An original artwork is a legacy and investment asset. It’s also considered collateral by finance providers operating in the asset-based lending space.
If you’re looking for a loan against artwork in Durban, we can help. LoanAgainst Durban specialises in providing short-term loans against artwork, as well as other luxury items.
Funds are available within 24 hours and ownership of the artwork is retained, but not possession for the duration of the loan. Liquidity raised against the artwork can be used for any purpose.
Steps for getting a loan against artwork in Durban
To ensure client confidentiality, LoanAgainst has developed a remote loan application process.
Simply enter your details on the contact form posted on our website. One of our consultants will contact you for more information about the artwork – the artist, medium, age and provenance. And, how much you want to borrow against the piece.
When images, sales receipts, and any other evidence documenting a trail of ownership are provided to support the application, so much the better.
A preliminary offer of a loan is communicated remotely. If the amount is deemed acceptable, the artwork is professionally appraised at our Durban offices.
If both parties are satisfied with the outcome, a loan agreement is signed. The artwork is then handed over for safekeeping, and the funds are transferred immediately.
What determines the loan value?
Our art specialists at the LoanAgainst Durban branch base the loan amount on several factors. They include:
- current market trends for that particular artist
- the uniqueness and rarity of the piece
- recent prices of similar works fetched at auction houses and galleries.
The available funding is typically a percentage of the trade value of the artwork, which is conveyed to the client prior to the transaction.
Why consider a loan against artwork?
A key feature of borrowing money against an asset is the simplicity and ease of the process. We don’t require proof of income, conduct credit checks or report loan transactions to credit agencies.
Anyone who owns an item of value is eligible for a loan – regardless of employment and debt review status.
A loan against artwork in Durban is the most discreet way to raise funds. It has no impact on your credit record.
What to bear in mind
When money is borrowed against artwork, or any other asset, the item is held by us until the loan is repaid.
LoanAgainst has the right to sell the piece, and use the funds to cover the losses, if the capital, plus interest, is not paid back as per the terms of the agreement.
Why get a loan against artwork through LoanAgainst?
LoanAgainst is a division of a registered financial services company and has physical branches in a number of major cities across South Africa.
Some advantages of a loan with LoanAgainst:
- competitive interest rates
- no impact on credit rating
- flexible repayment terms
- a loan process that’s trusted and transparent
- no hidden costs or early settlement penalties.
For a loan against artwork in Durban (or elsewhere in South Africa), call us on 079 726 4690 for more information or simply complete and submit our online loan application.
