Tax time is upon us again and many Americans are finding it to be an even more difficult time due to the pandemic and its effects on business and personal finances. Even with the extension from the IRS allowing taxpayers to file as late as July 15, many Americans facing that deadline who owe 2019 taxes are doing so with their access to capital reduced.
A collateral loan from Borro is an attractive alternative to selling stock or tapping into savings to meet critical financial deadlines. Unlike those options, financing through Borro leverages your past purchases, not your financial future. Borro provides cash in amounts ranging from thousands to millions of dollars in exchange for assets that are high in value but low in liquidity. The assets most commonly collateralized are fine jewelry and diamonds, luxury watches, and designer handbags, but also include luxury and classic cars, luxury real estate, or premier auction house items.
For example, a previous Borro client is an investor who needed capital to cover an unexpectedly large tax bill arising from a significant capital gain. Liquidating other invested assets to pay the tax bill was available, but unattractive option from both market timing and future tax liability perspectives. He contacted Borro and in just two days obtained a $530,000 short-term loan using three classic cars as his loan collateral. As a result, the tax bill was paid on-time, avoiding penalties and without the need to hastily liquidate other invested assets. When market conditions were more favorable, some assets were liquidated, the Borro loan was repaid and the client’s classic cars were returned.
Borro, a Luxury Asset Capital brand, is the leader in confidential loans that use the borrower’s luxury assets as collateral. We are a timely alternative to traditional loans that are often either too slow, invasive & burdensome, or, in some cases, unavailable. We unlock the equity in a wide range of luxury assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one business day.
We were established to provide capital to individuals at critical moments and have a proven track record of moving quickly to meet individual and business financial deadlines. We have been a lender to over 15,000 clients, providing over $450 million in loans since our founding over a decade ago. Borro’s industry-standard-setting levels of transparency, convenience, and service are making Borro the leader in trusted, alternative loan solutions.
For more information, please visit: https://borro.com/collateral-loan/