Cost
Secured loans are typically cheaper than unsecured options.
A Secured Business Loan is available to businesses that are able to provide tangible assets to secure the facility. These assets are almost always property.
The lender advances a set amount at the start of the loan, which is repaid using fixed monthly repayments over a period of time. Due to security being provided, the facility is often cheaper and can be longer-term than an unsecured business loan.
While a lender will still consider the loan’s serviceability because they need to ensure the business is able to comfortably repay the funds, they will take a more pragmatic view and be more aggressive with their offers because they can claim the asset should the business now be able to repay the amount owed.
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Secured loans are typically cheaper than unsecured options.
A secured loan can be over a considerably longer term than an unsecured loan, keeping monthly repayments loan and being better for cashflow.
Because there is security, a lender will offer more money to the business.
Because the borrowing is secured, a lender will take a more pragmatic view on other things such as profitability and any adverse credit.
With access to over 150 lenders, we can help make your plans a reality.
The business needed working capital so they could make repairs to a van and begin a new and exciting project.
The funding will allow them to open an additional site in London, doubling their turnover.
The funding will allow the business to increase their resources and take on more lucrative contracts.
We’ve put together a list of common Business Loan FAQs. If there’s something you want to know and you can’t find the answer here, get in touch with our team of finance experts.
The time it takes to secure a loan can vary depending on the lender and the complexity of the application. Typically, it may take a few weeks to complete the valuation of the collateral and finalise the loan agreement. However, some lenders offer faster processes if the documentation and valuation are straightforward.
Yes, businesses can use secured loans for a wide range of purposes, including expansion, purchasing equipment, refinancing existing debt, or improving cash flow. The specific use of the loan will often be agreed upon with the lender during the application process.
The terms and interest rates for secured business loans are generally more favorable than those for unsecured loans. Interest rates are typically lower due to the reduced risk to the lender, and repayment terms can range from a few years to several decades, depending on the amount borrowed and the value of the collateral.
Whether you’re looking to obtain funding to take on the next stage of business growth or access working capital to cover costs, it’s important to have a team of experts on your side.
Our experienced funding team operates out of each city centre office in Manchester, Leeds, Liverpool, London and Birmingham. We’re available to meet face-to-face so that we can better understand your business and talk you through your funding options, or we can assist over the phone – whichever you’d prefer!
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