In August last year, Todd Hills noticed something: credit had become so restricted that even the upper middle class was battling to secure loans.
So he launched Boomerang Lending – essentially a silver-spoon pawn shop that accepts Rolexs, Tiffany’s rings and Picassos as collateral for emergency loans of up to $100,000.
Hills told Newsweek:
“There is a certain type of affluent customer that will not go into a pawn shop. And they don’t have a $50 or $100 problem. Maybe they have a $100,000 problem.”
Boomerang is kind of like the pawn shop Annie Leibovitz used when she pawned her apartments and the rights to all of her photographs, only on a much smaller scale.
We asked them to show us what they got.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.