Login
ISCOVER
Brokers who cannot get their clients approved have been given another finance option: using artwork to borrow up to $1 million.
Short-term lender Assetline has announced an alliance with auction house Mossgreen which, it said, “strengthens Assetline’s position as the leading lender against art”.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Assetline also lends against gold, silver, jewellery, diamonds, antiques, luxury watches and fine wine collections.
The company lends up to 70 per cent of the wholesale value in amounts ranging from $1,000 to $1 million.
Co-founder Nick Raphaely said borrowers benefit from personal asset loans because they are not based around property.
“They don’t require income checks or credit checks, and the borrower won’t be ruled out simply because of an impaired credit history,” he told The Adviser.
“In addition, the loans are non-recourse to the borrower, which makes them very attractive.”
Mr Raphaely said personal asset loans could also be used to make up shortfalls in property deals.
Assetline launched a white label service in November 2013 that allows brokers to offer asset-based loans directly from their websites. Brokers can also send clients to Assetline in return for a referral fee.
