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Secured lending – 4 points to consider

4 Things to consider before taking a loan against your property

With a surge in secured lending, i.e. second charge, sweeping the UK alternative commercial market, SME Finances would like to give you some advice before progressing an application;

  1. Credit check: As with any new application for a commercial product, use one of the many credit checks available online
  2. Affordability: If you have any existing loans, make sure they’re paid up or, at the very least, there is still an affordability to service a new facility with the existing in the background.
  3. Shop around: There are a lot of lenders willing to provide a product that fits and, as with all competition, the prices will vary.
  4. Loan to value [LTV]: A quick bit of math will indicate how much money is locked away in your property – with most lenders offering anything up to 60% LTV

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