Close Brothers vs Aldermore: Business Lending Compared
Close Brothers vs Aldermore compared for UK business finance: products, amounts, terms, speed and who each suits. Impartial broker guide from Greenwood.
The short version
- Close Brothers is a long-established UK merchant banking group known for asset finance, invoice finance and specialist commercial and property lending, often through relationship-led, sector-specialist teams.
- Aldermore is a challenger bank (part of the FirstRand group) offering asset finance, invoice finance and commercial mortgages, with a reputation for pragmatic underwriting of thinner or non-vanilla profiles.
- Both lend against assets and property rather than relying on clean credit alone, so the better fit usually depends on your sector, security and deal structure.
- Close Brothers often suits larger, complex or niche-asset deals; Aldermore often suits property-backed and SME cases where a flexible view of the applicant matters.
- Neither is universally cheaper or better. Pricing is personalised, so confirm current terms with the lender or ask a broker to compare both against your situation.
Close Brothers and Aldermore are two of the more established names UK businesses meet when they look beyond the high street for asset finance, invoice finance or property-backed lending. Both are proper banks with long track records, and both lend on the strength of security and cash flow rather than a tick-box credit score alone.
People compare them because the two overlap heavily on paper but feel different in practice. Close Brothers leans towards specialist, relationship-driven lending across many asset classes, while Aldermore built its name as a nimble challenger bank willing to underwrite cases the mainstream banks decline. Knowing where each tends to shine saves time and protects your credit file from scattered applications.
Compare them at a glance
The dashboard below sets out non-price metrics only (typical loan sizes, repayment terms and funding speed). Figures are indicative and product-dependent, so always confirm the current position for your specific deal.
The two lenders in detail
Close Brothers
Close Brothers is a UK merchant banking group with a long history in specialist lending. Its commercial arms cover asset finance, invoice finance, and property and development lending, often organised into sector-specialist teams that understand particular assets and industries. It tends to favour a relationship-led approach where a human underwriter looks at the whole picture.
That model suits businesses with specific or higher-value assets, seasonal or complex cash flows, or deals that need a lender who genuinely understands the sector. The trade-off is that a more hands-on process can feel less instant than a slick online challenger, and the exact appetite varies between its divisions.
Strengths
- Deep specialism across many asset classes and industries.
- Relationship-led underwriting that considers the wider context.
- Established balance sheet and long track record through market cycles.
- Comfortable with larger, structured or niche-asset transactions.
Watch-outs
- Appetite and criteria differ across its separate divisions.
- A more manual process can be less instant than online-first lenders.
- Not always the first port of call for very small, simple facilities.
- Pricing is personalised, so confirm current terms directly.
Aldermore
Aldermore is a specialist challenger bank founded in 2009 and now part of the FirstRand group. It focuses on SME and property lending, including asset finance, invoice finance, commercial mortgages and buy-to-let, and it built its reputation on pragmatic, common-sense underwriting for borrowers who do not fit a rigid high-street template.
This makes it a natural fit for property-backed borrowing and for applicants with a slightly non-standard story, such as recently changed structures or income that needs explaining. As with any single lender, its criteria still have boundaries, and the right answer for your deal depends on your assets, term and profile.
Strengths
- Pragmatic underwriting for non-vanilla SME and property cases.
- Strong presence in commercial mortgages and buy-to-let.
- Broker-friendly with clear specialist lending lines.
- Backing of a large parent group in FirstRand.
Watch-outs
- Still applies criteria, so not every profile qualifies.
- Very large or highly specialised asset deals may suit others better.
- Property valuations and legals add time to mortgage cases.
- Pricing is personalised, so check current figures before deciding.
