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High-end Pawn Shops Accepting Fine Wines as Collateral

By   /   December 27, 2012  /   No Comments

Some pawnbrokers are literally taking liquid assets.  Fine wines are accepted as collateral for loans right along with the family jewels and fine art to help ease the cash shortages of people and businesses.  Jordan Tabach-Bank, head of Beverly Loan Co. in Beverly Hills, CA sees hedge-fund managers, bankers, lawyers, doctors and even Oscar winners in his shop.  “You’d be amazed by how many wealthy individuals have terrible credit ratings,” he says.  “And besides, if you go to bank, it can take weeks or months to get a loan.  When we make a loan, it’s usually the same day.”  Tabach-Bank says his clientele are often people who need a quick infusion of cash for business purposes.  A 128 bottle collection of Chateau d’Yquem has an estimated worth of $250,000.  A case of 1989 Chateau Petrus is valued at $38,000.  Fine wines are just one of many assets the prosperous have used to get needed cash quick from high end shops like Tabach-Bank’s.

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