James Brearley & Sons has joined up with Metro Bank to offer a lending facility secured against clients’ assets.
The Metro Bank Money Management Account will be available to users of the wealth manager’s online dealing and custody service, the Pro Icon platform.
Borrowing will carry a one-off arrangement fee of 0.5% and an annual renewal fee of 0.25%, and will be available to clients with a minimum of £75,000 in assets. The minimum loan is set at £30,000, or 40% of total assets.
A Metro Bank cheque book and debit card will enable clients to create an overdraft position up to a fixed percentage of their portfolio value, subject to qualification requirements.
Loans will be offered at 3.95% over base rate.
James Brearley director David Hannis told Wealth Manager: ‘We believe the Metro Bank Money Management Account will now allow many of our intermediary clients to extend a service, which to date has only been available to high net worth clients via more traditional wealth management offerings.’
The firm has more than £1 billion in assets under management.
Metro Bank, which opened in 2010 with four branches, now has a 25-strong branch network spread around London and the South East.