Fitness and Gym Finance

To update your fitness centre with new facilities, hire purchase is the perfect solution for gym equipment finance. It means you can get the high-quality equipment you need for your site by paying VAT and a deposit upfront and then making fixed monthly payments thereafter. These monthly payments may be affected by whether you pay off the entire loan over the term or choose a final balloon payment. With hire purchase, you have the final option to purchase for a nominal fee, transferring ownership of the asset to the business.

For the acquisition of ‘soft assets’, such as IT equipment, vending machines or lockers for your gym or fitness centre, you may be interested in equipment leasing. This enables you to get the equipment you need without the upfront costs associated with large purchases. It works by the lender purchasing the item and the business then leasing it through fixed monthly payments over an agreed term. These finance options for gyms can also be used for premises fit-outs, furniture or even air-conditioning.

If your gym or fitness centre is in need of a cask injection to help smooth out cashflow fluctuations and take opportunities where otherwise they could be missed, learn more about business loans for gyms. This option of borrowing money is repaid in monthly instalments, including interest, over an agreed term. 

A business loan for gyms can be secured or unsecured. Portman typically provides unsecured loans, which can be more flexible and do not require collateral but are likely to require a personal guarantee. Secured loans are tied to an asset which the lender can claim ownership of if repayments are not made. These may be used in equipment refinance deals.

Are you opening a new gym, activity or fitness centre and need a helping hand to get off the ground? Asset finance for new businesses allows you to focus on running your company and bringing in customers, confident that you have the gym equipment and facilities you need without the large initial outlay. Using gym equipment finance means that you preserve the credit card or overdraft for contingency and operating expenses when the unexpected happens.

Did you know that we offer the option to retrospectively finance high-value items? If you recently bought new gym equipment outright but would now prefer to have financed it, we can help with a sale-and-lease-back agreement. We will calculate the current value of the equipment based on the invoice as long as the item is less than three months old. After a few checks and acceptance of the term and monthly repayments, we can give you the cash equivalent of the invoice to put back into the business. You’ll then make fixed monthly payments, including interest, whilst your new gym equipment increases footfall for your business.

If your business owns high–value assets that are not currently on finance, subject to a valuation, it is also possible to use them as security for a loan, with lenders offering a cash loan up to a % of the asset’s value.