Lender lines up aspiring equity partners with new product
Castle Trust looks to use accountants' property equity to help them invest into their firms
A LENDER is targeting up-and-coming accountants looking to raise funds to become equity partners.
Castle Trust is offering aspiring advisers with a loan based on releasing 20% of the value of their property, with no requirement to make monthly payments.
Borrowing through Castle Trust’s Partnership Mortgage is an equity loan only available through intermediaries.
Castle Trust charges no rent or interest on their loan – but shares 40% of any increase in value on the sale of the property from the date when the Partnership Mortgage was taken out. If the value of their home declines or stands still, borrowers only repay the original loan amount with no interest at all.
Sean Oldfield, chief executive officer, Castle Trust said: “Even for very successful people, raising capital to invest in an equity partnership can put substantial pressure on household budgets just as other domestic expenses are mounting up.”