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An asset-secured term loan typically targets construction businesses with usable assets available to secure lending. Lenders usually review recent trading history (often at least 2 years, depending on lender), credible cashflow to service repayments, and evidence that you own the assets and can maintain insurance. Terms are commonly 24 to 72 months. For many cases, this route can be a mid-to-upper borrowing fit, with around £650k sitting in the range achievable when affordability and security align.

An unsecured term loan for contractors is often considered where the business has stronger financial performance, with limited ability or willingness to offer security. Lenders typically focus on accounts and bank history (often at least 1 to 2 years), the business’s ability to absorb instalments, and operational risk factors such as reliance on a small number of contracts. Typical loan terms are 12 to 60 months. Decision timelines are often faster than secured lending, with initial decisions commonly around 1 to 2 weeks and completion frequently within 2 to 4 weeks where documentation is straightforward.

A partially secured term loan blends limited security, such as a security charge over equipment or vehicles, with a stronger cashflow assessment. Eligibility can depend on your trading track record, evidence of pipeline, and how well the security supports the loan size. Loan amounts can often reach practical levels for many contractors, with £650k sometimes achievable when affordability is strong even if security is not full. Typical terms range from 24 to 84 months. Total decision time is often around 2 to 4 weeks when valuations and legal steps are not extensive.