Quickly gaining access to capital can be a critical step in securing fast-moving opportunities and solving circumstantial problems. Luxury watches are a valuable asset for many collectors, though most financial institutions don’t accept them as loan collateral. The ability to gain access to the equity stored in these watches without selling them is a largely unmet need, and one that specialty financial service provider, Borro, is assisting in offering.
Borro by Luxury Asset Capital is a collateral lender that helps people unlock the equity in their watches without having to sell them. The service allows watch owners to leverage their collections for a flexible line of credit. In establishing a luxury line of credit, Borro provides more versatility than a standard collateral loan, with benefits like a fixed interest rate independent of the amount borrowed. Additionally, during the activation period of a luxury line of credit, watches are stored free of additional charge in Borro’s secure vaults.
So, what exactly is a luxury line of credit?
A “luxury line of credit” is a revolving credit line that can be drawn upon at any time for immediate funding after the valuation of watches and/or other luxury-class assets. The line of credit Borro offers ranges from $2,500 to $5,000,000 depending on the valuation of the asset(s) used for collateral. Once a luxury line of credit is established, Borro works quickly and efficiently, granting users same-day access to capital through just a phone call. Assets are fully insured from the time they leave the hands of the owner until the entire transaction with Borro is complete and the asset is returned.
What watches and other assets does Borro accept?
While Borro accepts a wide range of luxury assets as loan collateral, luxury watches are consistently the most frequently used to establish a line of credit. Borro accepts Rolex, Patek Philippe, Audemars Piguet, A. Lange & Söhne, Hublot, Richard Mille, Cartier, Omega, Piaget and more. The lender also accepts a wide range of other assets, like fine jewelry collections, designer handbags, fine art, and classic cars.
How are my assets stored?
Part of the flexibility that Borro offers is the ability to keep assets secured in its vaults, even after the user has paid their balance down to zero. This provides the unique opportunity for users of the service to reach back out to Borro in time-sensitive situations and quickly gain access to funding in as little as an hour. Because Borro already has the assets stored and knows their value, it can provide access to a line of credit without interruption.
To learn more about leveraging your watch collection for a flexible line of credit, you can visit Borro’s website, here.