What are the best alternatives to ThinCats?

Why consider alternatives to ThinCats?

ThinCats occupies an unusual position in UK business lending. It is not a small business lender at all: it provides £1 million to £30 million of long-term debt to established mid-sized SMEs, typically those with £0.5 million to £40 million in gross assets and 10 to 250 employees, for growth, M&A, management buyouts, employee ownership trust transitions and private equity backed transactions. It has deployed over £2 billion since 2010, and in 2025 it was acquired by Shawbrook Group.

That focus creates three specific reasons borrowers look elsewhere.

The first is the floor. If you need £600,000, ThinCats is not an option, and neither are several of the other mid-market names. The second is pricing transparency. ThinCats does not publish headline interest rates; it prices each loan individually on cashflow, security and risk profile and quotes directly to the applicant. The third is regulatory status. ThinCats’ parent company states in its audited FY2024 accounts that the Group is not a bank nor subject to PRA or FCA supervision. That is normal for corporate lending in the UK, but some boards and their advisers prefer to borrow from an authorised bank.

There is also timing. ThinCats publishes no fixed turnaround, describing a relationship-led process through a regional business development manager and human underwriting rather than an automated decision.

This guide covers seven lenders that answer at least one of those objections.

Top ThinCats alternatives

1. OakNorth Bank, Best for bank-underwritten lending at the same ticket size

OakNorth Bank is the closest like-for-like alternative on ticket size, lending from £1 million upwards to established businesses for acquisitions, real estate investment, development and fund finance. The difference that matters is regulatory: OakNorth Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, Financial Services Register number 629564. It has lent over £15 billion.

Rates and amounts: No published rate range, pricing is individually assessed on trading history, turnover, profitability and EBITDA. From £1,000,000, with no published maximum.

Eligibility: No fixed minimum trading history or turnover published; both are assessed case by case.

Pros: Same £1 million entry point as ThinCats; PRA-authorised bank; no published ceiling on facility size; individually underwritten terms.

Cons: No published rates, so you cannot benchmark before applying; no guaranteed decision timescale, described only as weeks rather than months and in some cases days; not aimed at anyone needing under £1 million.

Best for: Mid-market businesses that want the ThinCats ticket size but would rather the counterparty were an authorised UK bank.

2. Shawbrook Bank, Best for property-backed facilities and the ThinCats parent

Shawbrook acquired ThinCats in 2025, so this is the one alternative where you may already be dealing with the same group. Approaching Shawbrook directly gives you access to a much lower entry point, £50,000 rather than £1 million, and to property-secured products ThinCats does not run. Shawbrook Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, firm reference number 204574, and has lent £9 billion.

Rates and amounts: 0.55% to 1.25% per month on bridging; commercial mortgages from 5.5% per annum. £50,000 to £25,000,000.

Eligibility: 12 months trading preferred, none required for property-backed bridging; no turnover minimum for property finance, £200,000 or more for unsecured business loans.

Pros: Published monthly bridging rates; indicative terms within 24 hours; matches ThinCats’ £25 million territory; regulated bank.

Cons: Unsecured business lending needs £200,000 or more of turnover; completion typically takes 2 to 4 weeks; not a cashflow M&A lender in the way ThinCats is.

Best for: Borrowers whose deal has property in it, and anyone who wants to test whether the parent bank prices better than the brand it acquired.

3. Investec, Best for facilities above the £30 million ceiling

Investec lends up to £100,000,000 across business loans, asset finance, commercial mortgages and development finance, arranged through a dedicated relationship banker. Where ThinCats stops at £30 million, Investec keeps going, which matters for buy-and-build strategies that outgrow their original facility. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA.

Rates and amounts: No published rates; asset finance, working capital and real estate finance are individually priced on the transaction and the borrower’s covenant strength. £5,000 to £100,000,000.

Eligibility: No published minimum trading history or turnover; each business is assessed individually.

Pros: Highest ceiling of any lender in this guide; four product lines under one relationship; established mid-market and private-equity-backed client base.

Cons: No published rates or timelines; real estate finance starts at £10 million; not built for small, fast, unsecured requirements.

Best for: Mid-market and corporate borrowers whose requirement has grown past £30 million, or who want asset finance and real estate finance from the same relationship banker.

4. Cynergy Business Finance, Best for asset-based lines from £200,000

Cynergy Business Finance lends £200,000 to £40,000,000 secured against receivables, stock, property or other business assets. That £200,000 entry point fills the gap directly beneath ThinCats, and the £40 million ceiling sits above it. Be clear on the regulatory position: Cynergy Business Finance Limited’s own asset-based lending activity is exempt from regulation by the Financial Conduct Authority and the Prudential Regulation Authority, per its own website. It is a subsidiary of Cynergy Bank plc, which is separately authorised by the PRA and regulated by the FCA and the PRA under firm reference number 575105.

