White Oak review: asset finance, business loans and tax funding for UK SMEs

White Oak UK is an independent business lender that combines asset finance with short term and development loans, and is well known for funding VAT and tax bills as well as equipment. Smart Funding Solutions is an independent broker and is not part of White Oak, so we can weigh its offer against the rest of the market before you choose. You can read more on White Oak's own website.

01About White Oak

White Oak UK is an affiliate of White Oak Global Advisors, an international investment firm. It says it has more than 30 years of history, has funded more than 44,000 businesses and has provided over £1 billion of finance since 2018 alone.

White Oak's stated aim is to help businesses get finance with as little fuss as possible, cutting unnecessary paperwork and process. Customers get a dedicated account manager, and loan documents can be signed electronically.

02What White Oak funds

Asset finance

White Oak's asset finance covers both hard assets, such as vehicles and machinery, and soft assets, such as technology and fit-out. It also offers asset refinance to unlock cash from equipment you already own. For schools and colleges it has a dedicated education lease, which may interest readers of our education sector finance guide.

Business loans and tax funding

White Oak's short-term loan spreads costs over 3 to 12 months and is often used for VAT loans, corporation tax loans, income tax, insurance premiums and software licences. Its development loan runs from 12 months to five years for broader investment such as renovations, marketing, research and development, stock and acquisitions. There is also a three month interest-only loan, where interest is paid in months one and two and the balance is repaid in month three.

Commercial mortgages

White Oak also lists commercial mortgages among its products, for businesses buying or refinancing premises.

03Who White Oak suits (and who it may not)

White Oak tends to suit:

• Established SMEs, typically with a few years of accounts, that need equipment or a mid sized loan.
• Businesses facing a large VAT or tax bill that would rather spread the cost than strain cash flow.
• Companies wanting asset finance and loans from the same lender with one account manager.
• Firms that value a quick turnaround, with funds possible in as little as 24 hours once approved.

It may not suit you if:

• You are a start-up with no trading history.
• You need very large sums or long terms beyond five years.
• You want to borrow without a personal guarantee, as directors are commonly asked for one on this type of lending.

White Oak also lists commercial mortgages among its products, for businesses buying or refinancing premises.

04What White Oak looks at

White Oak does not publish detailed criteria, but for asset finance and business loans of this kind you should typically expect:

• Recent filed accounts and, for larger amounts, management accounts.
• Recent business bank statements.
• For tax funding, the HMRC liability you need to pay and how the business will meet future bills.
• For asset finance, a supplier quote and details of the asset.
• Credit checks on the business and its directors, and a personal guarantee in most cases.

05Pros and cons

• Pro: a broad range covering hard and soft asset finance, loans and tax funding.
• Pro: a long established lender backed by a large international investment group.
• Pro: quick decisions and funding, with e-signed documents.
• Pro: dedicated account managers.

• Con: personal guarantees are commonly required.
• Con: loan terms top out at around five years.
• Con: not designed for start-ups.
• Con: short-term tax loans need careful budgeting, as repayments overlap with the next tax bill.

06Applying through a broker vs going direct

White Oak offers a wide range, but other lenders may suit a particular asset, tax bill or credit profile better. We search the market, present your case to suitable lenders, which may include White Oak, and set out the offers so you can compare total cost, term and security like for like. One application covers the search. It is free to enquire; any broker fee is disclosed separately before you proceed. To see where you stand, try our Instant Quotes check.

07Alternatives to White Oak

• Time Finance: worth comparing for asset finance, especially if you might also want invoice finance.
• Fleximize: an alternative for flexible unsecured business loans.

Short term options are also covered in our guide to short-term business loans. Before signing anything, you can check any firm on the FCA Register.