Promissory Notes (Lenders)
Diamond Banc, Vasco Assets, Beverly Loan Company, Chicago Loan Company, New York Loan Company, Luxury Asset Capital, and WatchBox are seven examples of lenders in the U.S. offering loans and backing them by valuable assets like luxury watches and precious metals. The next section provides an overview of each lending platform, including details about the maximum loan amount provided.
- Diamond Banc uses bullion as collateral to provide loans on gold, silver, and Rolex watches. It claims to offer a maximum of $500,000 in 24 hours or less.
- The company's lending process is simple and begins with filling and submitting an online form describing the item. Diamond Banc's team of expert jewelers then analyze the form and provide an initial quote within 24 hours.
- Next, the users ship their items for official evaluation by the company personnel. Lastly, once Diamond Banc completes the evaluation, it sends an official offer and prepares for immediate payment via wire transfer or check.
- Vasco Assets is a licensed and bonded investment company trading luxury tangible assets. It specializes in specific assets, which are luxury watches, precious metals, jewelry, coins, luxury and exotic cars, diamonds, and collectible art.
- The company's loan process is simple and involves three stages; the first one involves a virtual appraisal process, followed by an acceptance of the item, which includes wiring of the funds. Lastly, the borrower pays the money he/she owes Vasco in full and their assets are returned safely and promptly.
- Vasco Assets claims to offer loans from $5000 to $2,000,000 available same day up to 24 hours.
- WatchBox provides loans against luxury watches, including brands like Rolex, Omega, Audemars Piguet, Hublot, etc.
- Its process involves four stages, one, the user fills in a form with details of the watch, second, the user sends the watch and receives an offer, third, WatchBox wires the loan and the user begins making monthly repayments, four, upon finishing repaying the loan, the company ships back the watch.
- WatchBox claims to offer short-term loans up to $5,000,000, or more, within 24 to 36 hours.
Luxury Asset Capital
- Luxury Asset Capital is a family-owned lender focusing on high-net-worth individuals and businesses in need of capital. It claims to offer loans from $50,000 to $5 million backed by "luxury cars, high-end watches, diamonds, etc.
- Just like other lenders, Luxury Asset Capital evaluates the item and provides the loan based on a "loan to value (LTV) ratio of typically 50-70%" of the item's current market value.
- Once the deal is finalized, the company takes possession of the item and wires the capital. It charges fees from 1.5% per month depending on type of asset collected.
- Luxury Assets Capital can return the item once the user repays the loan, or keep it in case the user draws more capital again.
Beverly Loan Company
- Beverly Loan Company is an upscale collateral lending company (pawnshop) specializing in loans against diamonds, jewelry, gold, high-end watches, collectible art, etc.
- Its process is similar to those other luxury assets lending companies and involves pawning the collateral, which is then purchased at the dealer's rates. Next, the user sells their items, which they can reclaim once they repay the money loaned.
- Unfortunately, Beverly Loan Company does not indicate on its website its maximum loaning amount.
Chicago Loan Company
- Chicago Loan Company provides short-term pawn loans against signed jewelry, luxury watches, and fine art.
- The borrowing process is streamlined and involves evaluating the collateral to determine its worth. The user then signs and approves a pledge agreement established by Illinois state law.
- Chicago Loan Company has not published on its website the maximum amount one can borrow.
New York Loan Company
- New York Loan Company is a luxury pawn shop in New York offering loans from three figures to seven figures.
- It provides pawn loans against diamonds, gold/platinum jewelry, luxury watches, collectible artwork, and sports memorabilia.
- The company's loans process involves evaluating the item, agreeing on the loan amount, signing and approving documents, award of the loan, loan repayment, and finally collecting the collateral.
To find examples of lenders that offer loans backed by assets such as luxury watches and precious metals in the U.S., your research team explored various business reports and articles regarding pawn lending, specifically focusing on luxury items like watches and jewelry. We found robust reports citing the examples of companies profiled above and used business intelligence tools like Owler and Zoominfo to identify more competitors to these companies. Using the two approaches, we managed to identify such companies based on reports by Business Wire and Forbes. The examples mentioned were analyzed thoroughly based on the information on their websites to confirm that they provide loans backed by luxury watches and precious metals. Each company website was further analyzed to unearth information about the maximum and minimum loan amounts these vendors provide.