A prestige sports car is a prized possession. While a rare or collectible model can hold its value as an investment, that Ferrari or Aston Martin gleaming in the garage can also leave many owners feeling asset rich, but cash poor.

However, there is a way to enjoy the best of both worlds.

Asset-backed Peer-to-Peer (P2P) Lending allows prestige car owners to take out loans based on the value of their vehicle, be that a classic or modern premium car. Ed Pearce, founder and CEO of Isle of Man-based P2P Lender MoneyThing, explains. “Most peer-to-peer businesses offer ‘unsecured personal loans’. MoneyThing.com is different because we are one of only a handful of businesses in this sector to offer asset-secured lending. Because all loans are asset-secured it means credit checks are not required, which makes the process of borrowing quicker than using banks to secure loans. Prestige cars worth upwards of around ?20,000 are ideal assets for borrowers to use to secure loans – although our customers can also use assets such as commercial property, jewelry, watches, fine wine and art. Loans are available up to 50% of the asset value, and up to a maximum of ?500,000. The borrower’s asset is independently valued and most will have a guaranteed buy-back price. We then set the loan-to-value figure based on this valuation. It’s a simple and straightforward process, but has safeguards for both lender and borrower. P2P Lending is the fastest growing branch of the alternative finance sector providing a refreshing, modern alternative for borrowers and lenders frustrated by High Street banks’ reluctance to help borrowers who may be asset rich, but cash poor. For anyone with a prestige car looking for a loan, asset-backed P2P Borrowing could be the ideal solution.”

The process of applying for a loan is straightforward using MoneyThing. Borrowers register on the website and give details of the asset they wish to use as security. Once the asset has been independently valued and approved, a loan can be agreed – and in most cases this whole process is completed within 72-hours. This simple method provides a refreshing, modern alternative for borrowers frustrated by the reluctance of High Street banks and building societies to grant loans. The loan amount and interest are repaid in full at the end of the loan term which is typically between three and twelve months.

Lenders with MoneyThing can earn 12% interest per annum on their savings. Again, it’s an easy process. Lenders register on the site; upload the funds they wish to lend; allocate funds to a chosen loan; and then start receiving 1% interest deposited monthly into their MoneyThing account which is available to withdraw instantly. Lenders can agree to allocate funds to all or part of a particular loan amount, and they can browse details of the secured asset, loan agreement, and the investment history on each loan from other MoneyThing.com lenders which provides a comprehensive view of what they are choosing to invest in.

For more information go to www.moneything.com or phone 0800 066 3344 or email support@moneything.com.