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HNW Lending launches equity release product at 70% LTV
HNW Lending, a peer-to-peer asset-based lending firm, has launched an equity release product for clients who want to access funds in as fast as two weeks.
Ben Shaw, CEO of HNW Lending, told Mortgage Solutions the product is not based on the affordability but on the value of the property at up to 70% loan to value (LTV).
He said equity release can take a long time to progress because regulations are strict and the banks that do it are generally not very fast.
Shaw added: “At HNW Lending, our product is based on the value of the property rather than income or age of the borrower.
“This means our loans often work when an equity release provider has turned down an application.
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“Asset-based lenders, like HNW Lending, are generally smaller organisations, and this means that we can build strong working relationships with brokers and their clients to provide a highly personalised and flexible solution for complex requirements.
“This makes it a perfect fit for equity release, which can often be an involved transaction, but our approach means that we can usually iron out wrinkles quickly and we typically advance funds within two weeks.”
HNW Lending provides loans against a range of assets from classic cars, fine wines, jewellery, art and yachts, as well as property and pension schemes.