Below, a message from Richard Shults GG (GIA), Chief Underwriter for Borro:
Easy and efficient access to capital at the exact time it’s needed helps people solve problems, seize opportunities, and live dreams. While traditional financial institutions can cover many of the financial needs for most affluent individuals and families, they often fall short when five to seven-figure amounts of capital are needed on very short notice, when individuals are highly leveraged, or both. For owners of luxury assets, particularly watches, Borro is a specialty financial service provider that fills these gaps with nearly immediate access to capital through confidential non-bank loans and lines of credit. Borro simply uses one or more of a borrower’s luxury assets as collateral, and also provides inventory loans to dealers 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. Borro makes it easy to capitalize on the true value of your watch or watch collection without the wait, and, more importantly, without the need to sell.
Since 2008, the company has helped affluent and high-net-worth clients address situations and meet opportunities, including starting up or running businesses, funding investment activity, expanding luxury asset collections or dealing with unexpected expenses relating to healthcare, litigation, or loss of income. Borro accepts virtually all luxury watch brands as loan collateral, including Patek Philippe, Audemars Piguet, Rolex, A. Lange & Söhne, Hublot, Richard Mille, Cartier, Omega, Piaget and more. Accepted collateral in addition to watches includes fine jewelry and diamonds, luxury handbags and accessories, precious metals, classic and luxury cars, fine art, and assets acquired through premier auction houses like Sotheby’s, Christie’s, Heritage, and others.
Dewey Burke, Founder and CEO of Luxury Asset Capital, the parent company of Borro, put it this way, “Many people don’t realize that owning a single luxury watch is all that’s required to obtain flexible, convenient, and immediate funding at moments when capital needs are urgent. 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 clients, and provide them with the high level of service they have come to expect from the companies they do business with.”
Borro’s loan process is highly personalized, and begins with a discussion of 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 by private appointment at the company’s New York City or Denver offices. Based on that discussion, a verbal loan offer is provided, subject to 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. Borro uses advanced protocols for asset handling and tracking, and its vaults are among the most secure available anywhere.
Burke concluded, “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. There are lots of lenders out there; for our clients, it’s about time, trust, and the flexibility to structure something to meet their individual needs.”
To learn more about unlocking equity in your watches, you can visit Borro’s website, here.
