P2P firm sees 38% rise in property-backed lending
HNW Lending, an alternative lender consisting of a panel of high net worth individuals who provide individual loans of between £50,000 and £1million to clients against valuable assets, has announced this year it has lent £2.5 million against individual homes or portfolios of property.
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The loan to value is up to 80%, and the process takes no longer than 10 days to complete.
Although the lender provides loans against a variety of assets from jewellery, fine wine, classic cars and even yachts, 73% of its lending this year has been against property. It believes this is being fuelled by the fact that many people with larger properties and mortgages are finding it hard to secure further funding as lenders clamp down on older borrowers and the market for larger loans and multiples of income continues to struggle.
Ben Shaw, founder and director of HNW Lending, said:
“In the first five months of this year we have seen a 38% increase in enquiries from people looking to use their property to secure funds. Overall, around 85% are looking to use UK based properties, and 15% want to borrow against overseas homes, generally in Spain and France.”
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