The new partnership will fund specialist loans involving high-end luxury cars across Australia.
Mr Denny has spent the past five years developing multi-million-dollar property projects across the Coast after returning to Australia following the sale of his highly successful European Car Dealership network AAA Auto Group in 2014.
These include the stunning Elysium luxury complex on the old Cobb and Co site which sold out just two weeks after its launch.
Mr Denny said he was extremely excited about the new business venture which would be launching with an initial $50M facility.
“I look forward to working with Mitchell Atkins of Magnolia Capital and his team of experts to provide financing solutions to busy executives, CEOs, and entrepreneurs who may seek additional liquidity from their luxury car assets,” Mr Denny said.
Magnolia Capital, led by Founder and CEO Mitchell Atkins said the deal would allow the group to offer finance secured against luxury cars, an asset class historically overlooked by other financiers.
"We are uniquely placed to provide finance from $50,000 to $5m on high-value automotive assets which may include brands like Ferrari, McLaren, Mercedes, Rolls Royce and several Classic Cars," Mr Atkins said.
“This type of financing solution does not currently exist in the Australian market."
He said Mr Denny’s experience with luxury cars and Magnolia Capital’s financial expertise would benefit Australian luxury car owners and collectors seeking to realise capital on their vehicles.
