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SA based lender sets the wheels in motion by unlocking value of moving assets

Charles Meyerowitz
Charles Meyerowitz
NATIONAL - ONLINE, South Africa - April 23, 2014 - PRLog -- South Africa boasts an impressive motoring industry with a number of international brands and dealerships, transporters as well as avid car collectors and enthusiasts across the country. This being said, over the last year, local short term asset based lender, LAMNA Financial (www.lamna.co.za), has reported increasing demand for their bespoke, personal asset based lending services particularly from individuals looking to monetize the value of their wheels against access to a short term cash loan.

Once considered a last-resort finance option, asset based lending is fast becoming a popular and mainstream choice for private individuals or companies holding multiple or singular high value assets and don't have the credit rating, track record or patience to pursue more traditional capital sources. This international trend offers a number of reasons as to why one shouldn’t spend time seeking bank loans, whether it be to buy a new car, add a new car to your collection or if you’re just looking to monetize your ‘surplus wheels’ for other opportunities.

Because asset-based lenders mostly focus on collateral, rather than credit-worthiness, they do deals that more traditional lenders shy away from. As an asset class, a motor vehicle or fleet of vehicles can suddenly become a potential route to financial salvation, as it enables the individual or businesses to immediately access the value of the asset. “Our services are confidential and a solution is offered within 24 hours and in most instances, the same day.” says Charles Meyerowitz, co-founder and Director of LAMNA Financial. In the case of motor vehicles, this applies from modern saloons to limited edition exotic classics.

“I’m a real petrol head and with a collection of 15 vintage classics, I found the perfect car to add to my collection. However, I required the funds to seal the deal as fast as possible and decided to use one of my current vehicles as collateral for a loan, so I approached LAMNA Financial for a valuation. Their service was professional, discreet and within 24 hours the money had been wired to my account and I am now the proud owner of a true classic addition to my collection,” comments a satisfied client.

Meyerowitz continues, “Over the last year we have noticed an increasing number of individuals, dealerships and transporters offering their ‘lazy’ or surplus wheels as collateral for loans. From trucks through to cars such as classic Porsches and modern super cars like Maseratis and Aston Martins are being used as collateral.”

The process is convenient, confidential and efficient as clients apply online and an indicative offer is made, subject to a final inspection of the vehicle. The vehicle is then professionally valued at any of the LAMNA offices nationwide. Once agreed, funds are immediately transferred to the client and the vehicle is professionally stored in a high security off-site location. Interest on the loan is payable monthly and the loan is repayable at the end of the agreed term. Interest is within guidelines of the National Credit Act and depends on the size and nature of the asset.

Once the interest and loan are repaid, the vehicle is safely returned to the owner. The process is free of cumbersome documentation, pay slips, budgets, forecasts and credit checks, and the service discreet, swift and efficient.

To the surprise of a fast growing number of individuals and companies alike, a flexible and cost-effective financing tool has potentially been parked in the garage all along.

Luxury Brands

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Source:LAMNA Financial
Location:National - Online - National - Online - South Africa
Tags:LAMNA Financial, Charles Meyerowitz, Motoring
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