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The recent financial crisis and subsequent recession has spawned a host of new business solutions that are successfully challenging the established
banking regime, offering tailored solutions to entrepreneurs and individuals alike.
This trend is set to continue with the launch of LAMNA Financial (www.lamna.co.za), a South African based short term lender that is reporting
unprecedented demand for their bespoke, personal asset based lending services.
With access to credit from traditional sources proving increasingly challenging, high net worth individuals and entrepreneurs alike have been forced to look elsewhere for access to liquidity and this is where LAMNA finds themselves at the right place at the right time. The discreet service they offer essentially monetizes the value of a client's assets such as prestige cars, fine wine, watches, jewellery and works of art, without having to sell it. The service is private, swift and efficient with clients walking away with the required funds within 12 - 24 hours of applying.
"Many people have accumulated substantial assets and portfolios with excellent credit ratings but at certain times require immediate access to capital either to take advantage of a business opportunity, as additional working capital for their business, or purely for personal reasons. This is where we step in by offering tailored, short-term cash solutions secured against the clients assets. There are many clear benefits as our clients bypass the restrictions of dealing with a traditional bank which means there are no time consuming credit checks, credit committee approval processes or pay slip requirements. 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
As lenders to mostly high net worth individuals and entrepreneurs, there is no blue-print, as each transaction is uniquely assessed and a tailored solution is agreed with the client. Once finalized, the asset is retained by LAMNA as collateral against the short term loan, to be returned once the agreed sum has been settled. "In most instances we are finding that we are being approached by entrepreneurs who are presented with attractive investment opportunities and they are choosing to gain immediate access to funds against their 'lazy' personal assets such as boats, trucks, cars, jewellery, artwork and watches. Most of them have sizable portfolios and
high personal net worth, but are concerned that the traditional solutions will be too time consuming or cumbersome, and hence they coming to us," says Meyerowitz.
"We believe people who own assets should be able to gain access to funds against the value of those assets via a confidential service that is quick, transparent and fully professional." concludes Meyerowitz.
The process is convenient, confidential and efficient as clients can apply online and an indicative offer will be made, subject to a final inspection of the goods. Assets are then personally valued at any of the LAMNA offices. Once agreed, funds are immediately transferred to the client and the assets are professionally stored in a high security off-site location, to be returned once the loan and agreed interest are settled.
With credit accessibility currently restricted and an ongoing need for capital in a contracted economy, expect secured loans to become a viable solution alongside non traditional solutions such as mezzanine loans and other forms of readily available finance.