Refinancing / Debt Consolidation
What is Refinancing?
Refinancing, also known as business debt consolidation, means consolidating multiple business debts into one, or changing one loan for another. The idea is that a business can swap expensive debt, for more affordable debt – giving themselves a little extra breathing room.
Of course, this situation can raise some affordability concerns, so you have to be careful that you’re switching to a facility with suitable terms and rates, for your situation and not taking on too much risk.
Refinancing and Consolidating Business Debt
Many businesses run into trouble and suddenly feel the pinch of existing debt, in these situations, refinancing business debt might be the answer and Saffron Financial are here to help!
Looking for Asset Refinance? This page is about business debt consolidation and refinance loans.
Why Choose Refinancing with us?
Benefits of Refinancing
- Savings / Affordability – The obvious reason to refinance – to gain a lower rate of interest or smaller monthly repayments. Decreasing your overall rate of interest may result in the total amount being paid off faster, or you could choose to spread the same loan amount across a longer period of time to reduce the size of the repayments making them much more affordable.
- Simplicity – If you’re refinancing multiple debts into one, that means you’ll only have a single set of payments to worry about and a single point of contact with one lender. That means that you can concentrate on the day-today running of your business, without worrying about managing your relationship with multiple creditors.
- Safety – Refinancing helps you improve your cash flow position. Because you’ll have more working capital available, that’s not being poured into expensive finance anymore. The consequences of defaulting on a business debt can be very serious. For example getting a CCJ or facing the threat of insolvency, a refinance could prevent this and help your business live a little less on the brink, so you can worry less and focus more on the growth of your business.
How Saffron Financial can help?
There are so many options in business finance these days and business debt consolidation depends on a number of factors.
We work with a fantastic panel of lenders, offering dozens of products from the whole spectrum of business finance, so we can find the option that’s best for your business needs.