Frequently asked questions.
Take a look at Kingsway’s FAQs to help guide you through the financing process. If you can’t find the answer you’re looking for, don’t hesitate to contact us and a member of the team would be happy to assist with your individual needs.
What makes a good proposal?
Kingsway require key elements in order to be able to guarantee there are no delays in the decision process. The six key elements for a good proposal are:
- Detailed write up and background
- Up to date audited accounts
- Up to date Management Information
- Last three months business bank statements
- Asset & Liability statements for all guarantors (particularly important for Loans and Refinance)
- Debt schedule (for all loan requests; template downloadable from our Broker Portal below)
Do you consider non-homeowners?
No, all Sole Traders/Partnership hirers and all Ltd/LLP guarantors must be UK homeowners. We will verify this with Land Registry and will require further evidence if our Land Registry search is inconclusive.
What are your equipment exclusions?
All assets must have an obvious application to the business that has been proposed for finance. There are some assets that we will not finance, which include:
- Audio visual equipment into pubs
- Laser Machines or similar types of “body enhancement equipment” unless the prospective customer is a recognised medical professional
- Search engine optimisation software (SEO) or website software
- Slush & iced drinks machines
- Sunbeds and tanning equipment
- Vehicles and yellow plant machinery – we will refer these to our sister company, Praetura Asset Finance
- Any asset where the concept of the sale is to generate income to pay the lease rentals and the asset is not essential to the business eg; revenue to be derived from the lease of plasma screens into a company that expects advertising or user charges to cover the lease rental
What are your business sector exclusions?
There are a number of sectors we will not currently lend into, including:
- Agriculture / Farming, Forestry
- Construction (with the exception of Scaffolding for Lease/ Hire purchase facilities)
- Couriers (self-employed)
- Gambling Industries
- Government Funded Schools & Academies (due to Department of Education policy)
- Home based cleaning businesses and Window Cleaners
- Legal firms specialising in Personal Injury (PI) claims
- Small Charities & “Limited by Guarantee” companies
- Tenanted Public Houses and Social Clubs
Will you pay out on copy documentation?
Not at present, but to avoid delays we do advise you to scan over the documentation before posting so our team can check everything is correct. Please contact your BDM if you require any assistance with documentation completion.
How do we get access to your documentation?
Please head below to our Broker Portal in order to access our downloadable document section. You will see our documentation is split by product for ease, but if you require any further assistance, please contact your Kingsway BDM.
Do you finance 100% software?
Yes, financing 100% software is assessed in the same way as all other assets that we have an appetite for.
Where can you fund business?
We will consider proposals for prospective customers based in all regions of England and Wales. We will also consider applications for professions loans in Scotland.