By Daniel Hunter
Investec Asset Finance plc, a wholly owned subsidiary of Investec Bank plc, an international specialist bank, has entered into a venture with London Asset Finance, specialists in prestige, sports and luxury vehicles to provide financing solutions to private individuals and businesses.
The venture combines Mark Stephens and Darren Selig from London Asset Finance extensive relationships with UK dealerships with Investec’s expertise in managing assets and providing tailored financing solutions to high net worth individuals.
Investec believes this new venture has significant growth potential in a sector that has seen a general contraction in participating lenders.
“Following a dramatic contraction of the number of lenders and available funds in the high value vehicles market we see a real opportunity to fill a gap that has developed over the last two to three years," Mike Francis, Managing Director of Investec Asset Finance said.
"We are continually looking at ways to expand our financial product range into new asset classes to grow the strength of the asset finance business and provide further diversification to our portfolio.”
The venture with London Asset Finance further expands Investec’s presence in the vehicle financing sector; in December 2010 it acquired the contract hire operations of Birmingham-based Masterlease UK, one of the UK's leading vehicle leasing specialists.
Key features of Investec’s financing proposition include:
• Minimum loan £25,000, maximum £200,000
• Deposit of 15%
• Competitive rates
• Monthly repayments over 1 to 5 year terms
• Hire purchase (full payout or with balloon)
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