Find the right commercial loan for your business.
Your business is going places – so why let cash flow prevent you from achieving your goals? Highland Finance can help you secure a secured or unsecured business loan that will provide you with the funds you need to hire new staff, fund new training opportunities, invest in new machinery and equipment, go after new market opportunities, or simply cover temporary shortages.
What's more, we can source business loans with favourable terms and low monthly repayments, so you won't be placing your finances under too much pressure while you're exploring new avenues or balancing your books.
Lenders will use a range of factors to determine whether you are eligible for a business loan, including your annual revenue, net operating income, and personal debt-to-credit ratio. They will also usually carry out a credit check to make sure you are financially stable and in a good position to pay back what you owe.
There are a range of basic requirements that you, as the owner of the business, will need to meet, too. For example, you will need to be a UK resident who is over 18 years of age, runs a UK-based business, and has a UK bank account.
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Both secured loans and unsecured loans can be used for any purpose. However, they provide you with different ways to secure funding, based on how you want to back up your debt.
Take out a secured business loan, and you will be borrowing money against your company's assets, which will be offered to the lender as collateral in case you cannot cover your repayments. Assets can include land, commercial buildings, equipment, stock, and even intellectual property.
Lenders usually prefer this type of loan, as it minimises the risk to them. They can often offer more competitive interest rates in return for the reassurance that they will be able to call upon your collateral if you fall behind on your monthly instalments.
Unsecured loans are more straightforward. They don't require you to provide any form of security and allow you to borrow based solely on your credit score and financial circumstances. However, you may not be able to apply for larger amounts on an unsecured basis – and interest rates will be higher, as the risk to the bank is greater.