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Upscale Collateral Lenders Meeting the Needs of the Wealthy

By   /   June 23, 2013  /   No Comments

Mike Walsh has a homebuilding business and when he needs quick cash to keep things running he borrows it from his Rolex watch. He’s one of a new breed of pawn shop clients – the well-off who are looking for quick, short-term loans on their valuable items.  And to cater to these clients is a new breed of high-end pawnbrokers, also known as “upscale collateral lenders” and “personal asset lenders,” are here.  Beverly Loan Company, for example, caters to wealthy individuals in the 90210 area.  High-end pawn customers don’t necessarily have bad credit; they just may need quick cash.  For example, one customer wanted to take a luxury cruise with his wife, but didn’t want to take out a long term loan or sell any investments, so he borrowed $50,000 against a painting and repaid it quickly once his bonus came in.  High-end pawn shops operate just like a typical pawn shop; however, they focus on items such as fine art, rare wine, antiques and fine jewelry.  The loan amounts are also much higher with some even reaching into six figures or more.

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