Neil Mitchinson

Edinburgh Asset Finance, founded by Neil Mitchinson in 2013, has partnered exclusively with McTear’s to become the first Scottish provider of auction advance loan services.

Mr Mitchinson said: “In a number of cases, items come to auction because the seller is looking for a quick financial return. However, the sale item must be submitted some considerable time before auction to allow the auctioneer a period for sale preparation and catalogue publication.

“After the sale has gone through, it can take anywhere from 3 to 6 weeks after the auction before the proceeds are paid out to the buyer. Our auction advance loan service is intended to cover this necessary period.”

As an example, a painting valued at £10,000 might go to auction with a reserve of between £8,000 to £10,000. Edinburgh Asset Finance could advance up to 60 per cent of this valuation at the point of decision to sell, knowing that McTear’s will secure a sale.

Brian Clements, managing director and auctioneer at McTear’s, said: “Edinburgh Asset Finance have been providing a valuable temporary liquidity facility for high end clients for some years now and we are delighted to partner with a firm which shares our values of openness, transparency and fair-dealing.”