Upmarket pawn brokerage HNW Lending has added properties worth £1m or more to the list of valuable assets it will provide finance against.
The firm was set up in October last year and offers individual loans of between £60,000 and £1million to clients against valuable assets including class cars, fine wines, jewellery and private jets. It has now extended this service against residential property worth £1m or more.
It is accepting a typical LTV of up to 80 per cent and says he process should take no longer than 10 days to complete.
The company believes the service will prove popular amongst high net worth homeowners because they will lose their existing competitive deals.
It also appeal to borrowers unwilling to remortgage under the current market conditions that have been brought about by the strict lending criteria imposed by the Mortgage Market Review.
It says the number of properties worth £1m or more is dramatically increasing and there were 10,993 homes in England and Wales sold for a seven-figure fee or more in 2013, compared to just 7,960 in 2012.
HNW Lending founder and director Ben Shaw says: “Property wealth is rising and the number of people who own million pound homes is higher than ever before.
“However for many it is difficult to release some of this capital because they could lose a fantastic mortgage rate they secured a few years ago, or they are finding it hard to remortgage since the introduction of MMR.”