One of our proprietary offerings is our luxury line of credit. A typical transaction for our clients is they will ship their asset to us, we store it in the vault during the term of the loan, and then when they pay their loan balance off, we ship the asset back to them fully insured. But we do have clients who have a large number of assets, both in dollar value and quantity that like to leave their assets with us in our vault.
Our luxury line of credit operates much like a home equity line of credit you might have on your primary residence. It allows you to revolve the amount of capital you have from us up and down. The assets stay secured in our vault. You can even pay the balance down to zero and whereas we typically would send those assets back to you, you can leave them with us safe and secure and then that allows you to reach out to us and the same day, get funding because we already have the assets, we know the value. They’re safe and secure and you can get that funding in as little as an hour.
The flexibility of that luxury line of credit is very unique in the luxury asset lending space.