.....“High-End Pawn Shop” Comes to America: Quick Cash For The 1% - News and Current Events | futures io social day trading
futures io futures trading


.....“High-End Pawn Shop” Comes to America: Quick Cash For The 1%
Updated: Views / Replies:315 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

.....“High-End Pawn Shop” Comes to America: Quick Cash For The 1%

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

.....“High-End Pawn Shop” Comes to America: Quick Cash For The 1%

There's a new lender in town for wealthy individuals in need of quick cash. Borro.com, founded in the U.K. in 2009, is now operating in the U.S., making loans secured by luxury personal assets such as fine wines, art, diamond jewels and antique cars.


"We kind of position ourselves between the high end pawn shop and the deals too small for private banks," says founder and CEO Paul Aitken in an interview with The Daily Ticker.

Here's how it works: A wealthy individual in need of cash applies for a loan at borro.com or through a financial advisor, offering his or her precious asset as collateral. Borro then turns to an expert from its valuation team to appraise the asset and organizes the logistics to take possession of the asset. Within a few days, Borro wires the money to the customer. Aitken says the short turnaround may be the biggest draw for these loans.

Borro lends 50% to 70% of the collateral's value -- 50% typically for fine art and prestige cars; 70% for diamond jewelry and luxury watches. It charges between 2.5% and 4% interest per month for loans that usually don't last more than a few months. Borrowers are often small business owners who"have a deal they can do and need liquidity to do that," says Aitken. Borrow's clients have a net worth between $1 million and $10 million.

The company has lent $1 million since it started operating in the U.S. earlier this year. One example: a $24,000 loan secured by a case of 1989 Chateau Petrus valued at about $38,000-- more than twice the company's $17,000 average loan size.

Once borrowers repay their loan, they can reclaim their precious collateral, another reason why more people are attracted to Borro's services. They could have sold the asset instead through an auction house or online auction site but that usually involves a commission equivalent to 6 to 7 months worth of lending to Borro, says Aitken. And most important, they lose the asset. "Often people don't want to sell because of sentiment value or some other reason," Aitken says.

If borrowers default, Borro will sell the collateral, usually at auction. Even then Aiken says borrowers have little downside risk. "If someone can't pay back the loan, they won't lose their house."

Borro will sell the collateral. If the proceeds are larger than the value of the loan, the borrower gets that balance minus an administrative fee.

Borro's U.S. operations are currently based in New York City but the company plans to expand U.S. operations, opening a California office within the next three to four months followed by other regional offices. "Despite the fact that we're largely online there is a physical aspect," says Aitken. "We need to have proximity in the big metropolitan areas to enable those transactions to happen efficiently."


?High-End Pawn Shop? Comes to America: Quick Cash For The 1% | Daily Ticker - Yahoo! Finance

Reply With Quote

Reply



futures io > > > > .....“High-End Pawn Shop” Comes to America: Quick Cash For The 1%

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Quick One Liners kbit Jokes 1 February 20th, 2014 07:29 PM
Outlook: Investors May Shop Retail Stocks 'til They Drop Quick Summary News and Current Events 0 November 24th, 2010 08:20 PM
GM IPO Prices at $33 a Share, High End of Expectations Quick Summary News and Current Events 0 November 17th, 2010 08:30 PM


All times are GMT -4. The time now is 01:56 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-11 in 0.06 seconds with 19 queries on phoenix via your IP 54.226.34.209