General Security Agreement (GSA)

A GSA pledges the assets of the company in favour of the lender. It also is gives the lender powers such as appointing a receiver or an Administrator is the company fails to pay the debt.

 Specific Security Agreement (SSA)

A SSA is a specific charge against an identifiable asset or assets. Often used in Asset finance and is common for the main bank to have the General Security Agreement and the Asset Financier to hold Specific Security Agreements

 First Registered Mortgage

This is the primary claim on a property (residential or commercial) in favour of the lender. This is the instrument that enables the lender to call up the security provided they follow appropriate procedures. In some instances a property may have a Second Registered Mortgage which ranks in behind the first mortgage. An example would be mezzanine finance on a property development.


A Guarantee is a formal assurance of payment from one party to another. Lenders use Guarantees to link up an individual’s liability to a borrower or to link together security or cash flows which may sit in a different entity to the borrower. These and be limited to a specific amount or be unlimited (known as “all obligations”). Some lenders take Cross Guarantees which intertwine all entities which can be cleaner when an individual or couple hold all the shareholdings across a number of entities.

The Commercial Shop will negotiate security terms to ensure you only provide the level of security necessary to secure the finance.