A secured business loan can actually guarantee funding since it requires an upfront collateral from the borrower. This type of loan reduces the risk for the lender, thus allowing a higher approval rate. This loan solution offers the borrower large loan amounts from $25,000 up to $2,500,000 with friendly terms from 6 to 36 months.
One of the main advantages of a secured business loan is that it does not require a minimum credit score from the business owner or borrower. Although any type of personal assets can be used as collateral, the most common one is real estate due to its dollar value. The average loan size of our secured business loans is $70,000.
When A Secured Business Loan Can Help?
Even though businesses are qualified based on their overall financial health when looking for funding, the owners’ credit history also play a big part. Often times, credit history or not enough gross sales can end up hurting a business chance to obtain a loan. Because, when using a secured business loan, we won’t judge a book by its credit score cover, we approve most businesses that might not otherwise qualify for financing from banks.
Trough Capital Canal, we offer two types of secured business loans which can easily accommodate most businesses in search of working capital:
- Traditional – Loans from $25,000 to to $2,500,000 and terms from 6 to 36 months.
- Interest Only (I/O) – Loans from $100,000 up to $2,000,000 and 36 months terms.
- No minimum credit score needed.
- Upfront collateral is required.
- 6-months minimum business history.
- Daily or Weekly Payments.