Neil Mitchinson director of Edinburgh Asset Finance has been helping people to get through the crisis by allowing them acquiring loans on their financial assets.
The company is offering loans of up to 60% of the asset’s value, offered at a rate which is substantially lower than a comparable high street product and secured against the physical possession of the asset.
On top of which his services allow people to get loans without having to leave a credit trail which can sometimes make life difficult in certain situations.
Edinburgh Asset Finance is the only finance house of its kind in Scotland and, to provide a service over the course of the Coronavirus outbreak, it is remaining operational, while also practising high standard operate-at-distance protocols.
Its professional valuers can still travel to assess assets and, again unlike mainstream lenders, they are able to make a lending decision and effect an immediate transfer of funds that day, without endless form-filling, phone calls and delays.
Although the firm’s focus is on high value items such as classic cars and rare watches, it loans against a very broad range of assets, including whisky, wine and stamp collections, performance motorcycles, jewellery and so on.
But there is another way to unlock value in personally-owned assets, which has the remarkable attraction that they are recoverable once the immediate need for cashflow support or liquidity has passed.
At a time like this, when treasured possessions such as Rolex watches, classic cars, motorcycles or even second or third family cars are lying unused because of self-isolation and social distancing, the value in them can be realised through asset finance.
Edinburgh Asset Finance has been providing a discreet but accessible service to a considerable client base for many years now and is aware that, in this time of national emergency, it could offer temporary help to many more.