Hedge-Fund Managers And Doctors Are Now Pawning Fine Wine For Quick Cash

Date: Friday, February 24, 2012
Author: Jana Kasperkevic, Business Insider

Cases of fine wine are now being used as collateral to obtain quick cash loans by the rich, including"hedge-fund managers, bankers, lawyers, doctors and even Oscar winners," writes Leslie Gevirtz for Reuters.

Pawnshops like British-based borro.com, are frequented by "small business owners with cash-flow problems" some who have a net worth of up to $10 million, Gevirtzwrites.

According to Gevirtz, loans on wines that can be sold for thousands of dollars at auctions include Chateau Haut-Brion, Chateau Lafite-Rothschild, Chateau Haut-Brion, Chateau Margaux and Chateau Mouton Rothschild.

"Investors are using this type of loan more as it is quick, easy and there are no fees, " a partner at Britain's Prime Asset Loanstold Gevirtz.