Luxury Asset Capital, a provider of alternative financing, has acquired Beverly Loan Company and New York Loan Company, known collectively as The Loan Companies.
The deal will solidify LAC as a large, privately-held provider of non-bank loans using borrowers’ luxury assets as collateral. The Loan Companies are acknowledged collateral lending industry players focused on serving upscale markets. The business combination will advance collateral lending as a mainstream financing strategy for HNWs.
“The consistent appreciation of luxury assets creates a tremendous market opportunity for collateral lenders like us that serve affluent clients,” said Dewey Burke, founder and CEO of Luxury Asset Capital. “Not only did Luxury Asset Capital gain two premier brands through this acquisition, but just as importantly, we doubled the size of our team. Our staff of highly-trained experts cements our position as the innovative leader in our segment of the financing marketplace.”