#AskBRP Episode 32
Boca Raton Pawn aka BRP Luxury is not your average pawn shop. We are a high end collateral lender dedicated to helping our clients use collateral in exchange for a short term cash loan. Most of the loans are needed to bridge a short gap between two things. Our clients are often asset rich but cash poor. Most of our clients are well regarded businessmen or women, real estate agents, or in other commission based careers. As a high end pawn shop Boca Raton, we know that using our services is usually a last resort and we try to treat every customer with the utmost respect. Need a short term cash loan but don’t know what we accept? Learn more below.
Boca Raton Pawn accepts three categories of items as collateral for a loan: jewelry, watches, and handbags. We do not accept anything else. We do not take electronics, computers, musical instruments, DVD’s etc. We only take high end luxury goods.
When it comes to jewelry we can separate it into three additional categories: gold, diamonds, and designer pieces. We take any jewelry that’s solid gold. When I say solid gold I mean pieces that are 10k, 14k, 18k, or 22k. If we can sell it to the refinery to melt we can buy it. We like to take diamonds as collateral but most of the time they have to be over one carat. Since we prefer to take larger stones, diamonds that are under one carat must be excellent quality. Taking diamonds also includes engagement rings and wedding bands. Designer pieces can be great collateral because we pay a premium for them. Brand we prefer include Van Cleef & Arpels, Cartier, Tiffany, and David Yurman.
Besides jewelry, watches are a close second in the type of collateral we accept. We get a lot of watches. The great thing about high end luxury Swiss watches is that most of them are as good as cash. Walk into any pawn shop with a Rolex Submariner and it would be hard not to get at least a $3,000 loan for it. What happens a lot though is people think their watch is worth more than it is. Brands like TAG Heuer and Breitling have extremely high retail prices, but the watches aren’t worth a lot on the re sale market. It’s hard for us to take brands considered less than Rolex because of these reasons. A rule of thumb when coming to Boca Raton Pawn is Rolex or better.
Handbags can be great collateral to use to get a short term loan. Not many people realize that certain brands hold their value extremely well and can actually increase in value over time just like a watch. Take the Hermes Birkin for example. Just to buy a new one you have to get on a list and wait two years. You can imagine that pre-owned ones hold their value incredibly well. Two other brands we prefer are Chanel and Louis Vuitton. Besides the big three, it is hard for us to take other brands as collateral. Every once in a while we can take a Gucci or a Prada but it has to be a relatively new model in excellent condition. The big three never go on sale which is why they hold their value and the other’s do which hurts their value.