The bank has said that it is targeting the ‘mass affluent’ client market, focusing on professionals, entrepreneurs and property investors. It has said there are around 4.8 million people in this position.
Monument has raised around £60m in capital so far, having completed a Series A funding round earlier this year. It is also in the process of another fundraising round, which is set to close shortly having raised more than £20m.
Monument is offering buy-to-let and bridging loans aimed at experienced landlords looking to grow their portfolios. Buy-to-let deals are capped at up to £3m, with borrowers and brokers provided with a specialist relationship manager who the bank says will have lengthy experience of the market.
As a result of the new licence, the bank now plans to launch a range of easy access and fixed term saving products. Existing savers who deposit money for a second fixed term will get a better rate than a new customer, an approach that will also be utilised with loans ‒ existing borrowers who renew their deal or take an additional loan will benefit from a better rate.
Mintoo Bhandari, CEO of Momentum, commented: “We have assembled a team that really understands the clients we will be serving. Nowhere is this more evident than with our lending specialists, with their many years of dealing with clients’ borrowing needs, who will truly bring a better experience to experienced landlords.”