Unsecured and Secured Loans Explained
This type of loan is secured against an asset you own, typically your home. One of the biggest benefits of this is that the interest rates tend to be cheaper than unsecured loans.
- Larger loans: this allows you to borrow more than a personal loan.
- Longer terms: you can borrow funds for a longer term, giving you more time to pay the funds back.
- Lower rates: especially compared to similar products such as credit cards and personal loans.
You will take out a loan from a lender or bank and agree regular re-payments until the loan has been paid back in full. Typically, the interest rates are much higher compared to secured loans. If you fail to pay back your amount, this could damage your credit rating. Click here.
- Quick completion: as there is no collateral to evaluate, the completion is much quicker compared to other loans.
- No risk to assets: unsecured loans aren’t secured to any assets so there is less risk.
- Available to homeowners and tenants: it is possible for anybody to borrow money.
Property Development Finance Loans
Acceptable projects could include the purchase of a large property to convert it into multiple flats and a new build scheme.
Hunter Finance accepts private individuals, experienced property developers, building companies and commercial developers. If you are interested in a development finance loan between £100K and £2.5M, get in touch by calling 01825 749721.