British p2p lending marketplace Unbolted has announced a partnership with car auctioneer H&H Classics. The finance deal will allow auction consignors to access a significant portion of the value of their car or motorcycle well in advance of sale. The supply agreement creates a sale advance facility providing up to 70% of the low-estimate valuation to the consignor where an agreement is struck.
Unbolted lets individuals plus small and medium enterprises borrow against their assets.
The two partners in the project are also developing a new financing solution for buyers to help them capitalise on new opportunities at auction.
Nick Delaney, Business Development Manager of H&H Classics, says: ‘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.’
Mark Magnacca, Chief Marketing Officer of Unbolted says: “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.”