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P1 Platform and Firenze partner to open up Lombard Loans to financial advisers and their clients

Loans backed by a client's investment account will be accessible via the P1 Platform App.

P1 Investment Services, operator of the P1 Platform, has announced a partnership deal with Firenze to offer digital Lombard loans via the P1 Platform.

The strategic agreement 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.

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 they do not breach the loan-to-value (LTV) limits. Loans will be available from £25,000 to £5m+, with a maximum starting LTV of 50%.

Lombard loans are a product traditionally reserved for private banking customers and are not widely available to much of the population. They allow borrowers to retain control of their investment assets and any potential returns whilst still providing them with access to cash, when needed. This can be important when market conditions are less favourable for selling investments, when a client does not want to break their ISA, or where they do not want to crystallise a capital gains tax liability.

James Priday, CEO of P1 Investment Services, said: “We are thrilled to collaborate with Firenze to offer Lombard loans directly through our app and platform, underscoring our commitment to providing comprehensive financial solutions, allowing advisers and their clients to have much greater control over their investment accounts. This integration is a significant step in making the P1 Platform the hub for accessing integrated financial and investment services for advisers 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.”

David Newman, CEO of Firenze, added: “Lombard lending is the last of the private banking services that can be opened up to advisers and their clients, and I am proud that Firenze is at the forefront of that democratisation. We are excited to be working with P1 who share this vision and passion to be at the vanguard of not only launching innovative solutions for their clients but doing so in a digital first way, focused on an unrivalled client experience and speed of execution.”

Dave Ferguson, CEO of Seccl, said: “P1 continues to innovate at an incredible rate, an award-winning reflection of the vision, the people in the team and that they are building on the Seccl API. We’re delighted to play a role in this and look forward to seeing P1 continue to gain the recognition they deserve.”

Published 4th June 2024

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