Side-by-side comparison
The table summarises how the two lenders typically line up across the questions businesses ask most. Treat every figure as indicative and product-dependent.
| Feature | Close Brothers | Aldermore |
|---|---|---|
| Core products | Asset finance, invoice finance, property and specialist commercial lending | Asset finance, invoice finance, commercial mortgages, buy-to-let |
| Typical amounts | Small facilities up to £2m and larger structured deals | From around £1k on some lines up to £1m and beyond on property |
| Security | Assets, receivables or property, depending on product | Assets, receivables or property, depending on product |
| Repayment style | Fixed instalments (asset/invoice), amortising or interest options on property | Fixed instalments (asset/invoice), amortising or interest-only options on mortgages |
| Typical speed | Days for simple asset deals; longer for property and structured facilities | Days for simple asset deals; longer for property and structured facilities |
| Eligibility slant | Sector fit and asset quality matter; relationship-led review | Pragmatic view of the applicant; strong on property-backed cases |
| Best for | Specialist, niche-asset or larger, complex deals | Property-backed and non-standard SME profiles |
Cost is not shown because it is personalised. Rates vary by profile, asset, term and security, so two businesses can be quoted very differently by the same lender. Always confirm current pricing and fees directly with the lender or ask a broker to gather comparable quotes for you.
Where Close Brothers tends to win
Close Brothers tends to win when the deal is specialist, larger or unusual. Its sector-specific teams and long experience across asset classes mean it can get comfortable with equipment, vehicles or receivables that a generalist lender might struggle to price or understand. If your business relies on a particular type of asset, has seasonal cash flows, or needs a lender to structure something beyond an off-the-shelf facility, a relationship-led bank with dedicated underwriters can be a real advantage. It also tends to hold its nerve through market cycles, which matters for businesses that value continuity of funding rather than the cheapest headline on a single day.
Where Aldermore tends to win
Aldermore tends to win when the case is property-backed or the applicant profile is a little outside the mainstream mould. Its heritage as a challenger bank is built on saying yes to sensible borrowers who do not fit a rigid credit template, and its commercial mortgage and buy-to-let lines are a core strength rather than an afterthought. If you are a landlord, a trading business buying premises, or an SME whose accounts need a short explanation, Aldermore’s pragmatic underwriting can be the difference between a decline and a workable offer. That flexibility, combined with a broker-friendly approach, makes it a common shortlist name for property and SME lending.
Who each lender suits
Close Brothers tends to fit if…
- ➔ Your deal involves specialist, higher-value or niche assets.
- ➔ You want relationship-led underwriting from a sector specialist.
- ➔ You need a larger or more structured facility.
- ➔ You value long-term continuity of funding over a one-day headline rate.
Aldermore tends to fit if…
- ➔ Your borrowing is backed by commercial property or buy-to-let.
- ➔ Your profile is sound but slightly non-standard.
- ➔ You want a pragmatic, common-sense credit view.
- ➔ You are working through a broker on an SME or property case.
How Greenwood helps you choose
Greenwood Capital is a Manchester-based, whole-of-market finance broker, so instead of applying to Close Brothers and Aldermore separately, you tell us about your business once and we compare suitable lenders across the market, including these two. We look at your assets, security, timescales and goals, then match your situation to the lenders most likely to say yes on sensible terms. This is general help to navigate the options, not financial advice or a recommendation to take a particular product, and it helps you avoid multiple scattered applications that can mark your credit file.
The verdict
Neither lender is universally better. Close Brothers is often the stronger call for specialist, larger or niche-asset deals that reward sector expertise, while Aldermore frequently shines on property-backed borrowing and pragmatic SME cases. The right answer depends on your assets, the structure you need and how your profile reads to an underwriter, so the sensible move is to compare both against your actual situation and confirm current terms before you commit.
Sources
- Close Brothers Group and Close Brothers Commercial Finance public product pages describing asset finance, invoice finance and property lending.
- Aldermore Bank public product pages covering asset finance, invoice finance, commercial mortgages and buy-to-let.
- Aldermore corporate information noting its 2009 founding and ownership within the FirstRand group.
- General UK business finance references on secured and asset-backed lending structures and repayment styles.