A Washington, DC secured promissory note provides security for the lender, as it ensures that, in the event of borrower default, the lender possesses recourse to the specified collateral to recover their funds. This often translates into more favorable loan terms, potentially including lower interest rates or higher loan amounts than unsecured loans.
However, borrowers should be aware that failing to meet the terms of the note could lead to the loss of the pledged collateral.
