Starting at 6% APR
Secured Loans can be a great avenue for businesses who own assets of value. These assets can enable to you to supplement a loan request or completely secure a loan. The three main types of secured loans are:
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Short Term Secured Loan
Similar to our main unsecured loan product, in some instances we can utilize property assests such as homes, garages, etc. The benefit of this is to allow business owners to increase the available amount though the cash flow isn’t as strong. Typical approvals in this category max out at 50% of current market value in addition to supporting cash flow.
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Hard Money Loans
This product is for business owners looking to purchase a building or large equipment. These products start at $250K with no max offer. Interest is typically higher than a bank loan but terms will range from 5-30 years, clients can have sub-par FICO in comparison to bank products. Current approvals are 60-75% LTV.
Secured loans overall can be a great option for business owners who don’t currently have the cash flow or credit to justify more traditional funding options.
Affordable rates, transparent fees
There is only a one-time 4.5% origination fee, with no prepayment penalty.
| 12 months | 24 months | 36 months | 48 months | 60 months | |
| Interest Rates | 5.99% – 14.74% | 8.99% – 17.49% | 9.99% – 18.49% | 10.99% – 19.49% | 12.99% – 20.99% |
Credit Criteria
| Borrower FICO | ≥ 620 |
| Business revenue (most recent year) |
≥ $150,000 |
| Business net income (at least 1 of the last 2 years) |
≥ $0 |
| Years in business | ≥ 2 years |
| Bankruptcies (<7 years) or criminal activity | No prior history |
| Tax liens or judgments | None current |