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Secured Loans With Grow Funding
Secured Loans With Grow Funding
What is a secured business loan?
A secured business loan is simply what it states, a loan that is secured by security! The security would need to be some form of property, residential, commercial property, or Land. Depending on how much your business is looking to borrow may have an impact on what loan is right for you, unlike unsecured loans, a secured loan will allow you to borrow more. This is because if the business is unable to pay back the loan, the lender has the right to sell the asset/assets you secured the loan with.
So, the higher the value of the security, usually the higher amount of borrowing. But with your asset being used as security, a business must do their calculations to identify if the borrowed amount requested is achievable. Of course, the lender will require bank statements and filed accounts to help make this decision.
There are many other benefits to secured loans such as, they are often cheaper than unsecured loans. This is because there is less risk to the lender. However, this may vary dependent on at what stage your business is at in terms of trading history. With a new start business, it may be a slightly higher interest rate as there will be limited or no historical financial information to work from. Also, if the borrower has poor personal credit this also may result in a slightly higher interest rate.
Here at Grow Funding we work will all the main High Street banks and approved independent UK lenders, achieving you the best terms and rates on the market. We also have the experience and knowledge of matching the right lender to the right company based on industry sectors and criteria. Do not chance having loads of failed business credit checks, contact us here at Grow Funding so you get approved the loan you need.
We provide a dedicated expert that you will have direct contact with. We process and complete your application making it a stress-free transaction.
Contact our friendly team today, for free advice call us on: 01903 660091 / E: expert@growfunding.co.uk
Asset finance is a type of lending that enables you to access business assets such as equipment, machinery and vehicles without having to buy them upfront. It can also allow you to release cash from the value in assets you already own or use your existing assets as security against a business loan from an asset finance lender.
Business asset finance is typically attractive to businesses who want to put their growth plans into action but don’t necessarily have the ready cash, or business owners who would rather spread large costs over a longer period.
Short-term asset finance also enables businesses to remain competitive by making it easier for them to access the latest technology. Asset finance is a broad category that relates to valuable items in your business.
Here is one of our case studies of asset-based invoice finance –
Case Study - Feb - 2019
Invoice factoring for Essex based building company
This company had been awarded a large value contract with a London borough council to install new kitchens and bathrooms into their residential council properties. With limited funds in the bank to cover the cost of labour and materials, Grow Funding arranged a suitable Invoice factoring facility to allow the business to release cash tied up in their outstanding invoices. This means going forward at the point of them giving the invoice to the council they can factor the invoice to provide them with cash in the bank to cover their cash flow needs. An initial facility size of £165,000 was set up with view to this growing over time.
The Advantages:
• Credit insurance to protect you against bad debtors
• The funds are secured and valued against your assets
• Funds can be used for any business needs
• There is the possibility of being flexible in comparison to loans and overdrafts
Grow Funding ltd - 70 Goring Road - Goring by sea- Worthing - West Sussex - BN12 4AB
01903 660091
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