Ablrate confirms IFISA launch for next week
ABLRATE has announced that it is launching its Innovative Finance ISA (IFISA) on 2 August.
The peer-to-peer business lender, which specialises in secured loans, said on Friday that the tax-free wrapper would be a self-select product, whereby investors can choose which specific loans they want to fund. It also said the IFISA would be flexible, meaning that investors can withdraw funds and deposit them back within the same financial year, without affecting their allowance.
As Peer2Peer Finance News reported last month, Goji is providing the technology for Ablrate’s IFISA.
“Following integration with our administration providers’ system and extensive testing we are pleased to be able to offer our IFISA to existing and new customers,” said chief executive David Bradley-Ward.
The first week of launch will allow investors to set up their IFISA and make cash deposits, but not allow transfers in from other ISAs.
“We want to be able to get everyone going with their IFISA first and then allow transfers in from other providers after the first week of our launch,” said Bradley-Ward.
Ablrate’s loans offer investors annual returns ranging between 10 and 14 per cent, giving potential for “significant risk adjusted returns” from the IFISA, the platform said.
Read more: Plane sailing for Ablrate as platform gains FCA approval
Ablrate came on to the market in July 2014, specialising in funding leasing for aircraft transactions, and has since expanded into capital equipment and property.
The company has funded £24m in loans since launch, with £7.2m traded on its secondary market.
P2PFN reported earlier this month that the company is considering widening its investment opportunities this year, to include different products such as debt securities.