Definition of Chicago Asset Based Lending
Chicago Asset based lending refers to the type of loan that used assets as collateral. Borrowers don?t have to posses a good credit history because the lenders are more concerned with the collateral. The asset based lending was also called a non recourse loan because it does not take business liability. Therefore, if the borrower does not pay the loan, he will only loose the collateral.
The money from Chicago asset based lending can be used in any reason aside from buying securities.
Here are the basic steps to take when applying for a Chicago asset based lending.
- Complete the online application form for Chicago asset based lending with the necessary details about proposed collateral and the amount that you wan to loan.
- Present a proof of ownership for your collateral.
- The lenders will evaluate the submitted documents and draw decisions on the terms and loan to value ration based on the collateral.
- You will then sign the loan contract.
- Arrange the securities and your payment terms.
- The fund will be given to you in 3 to 5 days.
After the due of the asset based loan, you may pay the loan and take back the collateral that you have pledged. You may also refinance your loan instead of paying it off. The usual range of Chicago asset based lending loan terms is from 3 to 10 years.