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Lenders to the stars
Private bank Investec has launched a lending service for sportspeople, musicians and other celebrities. Typically loans are in excess of £2 million.
‘Leading sportsmen and entertainers are increasingly regarded as global brands, but despite reliable receivables are often unable to raise funds,’ says Jason Traub, investment adviser at Investec.
The bank has already lent some £250 million to sports clubs and £30 million to individual sports stars and entertainers over the past five years.
The service works by securing loans against a range of intangible assets including image rights, royalties and sponsorship deals.
In related news, HSBC has launched a dedicated asset-based lending division led by new hire Graham Moffit, former executive director of GE Commercial Finance. The division will support companies with a turnover of more than £25 million.
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