UK-based peer-to-peer lending platform Kuflink has launched its Innovative Finance ISA (IFISA) and also two investment options. This news comes just a few months after the online lender received full authorization from the Financial Conduct Authority (FCA).
Kuflink was set up in April 2016, and the lending platform became operation in August 2016. It now offers a secured, property-based peer-to-peer lending platform and its sister company, Kuflink Bridging, retains 20% in every deal, which is secured against UK property and the maximum LTV for its lenders is 56% against an auction value of 90 days. According to Financial Reporter, The lender’s IFISA is now available with a minimum investment of £100 and under current 2017/18 allowances, up to £20,000 pa can be invested. The terms for the IFISA are fixed for one or three years with capital repaid at the end of the term, with interest between 4% and 5%.
“We are delighted to bring these three products to the market, particularly our new Innovative Finance ISA, which is one of a very small number of similar opportunities for investors to invest in P2P with all the tax free advantages of an ISA wrapper. Our existing offering, now called Select-Invest, has been rebranded to differentiate it from the other products and along with the Auto-Invest product provide options for individual and corporate customers who want to see a return that is so much more competitive than leaving money on deposit.”
Garcha went on to add:
“We are very proud of our offering as it caters for the widest variety of customers and particular needs and we are confident that it will be well received.”