P1 Investment Services Taps Firenze For Strategic Partnership
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P1 Investment Services has entered into a strategic partnership with Firenze to provide digital Lombard loans through the P1 platform.
The partnership will enable clients to apply for loans, backed by their ISA account and other third-party product accounts on the P1 platform. This offers a streamlined access to liquidity to the clients without the need to sell investments.
Clients can apply for loan digitally through the P1 app, securing loans via one of their investment accounts.
The Partnership Will Offer Improved Liquidity
After the loan application, it can reflect on the account they have borrowed from in the app. But for clients who already have an existing loan, they can apply to withdraw from Firenze to make sure they don’t breach the loan-to-value (LTV) limits. According to the update, there will be a maximum starting LTV of 50 percent and loans will start from £25,000 to over £5 million.
Traditionally, the Lombard loans are not readily available to everyone, but only private banking customers. The give borrowers the opportunity to have control over their investment assets and other potential returns while providing access to cash when needed.
These loans come in handy when the clients are witnessing an unfavorable market condition when selling their investments. They are also vital when the client doesn’t want to crystallize capital gains liability or when they don’t want to break their ISA.
Chief Executive Officer of P1 Investment Services, James Priday, commented on the development. “We are thrilled to collaborate with Firenze to offer Lombard loans directly through our app and platform”, he stated.
Both Firms Want To Revolutionize The Investment Platform
Priday added that the move underscores the platform’s commitment to offer a comprehensive finance solution, giving advisers and their clients more control over their investment accounts.
The partnership is an important step forward to make the P1 platform the center of integrated investment and financial services for both clients and their advisers. Priday reiterated that the platform will be revolutionizing what people feel should be an investment platform, as they plan to move to platform 5.0 and above.
Chief Executive Officer of Firenze, David Newman, also commented on the partnership. He stated that the company is excited about the partnership and the fact that Firenze is part of the democratizing process spearheaded by Lombard.
He added that P1 shares Firenze’s passion and vision as they collaborate to launch innovative solutions for their clients in a digital-first year.
