Auction firm RM Sotheby’s has partnered with Sotheby’s
Auction firm RM Sotheby’s has partnered with Sotheby’s Financial Services to offer a bespoke financing solution to its customers. The new offer is called RM Sotheby’s Financial Services (RMSFS).
The RMSFS allows auction buyers to incorporate the financing directly into the auction settlement, so the buyers only has to cover the down payment and fees.
Customers can access funds of up to 60% loan-to-value with interest-only payments and a balloon payment at maturity. Low interest rates are quoted at launch of US Prime + 1.49%.
RMSFS is offering 12-month terms with extension options, as well as no prepayment penalties.
The RM Sotheby’s service also offers equity release of up to $300 million (£223 million) so collectors can raise money without having to sell their existing cars.
RMSFS says the equity release deal comes with competitive SOFR-based rates, quarterly payment options, no liquidity covenants, and no personal financial disclosure.
Image courtesy of RM Sotheby’s
