Frequently Asked Questions

LONO caters to owners of fine assets seeking to unlock their value without the need to sell. Our clients are able to tap into the equity of their assets while still retaining ownership. We offer a seamless alternative to selling, eliminating commission fees and transactional costs.

LONO is based in Toronto and we partner with appraisers across Canada. Our loans are exclusively available to Canadian citizens with a Canadian bank account, and the assets must be located within Canada.

LONO is a private Canadian company supported by experienced founders with a extensive background in finance and business.

Any Canadian individual who has reached the age of majority with a government-issued picture ID, like a driver's license, is eligible for a loan. Your asset secures your loan.

LONO offers loans starting at $20,000, with a maximum of $2,000,000 per asset. Your loan offer will be based on the appraisal value of qualified assets.

We offer loan-to-value ratios of up to 50% of your asset’s appraised market value. As part of the loan process, we collaborate with leading appraisal partners to professionally assess your asset and determine its auction value.

Once your application is submitted, a professional appraisal of your asset will be conducted, typically within a few business days. After receiving the appraisal certificate, we will provide you with a loan offer within 1-3 business days.

Yes, but your credit score does not significantly impact your eligibility for a LONO loan. While we utilize TransUnion as part of the process, our loans are accessible to borrowers from a variety of financial backgrounds. Your asset serves as the sole security for the loan.

LONO provides loan terms of 12, 18, or 24 months. If your loan remains in good standing and the asset's value is stable, you may have the option to extend. Extensions may require a secondary appraisal at the borrower’s expense.

LONO streamlines the loan process by handling every step, from appraisal to secure storage. After reviewing your application, we’ll provide a quote for the appraisal, which will be conducted by an accredited professional. While the borrower is responsible for the appraisal cost, the application itself is completely free and comes with no obligation.

At loan closing, a one-time loan setup fee applies, covering credit checks, ownership and encumbrance searches, loan documentation, and PPSA registration. The borrower is also responsible for the transportation costs to secure storage.

Your monthly obligation, paid through pre-authorized payment, are interest-only payments as well as monthly storage for the duration of the loan. Interest-only payments provide you with the financial flexibility to make the most of your funds.

Once the loan offer is accepted, funding can occur within 3 business days, often faster. Paperwork, insurance and funding typically take a few days to complete.

Your asset is securely stored in a state-of-the-art, climate-controlled facility that meets and exceeds the highest industry standards in Canada. This facility is equipped with 24/7 monitored security, advanced surveillance systems, and restricted access protocols to ensure maximum protection. Trusted by leading museums, galleries, and institutional collectors, the facility maintains strict environmental controls to preserve the integrity and value of stored assets.

The borrower is required to list LONO as a “Loss Payee” on their insurance policy, ensuring the policy remains active throughout the loan term. Additionally, the borrower must grant LONO permission to verify insurance coverage with their provider as needed during the loan period.

Repayment can be handled by wire or certified cheque.

You can prepay your loan at any point in time with no additional penalty. Your interest and storage payments will be prorated to the date of repayment.

In the rare event of default, we collaborate with leading Canadian auction houses to secure the highest value for your asset. After recovering all outstanding principal, interest, fees, and default-related costs, any remaining proceeds are returned to the borrower.

We offer an incentive programs for successful referrals to our lending services. Please contact us for more details.