Check out this article featuring our friends at Beverly Loan Company:[From Variety magazine] On the third floor of a nondescript Beverly Hills office building, past an armed security guard and beyond a glass case full of diamond jewelry, is a gleaming Academy Award. But this trophy wasn’t awarded to any of the staff, or to anyone related to them. This Oscar was pawned.
Beverly Loan Co., “the pawnshop for the stars,” has been drawing the Hollywood set since 1938. The upscale, family-owned and -operated pawnshop specializes in high-end jewelry, watches, fine art, and entertainment memorabilia such as the occasional Oscar.
Jordan Tabach-Bank is the shop’s third-generation pawnbroker. He has thick dark hair, a bright smile, and eyes that gleam with well-kept secrets. One such secret is a coveted Oscar that he says is “particularly unbelievable,” and although he can’t reveal the famous honoree, he spills that it belonged to a late director-producer whose family has kept it as an heirloom.
“They have been fortunate enough to be able to use it when they find themselves in a crunch,” Tabach-Bank says. “It’s difficult to get a bank loan in today’s climate, it really is, and one nice thing is, if you come in with that Academy Award, we can give you easily $50,000. For this particular award, $100,000 was a no-brainer.”
Pawnshops, of course, allow customers to use their valuables as collateral in exchange for a loan. Tabach-Bank says he offers on-the-spot loans in cash or wire, with no credit checks, no loan committee, and a boilerplate agreement. This is standard practice for pawnbrokers. When the customer pays back the loan, with interest, he returns the merchandise. If a client doesn’t pay back the loan, however, the pawnbroker will hold on to the merchandise and can resell it. Tabach-Bank says his clients often pawn the same piece several times, and the majority redeem their goods.
Read the full article at Variety magazine.