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Secured Loans
I am interested in buying a local business that is forsale, i already own one business but would need additional capital for the second business, i enquired with Freedom Finance about a secured loan, only to be told that i'm not applicable since i own property outright and don't have a mortgage. Didn't think i needed one for a secured loan when i own assets outright, are all loan companies now like this? what options do i have if any.
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Comments
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They probably told you that because they do not deal in first mortgages, which required FSA authorisation. They probably regard it as a regulatory nightmare and therefore stick to secured loan (i.e. 2nd mortgage) business.
Seek out a decent independant mortgage adviser or broker, or maybe approach your own bank - if the government hype is to be believed, they have been told to start lending to businesses again to try and get the economy moving!0 -
You need a mortgage not a secured loan.0
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