A secured loan is a funding solution which will be secured against an asset (typically property).
The funds can be used for any business use, including but not limited to, business expansion, equipment, consolidating debt or working capital. This product works in conjunction with Commercial Mortgages and Bridging Loans.
A business may opt for a secured loan because they want to acquire larger finance for significant investments or expansions, secure lower interest rates, leverage valuable assets as collateral, or overcome a less favourable credit history.
It is possible for a business to use a personal asset as collateral. This is often done when the business is relatively new. However, it's important to note that this approach carries personal risk.
Unless you are a new start-up company, the minimum turnover most lenders will deal with is £100,000 turnover.
Similarly to Turnover, start-up companies can get funding. Once you have filed accounts for the year, we can then apply you as a fully-fledged trading business.
Due to us dealing with UK Based Lenders, we can only find funding solutions for UK Limited Companies.
A secured loan facility can vary in cost. This price will depend heavily on the amount of funds being borrowed, the length of the loan term, and the strength of your business profile. The starting point for Secured Loan interest rates is 0.5%-1% per month.
Eligibility varies largely from lender to lender, with some much more flexible, some much less. The basic criteria for applying for a Secured Loan is as follows:
- £100k minimum turnover (unless you are a new start-up)
- UK Registered Business
- Own one more valuable assets that you are willing to have secured against the loan
If you don’t meet this criteria it isn’t the end of the road, other funding options are available, and this can be discussed with one of our consultants.
Secured Business Loans can take slightly longer than other products to process. This is due to the nature of the product, with valuations needing to be made on the assets in question.
Business Loans can vary hugely in amount. With a Secured Business Loan, the range can be anything between £25,000 and £5,000,000+.
We are not your average broker. We strive to find you the perfect funding facility for your business, in the easiest way possible. We designate a member of our team of specialist finance consultants to you, walking you through the entire process until the funds are in your hands.
Get working capital with a loan at market leading rates.
Stop waiting to be paid - get the cash within 24 hours every time.
Raise funds you need and enjoy the benefits of a secured loan.
Buy the equipment your business needs today and spread the cost.
“Would thoroughly recommend using Spark Finance, we had great service all the way through the process from Perry. We will definitely be back should we need any more finance for my business”
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