A new bank called Monument wants buy to let portfolio landlords and other ‘serious’ property investors to be amongst its relatively affluent client base.
Its launch statement says it will focus on some 4.8m potential customers described as “mass affluent” - property investors, landlords and other entrepreneurs.
Monument is offering clients buy to let and bridging loans to support experienced landlords to manage and grow their portfolios. Clients will be able to borrow up to £3m for BTL investments, supported by specialist relationship managers with what is called “deep experience of the market and understanding of client needs.”
The bank has already raised up to £60m in capital via funding rounds, including one just finished which gathered some £20m.
Mintoo Bhandari, chief executive of Monument, says: “We are ready and eager to serve clients, who we believe have been lacking a bank developed to serve their needs and service requirements. While we never planned to build and launch a bank in the middle of a global pandemic, the timing could not have been more relevant as the demand for, and comfort with, digital finance has accelerated dramatically over the past 18 months.”
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