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What Is a Secured Business Loan?
Secured business loans require an asset, such as property, vehicles, or equipment, as security. By pledging an asset to secure the loan, you help lessen the lender’s risk, allowing you to access:
- Higher loan amounts to fund major investments.
- Lower interest rates for cost-effective borrowing.
- Flexible repayment terms that suit your cash flow.
- Extended repayment terms for long-term borrowing and smaller repayments.
What Can You Do with a Secured Small Business Loan?
- Business Expansion: Use secured lending to raise capital for opening a new location, entering new markets, or expanding operations.
- Purchase Equipment: Invest in new machinery or technology to improve your productivity and efficiency.
- Purchase Property: Buy commercial property for your business, like an office, warehouse, clinic, and more.
- Consolidate Debt: Use a secured loan to consolidate existing high-interest debts for better financial management.
- Renovate or Upgrade Facilities: Use secured loans to get funding to renovate your business premises to enhance customer experience or expand capacity.
Can You Get Secured Business Loans with Bad Credit?
You can still get secured business loans even if your credit score isn’t perfect. Offering assets as security lessens lenders’ risk, making them more willing to work with you. We connect with a diverse network of lenders who can offer secured business loans, even for those with poor credit.
Why Choose Dark Horse Financial for Secured Lending?
- Tailored Lending Solutions: We know every business has its own unique needs. We tailor loan solutions to suit your industry, goals, and financial situation.
- Streamlined Approval Process: With our expertise, we can streamline the application process and find fast approvals that meet your timeline.
- Flexible Loan Amounts: You can get anywhere between a few thousand to millions of dollars in secured funding, depending on the value of your asset.
- Favourable Rates and Terms: We’ll help you secure the best interest rates and most favourable terms for your secured business loan.
- Ongoing Support: With our client-for-life approach, we’ll stay with you as your business needs and goals evolve.
Secured Business Loans: How the Process Works
- Apply Online or Call Us: Share your financial information and details about the asset you want to use as security.
- Asset Valuation: We’ll help facilitate the valuation of your asset to determine your loan terms.
- Get Approved: We submit your application along with the accompanying requirements. We’ll help you find lenders that can provide fast approvals.
- Funds Released: Once your loan is approved, receive your funds and use them as needed.
Get Started with Dark Horse Financial Today
With secured funding solutions, unlock the financial resources you need to achieve your business goals. Apply today to get access to lower rates and better terms.
Get Started with Dark Horse Financial Today
With secured funding solutions, unlock the financial resources you need to achieve your business goals. Apply today to get access to lower rates and better terms.
Secured business loans FAQs
The main difference is that a secured business loan requires security, while an unsecured business loan does not require security like property or a chattel mortgage over other assets. This often results in secured loans having lower interest rates and higher borrowing amounts.
You can use any tangible asset, like real estate, vehicles, business plant and equipment, or other valuable property. The type and value of the security will help determine the loan amount and interest rate.
The amount you can borrow will depend on the value of the asset you are providing as security and your business’s capacity to repay. Secured loans generally offer higher limits compared to unsecured loans and can go as high as $50M.
Approval times can vary depending on the lender and how long the valuation takes. Due to this, secured business loans can take a bit longer than unsecured loans. However, we work with a wide network of lenders to ensure we can meet your timeline requirements.