BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Luxury Asset Capital®, a leading provider of alternative financing, today announced the establishment of its Luxury and Collector Car Division. The new division is the second Luxury Asset Capital operation based in Beverly Hills, joining Beverly Loan, the region’s leading collateral lender. The Luxury and Collector Car Division will support the introduction of luxury and collector cars as an accepted asset class for collateral loans issued by Beverly Loan, presenting the region’s many car collectors and enthusiasts with an easy way to quickly generate additional capital without having to sell one or more of their cars.
The Luxury and Collector Car Division will also partner with leading auction houses, insurance companies, luxury storage facilities, restoration shops, and car clubs to broaden the awareness and understanding of collateral lending as a financing strategy. In some cases, these partners are involved in the lending process as a value-added offering to their members or clients. While the Division’s initial focus will be on the southern California marketplace, the company expects that it will expand over time.
“As we have seen in other asset classes, partnering with trusted members in an asset class community to ease access to collateral lending services is an effective growth strategy,” said Dewey Burke, Founder and CEO of Luxury Asset Capital. “However, success requires deep expertise to be able to properly value and care for these assets, as well as speak the language of their owners. Our Luxury and Collector Car Division couples that expertise with the liquidity we can provide in only a few business days.”
The Luxury and Collector Car Division is headed by Bruce Singer, a 30+ year veteran of the industry. Mr. Singer was the Founder and President of Blackford Financial Group, the exclusive provider of equity loans and lines of credit to owners of highly collectible cars, that was associated with Barrett-Jackson Auction Company, the leader in collector car auctions and automotive lifestyle events. “There is strong market interest in same-day cash equity loans as a response to multiple situations owners face, including waiting for high-line auction companies to sell their vehicles, obtaining the financing to restore a classic car, or simply being able to tap the equity in a car in storage for purposes of expanding a collection or any other purpose,” said Bruce Singer. “Through our loan products that are tailored to the varied needs of the car owner, Luxury Asset Capital and its related brands are now in a position to become the dominant provider of collateral loans to the luxury and classic car owner community in southern California, and beyond.”
Obtaining a collateral loan using luxury or classic car assets is simple and easy. Owners seeking financing provide the make, model, VIN, and condition to a valuation expert at Beverly Loan. If the car(s) qualify, the prospective client will be provided with an initial quote, terms for the loan, and an in-person inspection will be arranged. Car brands accepted as collateral include but are not limited to Ferrari, Lamborghini, Aston Martin, Porsche, Bentley, and Rolls Royce, with a minimum value of $50,000 per car. Following the inspection of the vehicle and its associated documentation, final loan terms are provided. Upon acceptance of those terms, a loan agreement is executed, funds are transferred, and the car is placed in a fully-insured, secure storage location. Once the loan principal and interest are paid off, the car is returned to its owner.
About Luxury Asset Capital
Luxury Asset Capital is a leader in the alternative financing market, with tens of thousands of transactions and over one billion dollars in loans funded by its Borro, New York Loan Company, and Beverly Loan Company brands since inception. We are a private lender to individuals and businesses in exchange for luxury assets that are held as collateral when traditional channels of financing are either too slow, invasive, burdensome, or, in some cases, unavailable. We unlock the equity in a wide range of assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one business day. Please visit our corporate site at www.luxuryassetcapital.com.
