This means that the banks base rates are inevitably variable rates, because they follow the bank of England’s rate that is adjusted as necessary to put into operation the monetary policy used to control the economy of the UK.
Until fairly recently, most loan interest rates, including secured loan, and mortgage rates, were variable rates. A major disadvantage of variable rates, particularly in relation to a large transaction such as a mortgage or secured loan, is that it is difficult for the borrower, whose income does not vary in the same way, to budget for likely future expenses.

The real estate businessmen, developers and investors sometime need the money very quickly. They have to approach these hard money lenders or private money lenders to get the money fast.