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13% Loans Secured on Yachts From FundingSecure
Through FundingSecure, you can lend against high-value items from yachts to luxury watches and fine art.
The pawnbroking P2P lending company takes possession of the items in advance and it can sell them if the borrower doesn't pay up. It doesn't lend more than 70% of the lowest valuation for each item.
Nearly £3 million has been lent through this company and yet no lenders have lost money before tax, and the average interest rate after fees and bad debts has been just shy of 13%.
FundingSecure currently has two outstanding loans, as I write. FundingSecure loans are first-come, first-served for lenders and they get snapped up quickly, so you have to get in quick if you're interested.
Loan secured against six racing yachts
- Interest rate: 13% fixed
- Already funded: £134,000
- Total loan amount: £145,000
- Estimated value of yachts that can be sold if borrower doesn't pay: £275,000
- Loan size compared to value of the racing yachts: 53%
In addition, since it is a rollover loan the interest is backdated to 30th November, which is rather like getting a hefty cashback bonus.
This loan is due to close on 26 December at the latest.
Loan secured against an 18th century copy of the Magna Carta
- Interest rate: 12% fixed
- Already funded: £0
- Total loan amount: £5,000
- Estimated value of the antique copy of the Magna Carta: £10,000
- Loan size compared to value of the racing yachts: 50%
You're restricted to lending a maximum of £150 on this loan to give more lenders a chance of taking part.
This loan is due to be posted tomorrow, 24 December at noon.
Three more loans are coming soon to FundingSecure, including two more tomorrow secured against a mansion and a powerboat.
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