Firm lets wealthy use yachts, wine and cars to safe loans

New peer-to-peer lending service for wealthy will provide loans of up to £1m


For most money-strapped clients hunting for quick loans, wine cellars, yachts and traditional automobile collections are probably far out of reach.

But as wealthy Britons knowledge a rise in the value of their collectable assets, a new service launching on Monday will permit the richer in society to lay down luxury objects as protection on quick-term loans of anywhere amongst £60,000 and £1m.

HNW Lending – which has been piloting the scheme for the past couple of months – ideas to offer you up to 240 loans each 12 months, collectively valued at between £2m and £5m, with what it describes as “competitive” interest rates. The company will pair borrowers who have higher net assets with wealthy peers who are much more money wealthy and keen to advantage from their liquidity, making use of a peer-to-peer lending concept similar to that of Zopa or Funding Circle.

The buyer approval period is no longer than 1 week, for the duration of which time an person will have their assets valued by in-residence authorities just before they are matched with a lender. No credit checks will be undertaken and the service is “highly discreet,” in accordance to the firm.

HNW Lending – which says it appeals to the “asset rich but cash poor” – currently has 10 backers, but is looking for far more wealthy men and women prepared to commit to a minimal investment of £60,000.

In between the second quarter of 2003 and the exact same time period in 2013, the value of classic autos jumped up by about 430pc, even though fine wines increased by 182pc. Ben Shaw, founder of the company, mentioned that now is the time for the wealthy to lend or borrow.

He said: “This is a wonderful time to launch a proposition like ours. There are well in excess of 700,000 substantial net well worth individuals in the United kingdom and by 2017 it is predicted that their amount will expand to above one million. This coincides with banks becoming significantly less willing to provide big loans due to new regulatory and capital specifications, and a rise in the value of several collectable assets.”