Access to a Second Charge Loan is a funding route which businesses may consider when they have a need to quickly access finance in order to deal with any number of outgoings such as the purchasing stock, new equipment, new staff or settlement of debts.
For a business to be able to gain access to a Second Charge Loan they borrow the money by using their property as security, thus allowing the much-needed funding to be accessed more or less straight away. The monetary amount a business is able to borrow is dependent on what equity is left in their property. A benefit pertaining to this route to finance is that the business is able pay the Second Charge Loan back gradually over time.
This type of loan is not like re-mortgaging, because it is classed as a totally separate loan agreement, therefore an additional loan to that of the commercial mortgage which may be already in place on the property. For some business owners, them being able to access a Second Charge Loan is their preferred choice because not only is it secured they find that the loan rates are quite attractive given the circumstance.
Our partner’s vast industry knowledge and expertise enable the best rates from across the market to be sourced, thus helping businesses access the right funding deal which perfectly suits their needs.
