New Products
What's New In Investments, Funds? – P1 Investment Services, Firenze
The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.
UK-based discretionary investments firm, P1 Investment
Services, operator of the P1 Platform, has partnered with
another UK firm, Firenze, to offer digital
Lombard loans via the P1 Platform.
The pact allows clients to apply for loans backed by their
general investment account, ISA account, and some third-party
product accounts on the P1 Platform, streamlining access to
liquidity without having to sell investments. (Lombard loans, aka
margin loans or portfolio loans, are personal loans that allows a
person to borrow against assets such as equities.)
Accessible from within the P1 App, clients will be able to apply
for a loan digitally, securing loans against one of their
investment accounts. The loan will then show against the account
they have borrowed from within the app. If a client has a loan in
place, they must request withdrawals from Firenze to ensure that
they do not breach the loan-to-value (LTV) limits.
Loans will be available from £25,000 ($31,775) to £5 million and
above, with a maximum starting LTV of 50 per cent.
P1 said Lombard loans are a product traditionally reserved for
private banking customers.
“This integration is a significant step in making the P1 Platform
the hub for accessing integrated financial and investment
services for advisors and their clients. Over the next year,
we’ll be revolutionising what people believe an investment
platform is, skipping forward to platform 4.0, 5.0 and beyond,”
James Priday, CEO of P1 Investment Services, said.
David Newman, CEO of Firenze, added: “Lombard lending is the last
of the private banking services that can be opened up to advisors
and their clients, and I am proud that Firenze is at the
forefront of that democratisation.”
