View more on these topics

Lender to offer short-term SSAS loans

UK-Currency-Money-Notes-20-GBP-700x450.jpg

Asset-based lender HNW Lending has launched a short-term loan offering for SSAS loan back customers.

HNW Lending currently provides loans of up to £1m against assets such as classic cars and jewellery.

Now it is offering loans for those who wish to transfer to a SSAS for the purpose of obtaining a loan back arrangement.

HNW Lending says the process can take between three and six months, and certain business owners will want to obtain the loan straight away.

It is offering loans to cover this initial period, secured against the business, which are repaid once the SSAS loan back has been released.

HNW Lending charges interest of 1-1.25 per cent per month on the loan.

It is secured by a debenture against the company’s assets, plus a personal guarantee from the beneficiary of the pension scheme.

HNW Lending founder and director Ben Shaw says: “Many people and businesses are still finding it hard to secure credit, even if they are a low risk.

“As a result of this we have seen a growing number of people approaching us for loans against their pension schemes, which they are converting into SSAS so that they can borrow from them. Given that they are usually successful, we are happy to lend against this.”

Shaw accepts there is a risk that the SSAS loan back arrangement will not go through, and says customers need an “exit strategy” for this eventuality.

Recommended

Tony Mudd: Taxing times ahead for corporate investments

If you have any private company clients, the chances are that some of them will have funds they hold on deposit over the medium to long-term. Many of these companies will be owner managed, with surpluses generated through successful trading and unspent/un-invested profits left on deposit, the same way an individual will accumulate surplus funds. […]

The Adviser Centre: ŒWhy we recommend the Artemis Monthly Distribution Fund

Gill Hutchison, head of investment research at The Adviser Centre, explains what investors can expect from the fund and why it is a Œrecommended fund. The Artemis Monthly Distribution Fund was added to the ‘Recommended’ list by The Adviser Centre in June 2015. In this video, Gill Hutchison explains why they rate the fund, what […]

21

PFS urges Govt to ditch pension freedoms advice requirements

The Personal Finance Society is calling on the Government to scrap the requirement for those with safeguarded benefits to take advice before accessing the pension freedoms. PFS chief executive Keith Richards says forcing the public to pay for advice they do not want is damaging consumers’ perception of advisers. He is calling for the requirement […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
11

Hargreaves Lansdown unveils flat-fee retirement planning service

Hargreaves Lansdown has launched a new low-cost retirement planning service in response to the pension freedoms. The firm is offering a flat fee service for £395, which covers an hour with an adviser as well as a report on key issues for the investor to cover. It also includes a cashflow projection to show how […]

Dividend slump? Not if you look globally

By George Boyd-Bowman, Manager of the Neptune Global Income Fund Recent research has indicated that global dividend growth will slump by as much as 50 per cent in 2016. As collapsing commodities hit high-profile dividend payers, George Boyd-Bowman explains why the US and Japan are his top picks for income growth in 2016. Click here […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment