Classic car auctioneer H&H Classics forges a financing agreement with UK peer-to-peer platform Unbolted.
H&H Classics – a specialist auction house dedicated exclusively to the sale of collectors’ motorcars and motorcycles – has announced the closure of a finance deal with peer-to-peer platform Unbolted, which will allow auction consignors to receive a significant portion of the value of their vehicles well in advance of sale.
Unbolted has committed to providing a sale advance facility, guaranteeing up to 70% of the low-estimate valuation to consignors, whenever an agreement is reached. Furthermore, another new financing solution to help buyers to capitalise on new opportunities during auctions is already in the works, according to the two companies.
Nick Delaney, Business Development Manager of H&H Classics, argued:
“Both types of facility are safe and reliable methods designed to bring liquidity to asset-rich collectors and entrepreneurs, allowing them to move quickly on opportunities rather than missing the boat while negotiating cumbersome and costly credit facilities with banks. This dynamic approach heralds a new era for H&H Classics following the ground-breaking sale of the Richard Colton collection in October.”
Founded in late 2014, Unbolted is a London-based peer-to-peer platform that provides a simple and fast solution that allows borrowers to access funds against their personal assets. The online lender categorizes its potential borrowers into three groups: individuals, small businesses and the Art&Antique dealers.
Unbolted’s lenders may earn a high returns, with risks mitigated by the collateral held by the platform on every loan. Every type of loan is protected by a Provision Trust, which guards investors against the risk of any shortfall in the recovery of the loan principal.
Mark Magnacca, Chief Marketing Officer of Unbolted, added:
“H&H is one of the leading motor vehicle auction houses and they have already been providing the valuations and storage for our existing customers. This new facility will easily unlock the investment value for H&H’s network of collectors and car enthusiasts.”
Agreements of this kind allow platforms to expand their customer base, increase loan origination volumes and to boost public awareness. We’ll definitely keep an eye out on Unbolted’s progresses.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.