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March 6 2019

Unbolted unveils P2P pawnbroking IFISA

Marc Shoffman IFISA, Industry News, News IFISA, Innovative Finance Isa, Rito Haldar, Unbolted

UNBOLTED has launched its Innovative Finance ISA (IFISA) with just weeks to go until the end of the tax year.

The peer-to-peer pawnbroker said investors can earn between six and ten per cent a year in the tax wrapper depending on the loans selected.

Co-founder Rito Haldar said there has been a “flurry of registrations” since the product was opened on Wednesday morning (6 March).

It is a flexible IFISA, so money can be moved in and out during the tax year, and transfers are allowed with no charge.

Read more: The most unusual P2P investments revealed

Read more: P2P lenders move towards niche assets

Unbolted provides loans secured on assets such as fine wine or classic cars for individuals and equipment or stock for small businesses.

Investors get protection from arrears and defaults through a provision trust that is funded by set-up fees.

The platform provides asset-backed bridging or business-style loans, It had to quash speculation last year that it was moving into property lending after taking a borrower’s property as security.

Haldar said that while this was the first time a property was being taken as security, the platform would not be expanding into property lending.

Haldar added that the platform may take property as a security in the future if they are comfortable that the cash flows from the business can sustain the repayment on the loan.

RM Funds offers £10m funding line to asset-backed lender Funding Circle posts 55pc rise in revenues as it eyes Canada expansion

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