Close Brothers Commercial Vessel Finance - Current Rates
| Finance Type | APR Range | Max Term | Max LTV | Min Loan | Typical Use |
|---|---|---|---|---|---|
| Hire Purchase (HP) | 5.9%–9.5% | 10 years | 80% | £25,000 | Ownership at end of term |
| Finance Lease | 5.9%–9.5% | 10 years | 80% | £25,000 | Off-balance-sheet option |
| Refinance / Equity Release | 5.9%–9.5% | 10 years | 80% | £25,000 | Release capital from existing vessel |
Rates correct as at October 2026 and subject to change. Individual rates depend on business profile, vessel type, LTV and term. Business lending - no consumer credit regulations apply.
About Close Brothers Commercial Vessel Finance
Close Brothers Asset Finance is one of the UK's most established specialist lenders, with dedicated marine and commercial vessel divisions operating across England, Scotland and Wales. Their commercial vessel proposition is particularly strong for vessels that carry MCA coding, Part I registration or SSR certification, and they are comfortable with hire purchase (HP), finance lease and refinance structures across workboats, patrol craft, passenger vessels and fishing boats. Underwriting is relationship-led and pragmatic: experienced relationship managers assess the overall business case rather than applying rigid automated scoring. This means applicants with complex trading histories, seasonal revenues or vessels with specialist use - including charter, survey, or coastal patrol - are considered on their merits. Close Brothers lend to sole traders, partnerships, limited companies and LLPs, and typically require at least two years of filed accounts. Their 10-year maximum term and 80% LTV ceiling are among the most generous in the commercial vessel market, making them a strong first call for higher-value acquisitions. As a whole-of-market broker, Doulton Bridging Finance regularly places commercial vessel cases with Close Brothers and can access their best available rates on your behalf.
Commercial Vessel Registration & MCA Requirements
All commercial vessels financed through Close Brothers must comply with UK maritime regulatory requirements. Key points for borrowers:
- MCA Coding: Commercially operated vessels carrying passengers or crew must hold the appropriate MCA Coding Certificate for their area of operation (Codes 1–6). Lenders will verify this before drawdown.
- Part I Registration: Most lenders prefer Part I registration on the UK Ship Register, which provides clear legal title and supports the lender's security interest. SSR is acceptable for some vessel types.
- SSR Registration: The Small Ships Register is acceptable for fishing vessels and some workboats. Part I is preferred for vessels over 24m.
- Marine Survey: An independent survey from an MCA-recognised surveyor is required for all commercial vessel finance applications. Survey costs are typically borne by the borrower.
UK Seafood Fund & Fishing Vessel Grants
If you are financing a fishing vessel, the UK Seafood Fund (administered by Defra and the devolved authorities) provides grant funding for vessel upgrades, energy efficiency improvements and safety equipment. Grant funding can often be combined with commercial vessel finance - the grant covers capital expenditure while finance covers the vessel purchase. Speak to Doulton Bridging Finance about structuring a combined finance and grant arrangement.
Strengths of Close Brothers for Commercial Vessel Finance
- Market-leading 80% LTV - reduces deposit requirement significantly
- Up to 10-year terms - lowers monthly payment vs shorter-term lenders
- Sector-experienced underwriters familiar with MCA coding and vessel registration
- Comfortable with workboats, patrol craft, passenger vessels and fishing boats
- Hire purchase, finance lease and refinance all available
Limitations to Consider
- Minimum finance of £25,000 - not suitable for very small vessel purchases
- Typically requires 2+ years filed accounts for business applicants
- Best rates (sub-7%) reserved for strong trading businesses with clean credit
- Not available to purely private borrowers - commercial / business purpose required
Compare Close Brothers Against the Whole Market
| Lender | APR From | Max Term | Max LTV | Min Loan |
|---|---|---|---|---|
| Close Brothers | 5.9% | 10 yrs | 80% | £25,000 |
| Lombard | 5.5% | 10 yrs | 75% | £50,000 |
| Shawbrook | 6.5% | 7 yrs | 70% | £50,000 |
| United Trust Bank | 6.2% | 10 yrs | 75% | £50,000 |
| Aldermore | 6.8% | 7 yrs | 70% | £50,000 |
| Together | 7.5% | 7 yrs | 70% | £50,000 |
| Rankin | 8.2% | 15 yrs | 80% | £10,000 |
| Funding Circle | 7.9% | 5 yrs | 70% | £10,000 |
Highlighted row = Close Brothers. Source: Doulton Bridging Finance lender panel, October 2026.