Cambridge & Counties Bank is targeting wealth managers with a newly launched classic car finance service.
“Many of those people buying classic cars are clients of wealth managers and they may look to use their investments here to purchase their vehicles,” said Neil Fender, head of classic car finance at the bank.
“Rather than liquidate them, we are providing wealth managers with an alternative solution to offer these clients the opportunity to keep their investments in place and maintain cash resources.”
The scheme offers hire purchase, collection funding and equity release schemes to enable clients to purchase or refinance classic and vintage cars. Loans of between £63,000 and £1.5 million are provided to high net worth clients with a minimum net annual income of £150,000, or £500,000 of net assets excluding the value of their primary property.
The maximum loan to value is 90 percent, and duration of loans is between one and seven years. However, the bank said that each deal is “bespoke to a client’s individual circumstances and requirements.”
The service began in May 2018 and since then has provided over £2 million in loans for several classic cars including an Aston Martin DB5, a Jaguar E-Type and a 1929 Bentley.
Cambridge & Counties Bank is jointly owned by Trinity Hall, a College of the University of Cambridge, and Cambridgeshire Local Government Pension Fund. They each own 50 percent of the bank.
|RATE THIS ARTICLE|
THIS WEEK'S TOP STORIES
PAM (Private Asset Managers) and its sister website PAMonline combine to provide "...the best guide available to the leading firms in private client fund management" (FINANCIAL TIMES). PAM compares managers on a level playing field by key data such as fees and charges, minimum investment thresholds and so on.