Close Brothers Asset Finance is one of the UK's most established specialist lenders for construction plant and equipment. Their rough terrain forklift and material handling finance offering is well-regarded by housebuilders, main contractors and groundwork companies who need practical machines - Manitou MTs, JCB Teletruks, Merlo handlers - on-site and operational quickly.
This page sets out their current rate parameters, what they look for in an application, and where they excel versus where an alternative lender may be a better fit. As an independent broker, we access Close Brothers alongside a panel of other lenders - so we can tell you honestly when they're the right choice and when they're not.
Close Brothers Rough Terrain Forklift Finance Rates - October 2026
Rates shown are indicative. Your actual rate depends on credit profile, time in business, equipment age and deal size.
| Finance Type | Rate Range (APR) | Typical Term | Min. Amount | Best For |
|---|---|---|---|---|
| Hire Purchase (HP) | 4.5% – 9% | 24–60 months | £10,000 | Ownership at end of term |
| Finance Lease | 5% – 10% | 24–60 months | £10,000 | Off-balance-sheet treatment |
| Operating Lease | 6% – 12% | 12–48 months | £15,000 | Residual risk with lender |
| Used Equipment HP | 7% – 12% | 12–48 months | £10,000 | Second-hand Manitou / JCB |
| Fleet / Multi-unit | 4.5% – 8% | 36–60 months | £30,000 | 3+ units for housebuilders |
Equipment Types Close Brothers Finance on Construction Sites
- Rough terrain forklifts - Manitou MT series, MHT teletruk range
- JCB Teletruk and rough terrain fork variants
- Merlo Panoramic and P-series material handlers
- Combilift multi-directional forklifts for tight site access
- Heavy duty telehandlers adapted for material handling duties
- Reach stackers for container and heavy load operations
- Hook loaders and skip lorries used on housebuilding sites
Strengths and Limitations
Established credit appetite for construction
Close Brothers has consistently funded construction equipment through market cycles. Underwriters understand seasonal cash flows and project-based income.
Competitive rates for strong credits
For established businesses with 3+ years trading and clean credit, Close Brothers can offer rates from 4.5% on HP - among the sharpest in the market for this equipment class.
Flexible structuring
HP, finance lease and operating lease all available. Seasonal repayment profiles can be considered for businesses with predictable peaks and troughs.
Multi-unit and fleet deals
Close Brothers can structure fleet facilities for housebuilders financing multiple rough terrain forklifts or material handlers under a single agreement.
Minimum £10,000 deal size
Smaller companies or those financing low-value used equipment may find the minimum deal threshold excludes certain purchases.
Tighter criteria for adverse credit
Close Brothers' appetite narrows considerably for applicants with CCJs, defaults or limited trading history. Alternative specialist lenders may be more appropriate.
What Close Brothers Look For in a Rough Terrain Forklift Application
Close Brothers underwrite based on the business profile, not just the asset. Key factors they weigh include:
- Time in business: Ideally 2+ years trading; startups are assessed case by case
- Accounts / management information: Most recent 2 years' filed accounts, or 6 months' management accounts for newer businesses
- Equipment age: Preference for equipment under 7–8 years old; older machines attract higher rates or may require additional security
- Deposit: Not always required for strong credits, but 10–20% can materially improve the rate offered
- Industry: Construction, groundworks, housebuilding and civil engineering are all sectors they understand well
- Asset liquidity: Branded equipment from Manitou, JCB and Merlo is viewed favourably as it holds value better than obscure makes
Not sure if Close Brothers is right for your deal?
We compare Close Brothers against Aldermore, Lombard, Novuna, Paragon and more - and recommend the lender most likely to approve your application at the best rate.
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