Underwriting
Secured vs unsecured financing
Definition
Secured financing is backed by a specific pledged asset; unsecured financing is extended against cash flow and creditworthiness without a particular asset attached.
Most short-term working capital is unsecured in the sense that no single asset is pledged, though the agreement will still define the lender's rights. Secured facilities generally price lower and take longer to arrange, because the asset must be verified.
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