Hot off the press – Borro introduces a new loan product, Luxury Inventory Loan, for the luxury goods trade. The full article is below:
Short-term standard loan or line of credit options use part of retailers’, wholesalers’, traders’, manufacturers’ and other trade members’ luxury asset inventory as collateral
June 04, 2020 05:30 PM Eastern Daylight Time
DENVER–(BUSINESS WIRE)–Borro™, the leading provider of confidential, non-bank loans that use borrowers’ luxury assets as collateral, today announced the introduction of the Borro Luxury Inventory Loan product to provide operating capital to luxury goods retailers, wholesalers, traders, manufacturers, and other trade members. Borro Luxury Inventory Loans enable companies in the luxury goods trade to use current inventory including luxury watches, fine jewelry, loose certified diamonds, gold & silver bullion, luxury handbags and accessories, luxury and classic cars, and assets bought or sold through a premier auction house as collateral for loans ranging in size from $2,500 to $5,000,000 or more. Borro Luxury Inventory Loans have fixed interest rates and are available as a standard short-term loan or a line of credit.
“The luxury goods industry has been essentially shut down during the pandemic – particularly in brick and mortar retail – as a result of its non-essential characterization by governments. While these restrictions are beginning to lift in some parts of the country, the recovery of this sector will take time, and many companies will need operating capital to bridge the gap until it does,” said Dewey Burke, Founder and Chief Executive Officer of Luxury Asset Capital, the parent company of Borro. “Borro Luxury Inventory Loans enable them to tap the equity of their current inventory to help cover payroll, rent, insurance, and other operating expenses that haven’t gone away while revenues are reduced, and are an attractive alternative to selling inventory at a loss.”
Luxury Inventory Loans from Borro require virtually no paperwork, no credit checks, no lengthy waiting periods, no individual or business income information, or personal guarantee. Transactions can be executed in as little as one business day. 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 our vaults, and until they are returned after a loan is paid off. Borro uses advanced protocols for asset handling and tracking, and our vaults are among the most secure available anywhere. Assets can be securely shipped via FedEx or private courier or delivered directly to our New York or Denver offices. In the case of certain assets such as luxury & classic cars, Borro valuation experts go to where the asset is located. Borro does business across America and is licensed and regulated by the laws of Colorado and New York.
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. Luxury jewelry assets accepted as collateral include certified white or colored diamonds, certified gemstones including emeralds, sapphires and rubies, estate and fine jewelry in the form of rings, bracelets, necklaces, pendants, brooches, earrings and more, from brands including Harry Winston, Cartier, Van Cleef & Arpels, Mikimoto, Tiffany, Bulgari. Luxury watch brands accepted as collateral include but are not limited to Rolex, Patek Philippe, Audemars Piguet, A. Lange & Söhne, Hublot, Richard Mille, Cartier, Omega, and Piaget. Borro experts are ready to help clients realize opportunities and address situations by providing timely access to capital.
For more information about Borro Inventory Loans, please visit: https://borro.com/inventory-loan/
Borro, a Luxury Asset Capital brand, is the leading provider of confidential, non-bank loans that use borrowers’ luxury assets as collateral. Luxury Asset Capital and its brands have funded over $450,000,000 in loans for 15,000 clients since inception. We are a compelling alternative to selling luxury assets or traditional channels of financing that are often either too slow, invasive, and 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. For more information, please visit borro.com. For more information about Luxury Asset Capital, Borro’s parent company, please visit luxuryassetcapital.com.