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Investec Forms Venture to Provide Loans for Luxury Vehicles

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March 6 (Bloomberg) -- Investec Bank Plc’s asset finance unit formed a venture to provide financing to businesses and individuals for the purchases of sports and luxury cars as banks cut lending.

The agreement with London Asset Finance will provide loans of between 25,000 pounds ($39,501) and 200,000 pounds with 15 percent deposits, according to a statement today.

“Following a dramatic contraction of the number of lenders and available funds in the high-value vehicles market we see a real opportunity to fill a gap that has developed over the last two to three years,” Mike Francis, managing director of Investec Asset Finance said in the statement.

The venture came after Investec bought the contract hire business of Birmingham-based vehicle-leasing company Masterlease UK in December 2010, Investec said.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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