‘Enquiries reaching Record Highs’ Claim unique online loan company

Ferraris, exclusive yachts and private planes have long been favoured by the elite, but with desperate economic times set for the foreseeable future, it seems that even those once flush, are now seeking out ways to create capital fast, leaving the market wide open for innovative brand, Loan Purchase and their unique take on pawn broking.  Tina Clough investigates...

A Ferrari F1 Spider loan purchased by a high-ranking city banker, A Harley Davidson loan purchased by a builder awaiting a retention payment on a contract and a Jet Ski are all past acquisitions from the Dorset based firm Loan Purchase, who claim that there is an ever-increasing need for a firm who are able to offer short term loans against the larger item.

Managing director of Loan Purchase, Daryl Self has seen their popularity hit record highs, “We have started as a small firm based in Dorset, with a unique take on online pawn broking, after a gap in the market was discovered, for a service that allows for the item to actually be purchased.  The new service we offer gives the customer the option to buy back their item for a small fee after an agreed amount of time, which can be extended by up to six times. The last month has seen our enquiries doubling and Loan Purchase becoming a huge player in a very lucrative market.”

Mr Self added, “One of our most recent customers decided to Loan Purchase his Deep Sea Fishing boat, fully equipped, after his customers owed him money.  He decided to loan purchase the item with the intention of paying off the amount once his customers have settled, prior to the next season. The boat was valued at £500,000 including all the onboard equipment, so we offered to loan up to a maximum amount of £100,000 against the boat. Our client has actually only loan purchased £50,000, and he is very happy with the arrangement, especially because we were able to deal with the transportation and costs of bringing the boat down to our moorings here in Dorset.”

As many of London’s bankers are losing their jobs, it is not surprising that there is a need for someone who has both the capacity and storage solution to be in a position to pawn the larger items.

Mr Self added, “We are able to take smaller items in, but we specialise in the larger item, where many other pawn brokers would find it hard to step up to the plate and offer adequate short term loans and the storage facilities these items would require.  At Loan Purchase, we deal with each client with both sensitivity and discretion, which is what makes us second to none.  We recently had a client who decided to loan purchase their Jet Ski, which was their pride and joy.  The client was waiting for a loan to come through to do home improvements from the bank but wanted to start work straight away.  The item was loan purchased for £1500, and the client was able to take up the Loan Purchase buy back option within a 28 day time frame.”

For more information on the innovative service offered by Loan Purchase, please visit their website at http://www.loanpurchase.co.uk/