A Credit Line/Loan Against Your Luxury Assets
LuxuryLine™ is essentially a LeverageLine credit line/loan with a twist: instead of your licensed lending institution lending against your stocks, bonds, or mutual funds, your lender will use your luxury goods, e.g: jewelry, gemstones, sports cars, paintings, or other similar items — to guarantee your financing.
The program — like all of our programs — offers fully licensed institutional security, very fast access, and very low wholesale rates — from 2.99%-3.99% — with interest-only repayment required and no penalty for payoff at any time. Loan terms are for six month increments and can be renewed. Since your asset guarantees your financing, it can also be used to pay off your loan by sacrificing the asset to the lender if at any time you wish to do so.
With LuxuryLine, your collateral remains safe and secured at one of several New York facilities designed for this purposes while your loan remains in effect.
Your assets get expert, professional, licensed appraisal. In addition to working for and with your fully licensed lending institution, your lender’s appraisers have backgrounds at the leading auction houses in the U. S. and abroad, including Sotheby’s, Christie’s, Bonham’s and Phillips. Each have strong auction house connections and a broad network of connections in a variety of asset specializations ensuring accurate and timely evaluation for your financing. All hold licensing and membership in good standing with their respective professional associations, including the Gemological Institute of America, the Appraisers Association of American Valuers, and The Royal Institute of Chartered Surveyors, among others.
Security is naturally paramount for any asset-based lending of this type, and we are pleased to say that your licensed LuxuryLine lender has all that you’d expect and more.
When we first began considering adding this type of facility for our clients, we required that our lenders would provide comprehensive, complete insurance from start to finish. We are happy to say that LuxuryLine delivers. Our clients are protected in several overlapping ways from the moment their assets leave their hands until they are securely returned when the loan is no longer needed after repayment of any outstanding balance.
Security at this level naturally requires solid and established institutional insurance, and we are pleased to say that our chosen lending partner offers comprehensive insurance based on the fair market value of the assets (and often higher for safety), provided both via the lender’s licensed courier and storage partners as well as by insurance underwritten through the respected firm Lloyds of London. These policies are always available to our clients for review prior to transfer of the asset if they wish.
Here are a few examples of how this insurance operates:
- For smaller, less valuable items that you choose to send to us using the FedEx label using FedEx’s “same-day” service, and these are insured up to $100,000.
- For multi-item collections of assets, such as a small jewelry collection, your lender’s appraisers will put together a total valuation for loan purposes and these are insured up to $500,000
- The lender’s appraisers may on some occasions come to the client’s home to conduct the appraisal, and if the client chooses to permit the appraiser to take the asset(s) to their formal valuation center they are insured up to $500,000
- For larger or more valuable items, the lender will establish customized insurance suited to that asset.
Security for the LuxuryLine program doesn’t stop with insurance, however. We would not agree to offer this program to our clients if onsite security did not meet the highest standards as well. Again, we are pleased to say they do:
- All assets that arrive at the lender’s facility are recorded using CCTV, immediately barcoded and entered into multiple secured and backed databases with a unique ID number, and photographed.
- Any client asset is immediately stored in one of several highly secured vaults onsite with 24/7 multilevel security, or with the top-tier security facilities via our lender’s partnership with Citibank and Malca-Amit.
- Art and antiques are stored in highly secured, climate-controlled vaults onsite or with the highly regarded firm of Day & Meyer in New York, the largest and most respect storage and security firm for fine art and related assets that serves the majority of top-tier auction galleries, art dealers, and high-end collectors via their fireproof vaults in Manhattan, New York. Your lender also provides further security via well-regarded firms such as CFASS, Cadogan Tate, The Fortress and Peak Fine Art.
- Your lender spares no expense to secure your fine autos either. Exotic Classics, Top Store and Sphere Motorsports are your lender’s storage and security partners. Each new vehicle insured a fair market value, coded, and photographed upon arrival.
LuxuryLine requires no credit checks, only a clear establishment of title and right to the ownership of the asset an evaluation of the value of the asset. Term sheets are available in one business day, if you provide us enough information to make a general evaluation of the value of your asset(s).Ready for a quote?
- Take a photo of the item with the certification in the same scene, if possible.
- Repeat as necessary. If there is no certification or appraisal of any kind, the asset may not qualify for a quote.
- For large files, send in multiple mailings.
- Include a copy of your driver’s license or passport.
Send your request answer a few questions and attach your documents (PDF preferred, .JPG or .PNG OK) and that’s it. We’ll deliver an estimated loan amount and estimated funding date with other details, and provide full lender disclosure upon receipt of your no-obligaton term sheet signed (two clicks using our digital Verisign/Echosign system). Please note: This program is currently open to U. S. citizens and permanent residents only at this time. If you wish to proceed at that point, we’ll take you directly into the licensed lending institution to get you funded.If you any further questions, kindly feel free to contact me direct at : 214-432-0611 or complete the contact form at http://www.EdwardCrowder.com
Ed Crowder 