Easy and efficient access to cash at the exact time it’s needed helps people solve problems, realize opportunities, and live dreams, and the holiday season is often one of those times. The 2020 Coronavirus pandemic has put extra financial pressure on many individuals, families, and business owners and while further federal government assistance seems likely, it probably won’t arrive until the first quarter of 2021. The good news is, that luxury assets purchased in the past can easily help secure your current cash needs.
A collateral loan is a financing strategy that provides immediate short-term cash to bridge the gap from now until other financial resources become available. Collateral loans leverage your past purchases of luxury assets – assets that are high in value but low in liquidity – including watches, jewelry and diamonds, handbags and accessories, precious metals, classic and luxury cars, fine art, and other assets acquired through premier auction houses. Obtaining a collateral loan involves very little paperwork, and requires no credit check or financial disclosures.
Luxury asset owners can benefit from this fast and convenient funding option provided by lenders including Borro, using them as collateral to secure their loan. It is an attractive alternative to hastily selling an asset to raise cash. Borro is the leading national provider of confidential, non-bank loans that use borrowers’ luxury assets as collateral, serving over 15,000 clients and providing over $450 million in loans since 2008.
Borro’s loan process is highly personalized and begins by discussing the amount of capital needed and the asset or assets to be used as collateral with a Borro expert, either over the phone, through e-mail, 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 to Borro for valuation, and a final loan agreement provided for signature. Upon receiving the executed loan agreement, the loan 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 shipped or brought to a Borro facility, during storage in its vaults, and until they are returned after a loan is paid off.
Don’t let a cash shortage dampen your holiday season. Borro stands ready to help you tap the liquidity of your luxury assets without selling, providing immediate cash that you can use for any purpose.