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10-20-2023, 12:15 PM #1Senior Member
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Never done something like this before. Need help.
This is the message I received:
"I need a loan against luxury assets ie watches and artwork. The loan is strictly against the use of the individual assets and not any business. I need a non-recourse advance for $3,400,000."
The whole porftolio is worth just shy of 9MM.
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10-20-2023, 12:20 PM #2Senior Member
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East Harbor...they loan on stuff like this...
Gabriel Goico
Financial Underwriter
East Harbor
Direct: 305-560-4125
www.eastharborfinancial.com
gabriel@eastharborfinancial.com
Also Pawn Stars...in Vegas..Last edited by Olderguy; 10-22-2023 at 12:34 AM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-23-2023, 06:17 PM #3Noob
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If they are open to to a non-recourse that covers the $9M in assets they have for the $3.4 Million this might be something we would look at. How long do they want this loan, and what are these assets? We wouldn't go in second position on any of these assets.
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10-23-2023, 08:52 PM #4Senior Member
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Artwork is abstract in value. Very difficult to lend against since the market is determined by a buyer who values this piece of "art". Then what insurance do they have to temporary assign the lien over to the lender? The other assets are just spot price of the corresponding commodity such as gold, silver, palladium, etc...
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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10-24-2023, 10:07 AM #5Senior Member
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Wont happen, dead time working on it
Originally Posted by MichaelP
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10-24-2023, 10:22 AM #6Senior Member
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In my whole career, I've broken my non MCA rule about 5 times. I got paid on only one. This was not that one. But even then that was refinancing someone into an SBA about a month after securing them a 1st position because they were in a cash crunch and couldn't wait.
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11-03-2023, 11:19 AM #7Senior Member
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Are you still looking for an option for the luxury assets?
Howie Dane
Funding Sources for Business
president@fundingsourcesforbusiness.com
(847) 831-4118
www.fundingsourcesforbusiness.comHowie Dane
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