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What is prior-ranking security?

Sometimes the security that Funding Circle takes will rank below other security held by banks and financial institutions.  Debts secured by prior-ranking security will get paid before debts secured by lower-ranking security. 

 

Before releasing funds to borrowers, we try to agree a financial limit on any prior-ranking security, but this is not always possible; and where we believe that there are sufficient assets in the business a limit on prior-ranking security may not be necessary. 

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