“In specialist lending, it’s often the edge cases that define your proposition. One example of this in action is where security is provided by way of a third party legal charge.”

“Simply put, a third party legal charge is where security is taken over an asset owned by someone other than the borrower. For example, a company may be seeking a business loan but pledges a director’s personally owned property as security. That’s a third party charge: the borrower and the asset owner are two different parties.”

“At Inspired Lending, we always use a common sense approach. If a borrower has a suitable asset to support the loan, even if it’s not in the borrower’s name, and the overall loan makes sense, we’re always open to a conversation.”

Gavin Diamond (CEO, Inspired Lending) on the merits of using third party security. Link to article