Bottom line: Shawbrook plant finance starts from 6.0% APR on Finance Lease for new plant and from 6.5% APR on Hire Purchase. Rates are marginally higher than Close Brothers, but Shawbrook's willingness to consider SPVs, restricted companies, property developers, and non-standard ownership structures makes them the right lender for a significant proportion of cases that the mainstream market will not touch. We assess Shawbrook alongside our full panel and recommend them where the complexity warrants it.
Current Shawbrook Plant Finance Rates
Rates are indicative as of October 2026. Shawbrook's rates and appetite for complex structures are confirmed on a case-by-case basis. The rate shown reflects base pricing; complex structures or higher loan-to-value will move the rate toward the higher end.
| Asset / Product | Finance Type | Rate From | Typical Term | Notes |
|---|---|---|---|---|
| New plant (limited company / SPV) | Hire Purchase | 6.5% APR | 2–7 years | Non-standard structures considered. 10–20% deposit. |
| New plant | Finance Lease | 6.0% APR | 2–7 years | Asset off balance sheet. Lower monthly cost vs HP. |
| Used plant | Hire Purchase | 7.6% APR | 2–5 years | Case-by-case on age and condition. Valuation may be required. |
| Heavy / specialist plant | Hire Purchase | 7.0% APR | 3–7 years | Cranes, piling rigs, tunnelling equipment. Specialist valuation. |
Rates are indicative only. Your confirmed rate will be provided in writing following Shawbrook's credit assessment.
Where Shawbrook Excels - Use Cases
Shawbrook's competitive advantage is not rate - it is appetite. These are the scenarios where we would direct a plant finance enquiry to Shawbrook rather than to Close Brothers or Aldermore:
Structure
SPV and subsidiary companies Shawbrook will consider plant finance for Special Purpose Vehicles and subsidiaries where the underlying business or its directors can demonstrate strength. Most mainstream lenders decline SPVs on plant finance outright.
Sector
Property developers Property developers requiring excavators, dump trucks, or groundwork plant face resistance from mainstream lenders uncomfortable with project-based cashflows. Shawbrook understands property development income cycles and will structure facilities around them.
Trading history
Restricted companies Companies with restricted filing histories, recently incorporated entities backed by experienced directors, or businesses with abbreviated accounts receive case-by-case consideration from Shawbrook rather than an automatic decline.
Ownership
Non-standard ownership structures Joint venture companies, family trust-owned businesses, and companies with overseas directors or shareholders can be considered. Shawbrook's underwriters deal with complexity that the tick-box systems of mainstream lenders cannot accommodate.
Asset
Specialist and heavy plant Piling rigs, tunnel boring equipment, and specialist cranes carry residual values and operating profiles that require specialist underwriting. Shawbrook's asset finance team handles these where Close Brothers may not.
Refinance
Complex refinance cases Where a business needs to refinance plant that has an unusual or complex existing finance structure, or where the asset and corporate structure need to be considered together, Shawbrook's flexibility enables solutions that straightforward lenders cannot construct.
Shawbrook vs Close Brothers for Plant Finance
Which lender should you use?
Use Close Brothers first when the borrowing entity is a straightforward limited company or partnership, the plant is standard construction equipment, and you want the lowest rate with the fastest decision. Close Brothers is the UK's largest specialist plant lender and offers rates from 5.9% APR HP with same-day decisions under £100,000.
Use Shawbrook when the borrowing entity is an SPV, a property developer, a recently incorporated company, or a company with a restricted filing history. Shawbrook's underwriting is more thorough and typically takes longer, but it is designed to accommodate the complexity that Close Brothers' decision framework is not built to handle.
In many complex cases, we approach both simultaneously - which gives you a choice, or a fallback if one lender's appetite proves narrower than expected.
| Factor | Shawbrook | Close Brothers |
|---|---|---|
| New plant HP rate | From 6.5% APR | From 5.9% APR |
| Finance Lease rate | From 6.0% APR | From 5.4% APR |
| SPV / project company | Considered | Typically declined |
| Property developer | Strong appetite | Limited |
| Restricted company | Case-by-case | Typically declined |
| Decision speed | 2–5 days (complex cases) | Same day under £100k |
| Minimum trading | Case-by-case | 6+ months |
| Specialist / heavy plant | Strong | Standard |
What Shawbrook Needs to Assess Your Case
Shawbrook's underwriting is more thorough than a straightforward plant lender, reflecting the complexity of the cases they accept. We will typically need to provide:
- Full corporate structure - including parent companies, subsidiaries, and ultimate beneficial ownership
- Last 2–3 years' accounts for the borrowing entity and any parent or guarantor companies
- 6 months' business bank statements
- Details of the asset: make, model, age, condition, value, and purchase source
- Explanation of the business activity and how the asset will be deployed
- For property developers: details of current developments, pipeline, and funding in place
- Director / beneficial owner ID and proof of address
We prepare and present this information in the format Shawbrook's underwriters require. A well-packaged submission significantly improves both decision speed and the terms offered.