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Borro in Robb Report – Unlocking the Equity in Luxury Assets Without Selling

Last month, Borro was in Robb Report highlighting who we are and what we do. Below is the full article as well as a link to it on Robb Report here.

Robb Report

Borro was featured in Robb Report Easy and efficient access to capital at the exact time it’s needed helps people realize opportunities, solve problems and meet deadlines. While traditional financial institutions can cover most of the financial needs for affluent and high-net-worth people, they often fall short when five-to seven-figure amounts of capital are needed on short notice. At times, even those with impressive wealth portfolios are highly leveraged or need liquidity extremely fast.

For owners of luxury assets, Borro is a specialty financial service provider that fills those gaps with nearly immediate access to capital through confidential, non-bank loans and lines of credit that use a borrower’s luxury assets as collateral. It also provides inventory loans to companies in the luxury goods trade.

Luxury assets can yield impressive returns. Yet, unlocking their equity through private sale or auction takes significant time and effort and may have unexpected tax implications. Borro makes it easy to capitalize on the true value of luxury assets without the wait, and, more importantly, without the need to sell.

Over the past 12 years, Borro has helped affluent and high-net-worth clients address situations and meet opportunities, including starting up or running businesses, funding investments, expanding luxury asset collections or dealing with unexpected expenses relating to healthcare, litigation or loss of income. Borro accepts luxury watches, fine jewelry and diamonds, classic and luxury cars, designer handbags and accessories, gold and precious metals, and assets acquired through premier auction houses as collateral. Its parent company, Luxury Asset Capital, also accepts luxury real estate. Collectively, both companies have provided nearly $500 million in loans to over 15,000 individuals and businesses, a high percentage of which have taken out more than one loan.

“Many people don’t realize that owning an asset such as a Rolex watch, Hermès handbag, Van Cleef & Arpels jewelry, a gold coin collection or a Ferrari is all that’s required to obtain flexible, convenient and immediate funding at moments when capital needs are unexpected or urgent,” says Dewey Burke, founder and CEO of Luxury Asset Capital. “Our process is virtually devoid of paperwork and completely confidential, and we tailor our loans to each of our client’s specific situations. We understand and respect the needs and expectations of our affluent clients and provide them with the high level of service they have come to expect from the other companies they do business with.”

Borro’s loan process is highly personalized; it begins by discussing the amount of capital needed and the assets to be used as collateral with a Borro expert, either over the phone, through email or in-person at the company’s New York City or Denver offices. Based on that discussion, a verbal loan offer is provided, subject to the final valuation of the collateral. From there, assets are securely shipped, fully insured, to Borro for valuation, and a final agreement is provided for electronic signature. Upon receiving the executed loan agreement, the proceeds are wired to the client’s designated bank account. Once the loan is paid off, the client’s assets are returned.

Borro provides exceptional security, care and handling of luxury assets during transport, valuation and storage. Assets are insured from when they are first shipped or brought to a Borro facility, during storage and until they are returned after a loan is paid back. Borro uses advanced protocols for asset handling and tracking, and its vaults are among the most secure available anywhere. In the case of larger assets—classic cars, for example—Borro’s valuation experts go where the asset is located.

“Even people with substantial income and high net worth run into situations where traditional sources of capital are either too slow, invasive, burdensome or even not available to address a situation or meet an opportunity,” says Burke. “There are lots of lenders out there—for our clients, it’s about time, trust and the flexibility to structure something to meet their needs.”

Richard Shults

Richard Shults

Richard is the Chief Underwriter at Borro by Luxury Asset Capital and is a Graduate Gemologist, certified by the Gemological Institute of America (GIA). He is in charge of all asset evaluations and loan underwriting of the company.

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