There’s no denying the financial sense of investing in fine furniture like antique balloon backed dining chairs , although Lancashire residents may be forced to sell their assets when times get bad.
Once commonplace in cities like Preston, the pawn shop has made a comeback in recent times, but this time it isn’t poverty-stricken inner city residents who are temporarily handing over their precious possessions in exchange for cash, but the cash-strapped wealthy elite.
Borro are an upmarket pawnbrokers specialising in securing high value loans against valuable assets such as fine art, luxury jewellery, prestige cars and antique marquetry furniture . Lancashire followers of the Daily Mail This is Money website recently read a report stating an upsurge of almost 50 per cent on Borro loans of £20,000 or more in the last 18 months. There were no Chippendale antique cabinets on the “top ten” list, but a Rolls Royce Ghost V12 and a 5ct platinum, gold and diamond ring were both secured for £140,000, while £100,000 pawn slips were written for a Henry Moore sculpture and a work of oil on canvas. Perhaps in anticipation of future rising bullion prices, the owner of two 1kg gold bars decided not to sell, but to go to Borro.
However, secured short-term loans can be expensive (the APR at Borro is currently 68.8%) and you can still lose the goods if you can’t repay the money. It is often best to just sell that antique mahogany pedestal desk after all, and a Preston antique dealer will give you a good price.
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