Lendy to launch auto-invest wealth products
LENDY is expanding into the auto-investment space with two products aimed at high-net-worth (HNW) investors, under its new brand Lendy Wealth.
The peer-to-peer property lender said on Wednesday that it is launching the Lendy Wealth365 account, which will offer returns of up to 10 per cent per annum for a 365-day access account.
The other product is Lendy Wealth60, which allows money to be accessed in 60 days and offers a return of six per cent per annum.
Money is invested in a diversified and managed property investment portfolio, in accordance with Lendy’s standard lending criteria. The portfolio will be managed by a dedicated account manager.
This is Lendy’s first foray into auto-investing, after issuing a survey to its customers to establish how much interest there would be in the product. It currently only offers manual lending, whereby investors self-select each loan.
“Full Financial Conduct Authority authorisation gives us an opportunity to launch new products to meet investor demand, including Innovative Finance ISAs, which we hope to launch later in the year,” said Robert Kelly, COO of Lendy.
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“Our Lendy Wealth60 and Lendy Wealth365 access accounts are ideal for HNW investors looking for high rates of return with the minimum hassle.
“The accounts provide natural investment diversification across a board portfolio of loans, helping to mitigate the risks of property investing.”
The accounts have a minimum investment of £50,000 and a minimum withdrawal of £5,000.
Read more: Lendy appoints former banker as CFO
The firm said the products will be soft launched at Lendy Cowes Week 2018, which starts on 4 August.
The accounts are currently available via introducer only but Lendy said there will be a direct option soon.
Read more: Lendy secures full FCA authorisation
