers two main kinds of finance to small and medium sized businesses: asset finance and term loans. Its website also refers to block discounting and a secured revolving credit facility, although these are more specialist and less likely to be relevant to a typical owner managed business.

Sizes and terms above reflect what Rivers publishes on its own website. The final amount always depends on the asset, the business and the affordability assessment. If you are weighing up leasing against owning, our guide to business hire purchase explains how ownership, VAT and tax relief usually differ.

On the loan side, Rivers says the finance can be used for a wide range of purposes, including buying inventory, paying tax, marketing, investing in a specific project and consolidating existing borrowing. It also says customers can apply for an increase later if they need more. For a wider view of unsecured borrowing, see our page on unsecured business loans.

03Who Rivers Leasing suits (and who it may not)

Rivers tends to be a sensible option for an established small business that wants to finance everyday business equipment at a value below six figures. Its relationship led approach can help where the accounts do not tell the whole story, for example after a one off bad year or a change in the business model.

• Good fit: limited companies with a trading record that want a straightforward lease or hire purchase agreement for a modest asset.
• Good fit: businesses wanting a fixed monthly term loan of up to £100,000 without dealing with a high street bank.
• Less likely to fit: very large asset purchases well above £100,000, where a larger asset finance house may offer more capacity.
• Less likely to fit: very new businesses with no trading history, or owners unwilling to give a personal guarantee, which most lenders of this size will ask for.

The group offers two main kinds of finance to small and medium sized businesses: asset finance and term loans.

04What Rivers Leasing looks at

Rivers does not publish a detailed checklist, so the points below are typical for asset finance and term loans of this size rather than a statement of its exact criteria.

• Recent business bank statements, usually the last three to six months.
• Filed accounts, and management figures if the year end is some time ago.
• Details of the asset: supplier quote or invoice, age, and whether it is new or used.
• Credit history of the business and its directors, and any existing finance commitments.
• Identity and address checks for the directors, plus a personal guarantee in most cases.

Because Rivers says it listens to the story behind the numbers, a short written explanation of anything unusual in your accounts is worth preparing. Our article on how lenders assess business loan applications covers what underwriters generally focus on.

05Pros and cons

Pros

• Over 15 years of trading history in UK asset finance.
• Both leasing and term loans available within one group.
• A personal, story based approach to credit decisions.
• Loans can be used for a broad range of business purposes, including tax payments.

Cons

• Published deal sizes top out around £100,000, so larger projects need another lender.
• A narrower product range than the big bank owned asset finance houses.
• Personal guarantees are common for this type of finance.
• Costs depend heavily on the case, so you need comparable quotes to judge value.

06Applying through a broker vs going direct

You can approach Rivers Leasing directly. The advantage of going through a broker is that you see Rivers alongside other options before you decide. An asset lender that looks expensive for a three year old van might be the best choice for specialist kit, and the reverse is just as common.

We search the market across our panel, present your case to the lenders most likely to say yes, and handle one application rather than several. That also helps you avoid multiple hard credit searches in a short space of time. It is free to enquire; any broker fee is disclosed separately before you proceed. The quickest way to start is our Instant Quotes tool, which compares lenders in minutes.

07Alternatives to Rivers Leasing

If Rivers is not the right fit, these lenders are worth considering:

• Tower Leasing may suit businesses financing technology and other soft assets that want a specialist leasing house.
• Haydock Finance can be a good alternative for hard assets such as plant, commercial vehicles and machinery.
• Fleximize is worth comparing if you need a flexible unsecured loan rather than asset based finance.

You can also read about Rivers on its own website at riversleasing.com. As with any finance provider, you can check a firm's details on the FCA Register before you sign.