SCOTTSDALE, Ariz. –
A rare piece of art — a one of a kind classic car — jewelry worth tens of thousands of dollars — you wouldn’t expect people who own these kinds of items to be in need of emergency cash.
But some are, and there’s one place in town where they take your valuables — not to sell, but to hold for quick loans.
The pitch is this: if you’re strapped for cash but you have cool, high end, valuable stuff, Biltmore Loan & Jewelry is the place for you.
It’s like a pawn shop, but you’d better not call it that.
The name Biltmore already suggests a level of sophistication, and one look inside this business doesn’t disappoint. It neither bank nor pawn shop — it’s both.
For their customers, it just feels different.
“I watch the pawn shop on TV that’s kind of interesting but no… I could not believe this place,” says customer Mary Jo Vance.
“Biltmore’s got a certain element of class about it, its not like you’re walking into a pawn shop,” says small business owner Rex Powers.
As banks tightened lending standards, people had to get cash from somewhere. David Goldstein calls it high-end collateral lending.
And classy in this case means inconspicuous.
“We’re looking for somebody who wants private banking and doesn’t want everyone to know their business so you would come in,” says David Goldstein, Biltmore Loan & Jewelry.
“This door will not open until that door closes and this is all bulletproof windows…”
They don’t take security lightly here. The safe room is so secure, so locked away with valuables they wouldn’t even let us see it.
Van Gogh, a Babe Ruth baseball bat, even a Howard Hughes Lincoln Aero Mobile — collateral comes in all forms.
Customers need the cash to cover everything from medical expenses to overhead to small business expansion.
It’s easier than a bank and more comfortable than hocking items on the street.
“It drove me to have to creatively find out other solutions of where I could go to get funding,” says small business owner Bruce Inouye.
“We don’t want your product we really want to act as a bridge loan specialist for you to get you to the next jumping board where you don’t need to borrow money,” says Goldstein.
They’ve loaned amounts from $3,000 to $300,000 in their eight months in business. One customer told us the interest rate is higher than that of a bank, but you avoid the hassle and uncertainty and wait time of applying for a loan.