Alternative credit provider HNW Lending is seeking more wealthy backers as it launches its service today, offering well-heeled clients loans secured against assets such as classic cars, yachts and even private jets.
Founder Ben Shaw is backing the venture with his own funds, as well as those provided by about ten “high net worth” backers, and is on the hunt for more investors willing to stump up a minimum of £60,000.
HNW is aiming to arrange around 20 “peer-to-peer” loans a month, worth up to £5 million in total, and Shaw promised the firm’s interest rates would be “very competitive”.
He added: “This coincides with banks becoming less willing to provide large loans due to new regulatory and capital requirements, and a rise in the value of many collectable assets.”
Shaw said that, over the past decade, classic car values have risen by more than 400 per cent.