DENVER--(BUSINESS WIRE)--Luxury Asset Capital®, a leading provider of alternative financing, today announced its acquisition of Beverly Loan Company (Beverly Hills, CA) and New York Loan Company (Midtown Manhattan), collectively known as The Loan Companies. The acquisition of these prominent collateral lending brands solidifies Luxury Asset Capital’s position as the nation’s largest privately-held provider of non-bank loans that use borrowers’ luxury assets as collateral. The combination of the newly acquired brands with the company’s existing Borro brand has loaned over one billion dollars to tens of thousands of clients across the country.
Borro.com is Luxury Asset Capital’s fintech platform, the innovative solution for upscale, online collateral lending. These new acquisitions add a dominant brick and mortar presence in the two largest cities in the United States (New York and Los Angeles) and further establish the company as the go-to source for collateral loans using luxury assets.
Both Beverly Loan Company and New York Loan Company are widely acknowledged as collateral lending industry leaders, and like Borro, they are exclusively focused on serving upscale markets. Bringing them into the Luxury Asset Capital family will further accelerate the advancement of collateral lending as a mainstream financing strategy for affluent and high-net-worth individuals, setting new standards of speed, convenience, and service for clients spanning geography and asset classes.
“The consistent appreciation of luxury assets creates a tremendous market opportunity for collateral lenders like us that serve affluent clients,” said Dewey Burke, Founder and CEO of Luxury Asset Capital. “Not only did Luxury Asset Capital gain two premier brands through this acquisition, but just as importantly, we doubled the size of our team. Our staff of highly-trained experts cements our position as the innovative leader in our segment of the financing marketplace.”
“Being acquired by Luxury Asset Capital combines our high-touch, face-to-face business approach in the nation’s two largest markets with the streamlined, online business approach that Borro pioneered,” said Jordan Tabach-Bank, former CEO of Beverly Loan Company and New York Loan Company. “I would only entrust my 83-year-old family legacy to a like-minded business who will treat our clients and their valued collateral with the utmost respect while guiding the business into the digital age. The success of both companies clearly demonstrates the strong value our unique lending product provides, no matter how a client prefers to do business.”
While millions of Americans use collateral loans in their financial management strategy, many people don’t realize that owning an asset such as a Rolex or Patek Philippe watch, Hermès handbag, Van Cleef & Arpels jewelry, a gold coin collection, an Andy Warhol painting, or a Ferrari is all that’s required to obtain flexible, convenient and immediate funding at moments when capital needs are unexpected or urgent. The most commonly collateralized assets are luxury watches, fine jewelry, diamonds, and fine art, with designer handbags, luxury cars, precious metals, luxury real estate, or premier auction house assets also used as loan collateral.
Luxury Asset Capital brands’ loan processes are virtually devoid of paperwork, completely confidential, and tailored to each client’s specific needs. The company’s attractive rates relative to other alternative finance providers and the ability to understand the needs of their affluent clients set the company apart. Industry-standard-setting levels of transparency, convenience, and service make Luxury Asset Capital and its brands an ongoing financial resource to its clients alongside their other trusted advisors - accountants, lawyers, business managers, banks, and financial advisors.
About Luxury Asset Capital
Luxury Asset Capital is a leader in the alternative financing market, with tens of thousands of transactions and over one billion dollars in loans funded by its Borro, New York Loan Company, and Beverly Loan Company brands since inception. We are a private lender to individuals and businesses in exchange for luxury assets that are held as collateral when traditional channels of financing are either too slow, invasive, burdensome, or, in some cases, unavailable. We unlock the equity in a wide range of assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one hour. Please visit our corporate site at www.luxuryassetcapital.com