It’s always good to have options when it comes to raising finance for your property investments. Watch this space because the Monument online bank will be opening in the UK soon. The bank is now at the latter stages of receiving a UK banking license and it will open its online doors soon afterwards.
To get an account with Monument you will need to have a current net worth of £250,000 to £5 million. If you are in that category and are a property investor then the online Monument bank could be a good move for you.
Monument Bank Target Market
Monument has specifically identified their ideal client demographic. They are looking to attract investors and entrepreneurs as well as professionals such as lawyers, doctors and accountants. At present these clients are spread across the traditional banks in the UK as well as private banks.
The board and executives at Monument have all held senior positions in companies and organisations such as:
- Apollo Global Management
- McKinsey & Co
- Goldman Sachs
- UK regulators
The Monument online bank will provide property investment lending as well as savings products to its clients. They have invested in cutting-edge technology which means that clients can use their digital apps online.
If you wanted to invest in a buy to let portfolio then Monument can help you entirely online. They will accept applications for lending up to £2 million for property investment. It will also offer some of the highest savings rates in the market and will reward loyalty from its clients. Fixed term saver deposits will be particularly attractive to clients.
The Flexibility of Digital Banking
Monument has recognised the need to combine excellent customer service with the latest digital technology. What this means is that their clients will be able to choose the way that they interact with the bank.
If you want to deal with the bank completely online then you can do this using co-browsing features, video and live chat services. You will also have the option to speak to a bank representative if you prefer to do this. Once the coronavirus pandemic is over you will be able to meet a representative in person as well.
There will be a number of Monument lounges opening in UK major city centres. Here you will be able to meet up with experienced and knowledgeable relationship managers. You can be sure that you will receive a highly personalised service from Monument.
A Bank for the Investor
The vision of Monument is to create a dynamic bank that is forward thinking and supports the needs of investors and entrepreneurs. So far there has been £10 million raised in seed capital for the UK launch of Monument and there is enough working capital for around 15 months.
It may seem strange to you that a bank is launching during the Covid-19 pandemic. But co-founder and CEO of Monument, Mintoo Bhandari, believes that the timing is spot on. The demand for digital interaction has gone through the roof since the pandemic so it is a good time to launch.
Will banking with Monument help your property investment business? Only time will tell. It is certainly refreshing to see a bank that is prepared to help investors and the concept is certainly promising.