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Secured term loans for UK SMEs commonly target £100k to £1.5m, making a £400k borrowing need a common fit. Typical terms run 24 to 84 months, and indicative interest is often in the ~7% to 14%+ p.a. range for secured deals, depending on credit, term length and security quality. Decision time is typically 2 to 6 weeks from a full application pack. Lenders usually want trading history (often 2+ years), evidence of affordability, and management accounts and bank statements.

Unsecured term loans are often structured for established businesses where affordability can be assessed without substantial asset security. Typical amounts are around £50k to £500k, so £400k may be within range subject to financial strength. Terms are commonly 12 to 60 months. Indicative interest is often higher than secured, frequently ~9% to 18%+ p.a., depending on risk and lender model. Decision time is typically 1 to 4 weeks once the lender has a complete pack, with clarifications sometimes requested to support affordability.

Asset-finance style term loans are often closer to hire-purchase/loan hybrids, with underwriting that considers the eligible asset value and how it supports the business plan. Typical amounts are around £150k to £2m, and a £400k need can sit within bounds. Terms commonly range from 24 to 72 months, aligned to the expected useful life and lender recovery view. Indicative interest is often ~6.5% to 13%+ p.a. depending on asset structure. Decisions typically take 2 to 5 weeks, subject to asset documentation such as quotes and specifications.