I would suggest it means that we are borrowing against rge next round of TV payments due, whenever they are made.
Liverpool have also had a big loan out, actually bigger than Everton's, as have Spurs, United etc. Football has always struggled for cash flow in the "off" season. Metrobank are a reputable broker, whereas the other company is more a reflection of where both football, and Everton are at currently.
I suppose more than 1 thing can be true simultaneously;
1) Everton's financial position is dire
2) Everton have at least 1, and potentially 3+ billionaires backing the club, whowill emerge from Covid much stronger
3) Rules around football mean they can't just hand the club money with FFP.
A lot of people seem to think that the existence of 2 automatically means 1 is not true.
Metro Bank isn't a loan it's an overdraft facility according the The Athletic