DENVER–(BUSINESS WIRE)–Luxury Asset Capital™ LLC, a leading online provider of alternative financing, today announced the launch of Lux Exchange™, an online service that provides immediate capital in exchange for luxury assets that it either holds as collateral or purchases. Luxury Asset Capital created Lux Exchange to serve middle and upper-income individuals and businesses when traditional forms of financing cannot deliver short-term capital with the necessary speed, convenience, or discretion. The company also finalized a $50 million line of credit from a large US-based family office, which enables it to provide immediate capital infusions to its customers in amounts from several thousand to several million dollars.
Today, an estimated 30 million Americans use collateralized financing as a financial management strategy. Lux Exchange will broaden the clientele benefiting from collateralized financing, with an offering that targets the middle and upper-income segments. Even those with substantial incomes face situations where quickly and easily gaining access to capital can resolve problems or realize opportunities as they arise.
Lux Exchange helps address situations where traditional channels of financing are either too slow, invasive, burdensome or may be unavailable. Lux Exchange leverages Luxury Asset Capital’s experience in the alternative financing space to meet not only capital demands but also offer customers the equivalent of financing rates that are as low as 1.5 percent per month, well below traditional collateralized financing rates.
“We launched Lux Exchange because securing a traditional loan is often not the right solution when immediate, short-term capital is needed. Lux Exchange allows luxury asset owners to leverage their past, through the luxury assets they already own, rather than their future, by liquidating cash or securities,” said Dewey Burke, President and Chief Executive Officer of Luxury Asset Capital. “Collateralized financing is a proven method for solving challenges requiring the need for a short-term capital infusion, and the Lux Exchange’s online solution is bringing it to new levels of convenience, service, and competitiveness. Our goal is to become an ongoing financial resource to our clients, alongside their accountant, bank, and financial advisor.”
Lux Exchange provides capital in amounts ranging from $2,500 to $5,000,000 or more, in exchange for assets including fine watches, diamonds, jewelry, art, luxury/ collectible cars, and various other luxury items that are high in value but low in liquidity.
Transactions can be executed in as little as one business day for a range of situations requiring immediate financing, including supplementing small business cash flow for entering a new market or upgrading critical equipment; making aspirational purchases like collecting a new luxury/collectable car or watch; covering large, unexpected expenses from a margin call to an elective medical procedure; or successfully navigating moments of transition such as divorce or a death in the family. The ability to increase liquidity through the exchange of luxury assets is an important tool when immediate capital is needed, but not readily available.
Doing business with Lux Exchange is straightforward and discreet, requiring little paperwork, no credit checks, no individual or business income information, and no application or administration fees. Lux Exchange also offers a revolving luxury exchange service, where individuals or business owners safely and securely store their luxury goods with Lux Exchange to facilitate future capital needs and can make capital draws at any time.
In addition to launching Lux Exchange, Luxury Asset Capital recently acquired Pawngo, the first and largest online pawn shop in the United States. The acquisition enables the company to provide alternative financing services to multiple segments of the market tied to the collateralization of luxury assets.
About Lux Exchange
Based in Denver, Colorado, Lux Exchange is an online service that provides capital to individuals and businesses in exchange for luxury assets that are either purchased or held as collateral. Lux Exchange provides capital when traditional channels of financing are either too slow, invasive, burdensome or in some cases, unavailable. Transactions are executed in as little as one business day and generally range from $2500 to $5,000,000 or more. For more information, please visit: www.theluxexchange.com
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