Increase in asset based lending as year-end approaches

NATIONAL - ONLINE, South Africa - Dec. 10, 2013 - PRLog -- Hassle free transactions and immediate access to liquidity are the cornerstones of this innovative new financial solution, which recognises the value of one’s ‘passive’ assets, offering an instant cash advance.

“The restrictive criteria imposed by traditional lending institutions are one of the driving factors behind the sudden popularity”, says CEO Charles Meyerowitz. He comments further, “We now provide finance to over 300 individuals and businesses in South Africa, and have played a vital part in supporting SME growth.”

All SME’s who have approached LAMNA Financial have been unsuccessful in securing funding from the traditional and private banks, and a staggering 92% of their customers are entrepreneurs looking to take advantage of attractive investment opportunities.

Research conducted shows that the asset based finance industry could be as large as R1.5bn. Much of this finance supports South Africa’s SME’s, a welcome source of affordable finance that is helping many firms to successfully trade through tough economic conditions. In particular, asset based finance provides funds to a large number of start-ups and new firms, as well as individuals requiring access to liquidity. The past year saw a significant growth in advances to companies with turnovers below R10m.

This also shows how asset based lending can unlock potential and get new businesses moving. One of the real strengths of asset based lending is its ability to be used in combination with other sources of funding. A blended approach often sees asset based finance used in conjunction with existing overdrafts and term loans to create an affordable, effective blend of business funding.

LAMNA have received a number of assets as collateral for short term loans including Maserati’s, Ferrari’s, Rolex’s, fine wine, expensive jewellery and most recently even an aeroplane.

As we race towards the end of the year, LAMNA Financial are finding an increase in demand, with some clients requiring an immediate solution to accommodate revenue shortfalls and others keen to seize attractive investment opportunities.

About LAMNA Financial

Founded in 2013, LAMNA Financial enables customers to borrow against their high-end personal assets, in an environment that is confidential, discreet, flexible and secure. LAMNA addresses a market need currently not catered for by private banks, and aims to be the lender of choice for anyone considering using alternative assets to secure a loan. For more information, please visit www.lamna.co.za.

About Personal Asset Lending

Personal asset lending is an innovative form of finance that allows people to borrow against their high-end personal assets, such as art collections or luxury cars, in an environment that is confidential, flexible and secure. It addresses a market need currently not catered for by private banks, and is tipped to become a multibillion dollar industry worldwide.