Share Article via Email Key Points Wealthy people looking to fund new ventures are turning to their Rolexes and art collections investments in the internet pawnshop collateral for quick and easy loans from high-end pawn shops.
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Business owners say the trend points less to financial distress and more to customers eager to seize investments in the internet pawnshop opportunities. VIDEO Digital Original Wealthy people looking to fund new ventures are turning to their Rolexes and art collections as collateral for quick and easy loans from high-end pawn shops.
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- Они прошли вдоль нее на довольно значительное расстояние, и трещина эта все время расширялась, пока, наконец, она не стала настолько широка, что-уже нельзя было стать, поставив ноги на ее края.
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The handful of lending companies tapping into the trend let their affluent clients take quick thousand-dollar or million-dollar loans with high-end collectibles as collateral. Business owners say the way the luxury goods-backed loans are growing points less to the financial distress associated with pawn shops and more to seize money-making opportunities.
Growth is "certainly geared more towards opportunity loans than anything else," Tabach-Bank said in a phone interview. Business is doing so well that he's considering opening a fourth location. A big part of the job is "educating the affluent consumer that they have all these assets sitting in their closet," said Dewey Burke, president and CEO of Luxury Asset Capital.
One of his clients was able to use his watch collection to seal a commercial real estate deal. This client spent 10 years trying unsuccessfully to purchase a piece of property, Burke said.
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When it suddenly came up for sale last year, the client had just one week to close. No bank would provide a loan in such a short time, Burke said.
That now includes pawn shops. Practical eCommerce: What is Pawntique? There are 12, pawn shops in the United States. But there are only a couple of us who are trying to transfer that business model to the Internet.
Some clients also leave their luxury goods with Lux Exchange for a service that acts like a revolving line of credit. That's simply not true," Burke said.
Individuals are also using high-end pawn shops to use their existing collectibles to buy more. It makes a lot of sense for me," said Morgan Duffy, president of Hayden Wood Insurance Agency, which focuses on the car collection market.
Alternatives to pawnbrokers What are pawnbrokers? You hand over the item known as a pawn or pledge to the pawnbroker who will value it for you. The agreement will set out how long the loan lasts and how much it will cost.
Sometimes using a traditional lender has resulted in not being able to make a purchase at all. She said some of the business loans were for: a young woman who needed to patent and create a cosmetic product that now sells through the QVC television shopping network; a man who needed to purchase a car to become an Uber driver; a woman who started a successful delivery service.
These are people that are thinking outside the box.