Rates and amounts: No published indicative rates, discount margins or factor rates; pricing is bespoke and quoted per business after assessment. £200,000 to £40,000,000.

Eligibility: No published minimum trading history or turnover; eligibility is assessed on the strength of the underlying receivables, stock, property or other assets.

Pros: Covers both the £200,000 to £1 million gap and the £30 million to £40 million range ThinCats cannot; bank-backed; asset-based structures suit working capital as well as transactions.

Cons: No published pricing at all; no published turnaround time; nothing below £200,000; the lending entity itself is outside FCA and PRA regulation.

Best for: Scaling SMEs with a strong receivables or stock position that need a substantial revolving line rather than a term loan for a transaction.

5. Allica Bank, Best for a published rate and a next-day answer

Allica Bank is the transparency alternative. It publishes 9.90% to 13.75% per annum for unsecured business loans of £25,001 to £150,000, and typically gives a business loan decision no later than the next working day. Commercial mortgages run up to £15,000,000 for investment property. Allica Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, firm reference number 821851.

Rates and amounts: 9.90% to 13.75% per annum on unsecured loans of £25,001 to £150,000, with a 3% arrangement fee; commercial mortgage rates individually quoted with a 1.5% arrangement fee owner-occupied or 2.0% investment. £25,001 to £15,000,000.

Eligibility: 3 or more years of filed accounts for unsecured business loans, 2 or more years of financial accounts for commercial mortgages; no fixed minimum turnover, but applicants must demonstrate at least 150% debt service cover.

Pros: An actual published rate you can compare; next working day decisions on business loans; commercial mortgage ceiling of £15 million.

Cons: The published rate only covers unsecured loans up to £150,000; needs 2 to 3 years of filed accounts; the 150% debt service cover test rules out thinner covenants.

Best for: Established companies with filed accounts that want to know the price before they spend three weeks on diligence.

6. Close Brothers, Best for mid-market asset and invoice finance

Close Brothers has been lending since 1878 and has £10 billion out to UK businesses across asset finance, business loans and invoice finance. Where ThinCats provides a single large debt facility, Close Brothers is often the better answer when the funding need is really equipment or a debtor book. Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, FCA reference number 124750.

Rates and amounts: 5% to 18% per annum. £10,000 to £5,000,000.

Eligibility: 24 or more months trading; £250,000 minimum turnover.

Pros: Published annual rate range; three product lines including invoice finance, which ThinCats does not offer; deep sector knowledge; regulated bank.

Cons: £5 million ceiling is well below ThinCats’ £30 million; 3 to 5 working days for a decision; not suitable for businesses under 2 years old.

Best for: Established mid-market businesses whose real requirement is plant, vehicles or a receivables facility rather than acquisition debt.

7. Aldermore, Best for requirements below the £1 million floor

Aldermore lends from £2,000 to £10,000,000 across asset finance, business loans, commercial mortgages and invoice finance, which makes it the widest net in this guide for anyone who does not clear ThinCats’ £1 million minimum. Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, firm reference number 204503. It has lent £14 billion.

Rates and amounts: 4.5% to 20% per annum depending on product, asset type and credit profile. £2,000 to £10,000,000.

Eligibility: 12 or more months trading for most products; £100,000 turnover for most products, with lower thresholds on some asset finance.

Pros: Lowest published starting rate of any lender here at 4.5% per annum; same-day decisions on asset finance up to £250,000; four product lines; only 12 months trading required.

Cons: £10 million ceiling; larger deals take 3 to 5 days; not aimed at businesses with significant adverse credit.

Best for: Mid-sized businesses that were told they were too small for ThinCats and want a regulated bank that will still write eight-figure facilities.

Comparison table

How to choose the right alternative

Choose OakNorth Bank if the ticket size is right but you want an authorised bank on the other side of the table.

Choose Shawbrook Bank if your transaction has property in it, or you simply want to test the parent group directly now that it owns ThinCats.

Choose Investec if £30 million will not cover it, or you want asset finance and real estate finance under one relationship.

Choose Cynergy Business Finance if your borrowing power sits in your receivables, stock or assets and you need somewhere between £200,000 and £40,000,000.

Choose Allica Bank if you want a published rate and a next working day answer, and you have two to three years of filed accounts.

Choose Close Brothers if the underlying need is equipment or a debtor book rather than acquisition debt.

Choose Aldermore if you fall below the £1 million floor and still want a regulated bank with a published rate range.

One practical note on all seven. Three of them publish nothing on price, so a comparison is only meaningful once you have written terms from at least two. Ask for the total cost of the facility including arrangement fees, non-utilisation fees and any exit fee, not just the headline margin. Lendus is an introducer, not a lender or a credit broker, and does not approve or decline anything; we put your requirement in front of lenders who do. Always confirm a lender’s current regulatory status on the FCA Register at register.fca.org.uk before you commit.