From holiday parties to year-end bonuses and client gift-giving, the end of 2013 can strain the budgets of even the most financially responsible businesses. Holiday and end-of-year expenses provide challenges for small and medium sized companies, who even in the recovering economy, can have liquidity issues. Collateral loans can be a viable solution, and many turn to pawn brokers like New York Loan Company, in the absence of traditional credit lines.
“The holidays are always a busy time for us in Beverly Hills, with small business owners using their collateral to secure quick cash, for a variety of reasons.” Jordan Tabach-Bank, owner and CEO of both Beverly Loan Company and New York Loan Company explained, “We are anticipating the same situation in New York City, as small businesses deal with unique challenges in this economy. Traditional forms of credit may be unavailable, and the additional expense for holiday bonuses, for example, can prove difficult.”
New York Loan typically caters to wealthy clients and business owners who make short term nonrecourse loans against their designer jewelry, contemporary art, and high-end watches. “Our loans have provided an essential safety net for small business, especially during the holidays,” Tabach-Bank explained. “For example, clients receive loans against luxury watches like Audemars Piguet, Panerai, Cartier, Rolex and other high-end goods, such as diamond jewelry or one-of-a-kind memorabilia.”
Typical transactions at New York Loan are over three thousand dollars and, in some instances, exceed 6 figures. “We deal in a niche market and have unique relationships with our client based on trust and confidentiality,” says Tabach-Bank.
New York Loan Company is conveniently located in Midtown Manhattan on 47th street between 5th Ave and 6th Ave in the new and secure International Gem Tower. A clients’ security and privacy is the cornerstone of the business. New York Loan never discloses any information about the client or their collateral, and the state of the art security in their office and in the International Gem Tower ensures a safe environment for both customers and their collateral.