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13% Loans Secured on Yachts From FundingSecure

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By on 23 December, 2014 | Read more by this author

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.

Commission: we don’t receive any commission from any of the P2P lending companies mentioned in this article for publishing their calculated 4thWay® Risk Ratings and our editorially independent 4thWay® Insight Reports, which are our own proprietary research products to help individual lenders like you make good investment decisions. We do not take commission for including P2P lending companies in our free comparison tables. All P2P lending companies will be included over the next few weeks. Learn How we earn money fairly with your help.

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers “bonds”. Unlike its P2P lending service, its bonds don’t allow you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

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Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers two “bonds”, one of which is available as an ISA.

Unlike its P2P lending service, neither of these bonds allows you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

×

Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers two “bonds”, one of which is available as an ISA.

Unlike its P2P lending service, neither of these bonds allows you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

×

Why are Orchard’s interest rates different?

Orchard’s lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Orchard’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Got it

×

Why are Wellesley’s interest rates different?

Wellesley’s P2P lending rates appear higher on its own website than on 4thWay®.

This is because we calculate Wellesley’s interest rates the same way most other P2P lending websites do. We do this so that you can compare the rates more easily and so that they show a more accurate picture of what you’ll earn.

Important information before you visit Wellesley & Co.

Wellesley & Co. is primarily a P2P lending website.

But, when you visit the Wellesley website, you’ll see that it also offers “bonds”. Unlike its P2P lending service, its bonds don’t allow you to lend directly to 100+ borrowers.

Instead, you lend to Wellesley and it lends to other borrowers.

We have not risk-rated either of those bonds, but we expect that their structure makes them more risky, particularly because you’re lending to just one borrower.

Got it

×
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