UK: Loan company to use wine as sole collateral
UK: Loan company to use wine as sole collateral
Nov 1, 2011 6
(Decanter) - An asset management company is offering what it claims are the world's first pure wine investment loans. Loan Against, an arm of Prestige Asset Management, is offering loans of up to 70% of the value of blue-chip wines, with no other collateral required.
According to the company this is ‘the world’s first non-recourse, non-status wine investment loan, enabling private investors to [Bordeaux] buy premier crus…and other wines of distinction…’
Managing director James Constantinou said, ‘We create instant liquidity for UK and offshore-based investors who are looking to acquire fine wine at auction or through private sale.’
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