At Pledge launches new product

AtPledge in Northampton opened its doors to borrowers in 2012. Since then the business has grown from its first £30k loan to a loan book in excess of £30 million. Originally we set out to loan against assets such as vintage cars, aeroplanes and yachts, but soon realized the main asset to lend against is bricks and mortar. Property gives us security and allows you to unlock serious amounts of unused equity.
 

Marcus Reeder CEO comments –“Our success has been at the cost of the high streets failure to react to an ever changing market. It’s probably comparable to the growth in Aldi and Lidl sales versus the massive decline in Tesco. Can you believe a company such as Tesco could post half-year profits down 90% on the previous year? At least the Chairman has fallen on his sword, unlike the many bankers still in their jobs.”

 
Our customers are normally unable to borrow from the High Street despite the government incentives to stimulate lending and having significant amounts of security available in property and other assets.
 
We use this equity to provide short to medium term loans, and if necessary help to convert the borrowing to more long-term products.
 
Historically we have only needed to provide one simple product with a 3% monthly interest rate, including all solicitors’ fees, arrangement and valuation fees. Loans are for a 6-month term, with no penalties for early repayment.
 
In order to provide a more flexible product we now offer a monthly interest rate of 1.99% per month with tiered costs for ending the loan before 6 months in a similar way to hire purchase agreements.
 
To view and compare our existing and new products, click the link below or call our friendly and professional staff today on 0800 810 111
 
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