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Glossary Secured Revolving Note

A secured revolving note is a type of loan that allows borrowers to borrow and repay funds on an ongoing basis, up to a certain credit limit. The loan is secured by collateral, like property or equipment, which the lender can seize if the borrower defaults on the loan. The borrower can continue to borrow and repay funds as long as they stay within the credit limit and make regular payments on the loan. The interest rate on a secured revolving note is usually variable and based on a benchmark interest rate. It is typically used for working capital or other short-term financing needs.