An alternative lender that provides individual loans of between £50,000 and £2m to clients against their assets, lent £14.4m in 2016, 334% higher than in 2015.
HNW Lending has lent over £30m since its launch in April, 2014.
As for the first quarter this year, the company has already lent £5.8m, 242% higher than the same period in 2016.
Loan size on average is £160,000 and the biggest loan so far has been £2.1m. To date, it has provided over 175 loans with no loss of capital, or interest.
Following HMRC and FCA approval to offer Innovative Finance ISAs (IFISA) with minimum investments of £5,000, HNW is looking to increase the amount it can lend.
Funds are provided by founder and director of HNW Ben Shaw (pictured above), and other high net worth backers.
Shaw said “A number of high net worth individuals have been struggling to raise funds from banks, but many of their valuable assets such as classic cars and property have been rising in value, which has made it easier for them to use this as collateral to secure loans.
“Now that we have approval to offer an IFISA, we are confident that we can raise more funds and increase our loan book.”
