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Cases of fine wine are now being used as collateral to obtain quick cash loans by the rich, including “hedge-fund managers, bankers, lawyers, doctors and even Oscar winners,” writes Leslie Gevirtz for Reuters.
Pawnshops like British-based borro.com, are frequented by “small business owners with cash-flow problems” some who have a net worth of up to $10 million, Gevirtz writes.
According to Gevirtz, loans on wines that can be sold for thousands of dollars at auctions include Chateau Haut-Brion, Chateau Lafite-Rothschild, Chateau Haut-Brion, Chateau Margaux and Chateau Mouton Rothschild.
“Investors are using this type of loan more as it is quick, easy and there are no fees, ” a partner at Britain’s Prime Asset Loans told Gevirtz.
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