Asset-based lender launches equity release product

Asset-based lender launches equity release product

An asset-based lender has launched an equity release product targeted at borrowers who do not fit the standard requirements of the market.

HNW Lending will offer the product to customers looking to release and access funds from a property within two weeks, for business purposes or investment.

As an asset-based lender HNW Lending also offers loans against classic cars, jewellery, boats and pension schemes.

Ben Shaw, chief executive of HNW Lending, said equity release can take a long time to progress because of strict regulations and he said bigger banks were generally slow processing cases.  

He said: "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."

Mr Shaw said asset-based lenders were generally smaller organisations, which he believed strengthened the position to deal with complex cases.

He said: "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."

In July, the Equity Release Council reported the market had almost hit £1bn of activity in the second quarter of this year.