MONCHARM LTD: THE PRACTICE OF USING
FINE WINE AS COLLATERAL TO SECURE SHORT-TERM LOANS IS GAINING TRACTION IN NEW
YORK.
Company Registration: 6453525
Job Title: Owner
Phone No - 44 20 7959 2261
Moncharm -
Wine Suppliers & Fine Wine Merchants
According to The Financial Times, investors in urgent need
of money are resorting to pawning their bottles of Château Lafite and Château
d’Yquem.
Paul Aitken, founder of Manhattan lender borro, told the FT
that there had been a recent surge in the use of wine as collateral to secure
loans of over US$100k at interest rates of 2.5-4% a month.
“The loans we are writing on wine are big. One bottle of
Château d’Yquem had a loan offer of US$48,000,” he said.
At borro, whose clients include entrepreneurs in search of
instant cash flow, the value of loans backed by fine wines stands at US$4m –
double that of last year.
MONCHARM LTD
While admitting to the FT that borro’s business model shares
“similar principles” to that of a pawnbroker, Aiken is keen to distance himself
from the association.
“Most pawnbrokers don’t do this type of lending. They
typically lend against gold and firearms. We don’t go near that stuff,” he told
the paper.
In addition to the
five Bordeaux first growths, Pomerol-based Château Pétrus and Burgundy’s
Domaine de la Romanée-Conti are the wines most commonly used as collateral to
secure loans through borro.
Borro provides fast loans of up to $1m on valuables
including fine wine, watches, jewellery, luxury cars, fine art and antiques. To
date it has funded loans to the value of $83.7m.
Keywords: Moncharm,
Moncharm LTD, Moncharm London, Moncharm Reviews, Wine Retailers,
MONCHARM LTD
2 Greycoat Place
London SW1P 1SB (United Kingdom)
Phone No - 44 20 7959 2261
Facebook: https://www.facebook.com/Moncharm
Twitter: https://twitter.com/Moncharm
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