HNW Lending has introduced a one-of-its kind loan scheme wherein the company will couple a borrower with high net assets with wealthy counterpart who is more cash rich.
The company is intending to leverage the high assets that can be converted to cash quickly. Using this concept, HNW plans to issue nearly 240 loans every year, with an aggregate value between £2m and £5m.
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HNW has set the customer approval period of one week, during which in-house experts will value the assets of an individual before matching them to a lender, according to The Telegraph.
The company is not to undertake any credit checks for the service, which is expected to be highly discreet.
Currently, HNW Lending has 10 clients, however, it is looking for additional wealthy individuals who would invest a minimum of £60,000 into the scheme.
Ben Shaw, founder, HNW Lending, was quoted as saying by The Telegraph that now is the time for the wealthy to lend or borrow.
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By GlobalData"This is a great time to launch a proposition like ours. There are well over 700,000 high net worth individuals in the UK and by 2017 it is predicted that their number will grow to over one million. 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," added Shaw.
