Y3S Launch High Net Worth Bespoke Lending Service

Mon, 22 Sep 2008

Financial services group Y3S is set to introduce a range of high net worth bespoke loans to the IFA market.

According to the Financial Times, the welsh packager has secured agencies with a number of private banks to begin offering bespoke loans of between £1m and £25m.

The loans are secured against luxury items such as classic cars, yachts, art, shares and bond certificates and are offered at a typical 1.75 per cent above-base rate with no early redemption charge payable.

Y3S said it has received lending enquiries in excess of £750m since launching the service at the beginning of the month.

The group’s director, Barney Drake, said the loans are used for a variety of purposes ranging from tax mitigation to raising capital for further investment in commercial activities.

"No two deals are ever the same," he added. "It’s not like standard lending ."

Similar high net worth bespoke lending services are being offered by a number of the world’s leading investment and private banks, despite the downturn in global lending markets.
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